Satisfying the regulator whilst gaining your SM&CR business advantage
The Senior Managers and Certification Regime (SM&CR) ensures that Senior Managers are individually accountable for their business decisions, their conduct and the competence of those that they manage. Consumers will be secure in the integrity this brings as SM&CR means that every regulated entity must have a well-documented trail of responsibility, communication and control.
What that means for financial service firms is that they must have clear systems and controls in place to meet the relevant PRA / FCA regulations. That’s where Worksmart come in…… with our respected SM&CR product Accord.
Clear central record keeping, strong corporate governance, clear accountability and evidence of employee Fitness & Propriety. This is what Accord will give your organisation. Working seamlessly with any existing systems you may have and fully able to reflect your organisational culture and routines. In terms of accountability, you can ascertain, who, when, what and how, with everything mapped and time stamped for the regulator.
From governance pathways, to responsibility statements, recording breaches and managing multiple entities your business will be able to demonstrate the enhanced processes and your commitment to putting customers at the heart of your business.
With a multitude of leading financial services companies using Worksmart’s SM&CR technology, you can be confident of meeting the demands of the incoming regulation whilst gaining real business advantage.
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5 Great Strategies for Successfully Implementing SM&CR in your Organisation
Effective T&C management helping you gain business advantage
Understanding that key roles in regulated entities are subject to the FCA’s Training and Competence (T&C) rules is well established practice. T&C has been an integral part of financial services for decades and a regulatory requirement since the 1990’s.
How firms implement and manage T&C varies from firm to firm. However, all T&C regimes have the same criteria; regular performance reviews, ‘on the job’ observations, programmes of continuing professional development (CPD) and robust record keeping supported by effective monitoring and transparency throughout the business.
New regulatory requirements such as MIFID II and SM&CR have further strengthened the need for evidencing competence. So, far from being outdated and overtaken by newer directives, T&C is today more relevant than ever.
That’s where Worksmart’s deep experience and industry leading software for managing T&C comes in. Tracsmart has the unrivalled features and functionality to enable firms to define and implement T&C across individuals, teams, departments and entities. Tracsmart manages all activities and variations whilst creating the necessary “calls to action”. and providing a full reporting suite.
Using Tracsmart enables firms to achieve regulatory compliance whilst achieving business advantage through competency gains.