SM&CR (SMCR)

The Senior Managers and Certification Regime ensures that Senior Managers are individually accountable for their business decisions, conduct and the competence of those that they manage. Consumers will be secure in the integrity this brings as SM & CR (SMCR) 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 SMCR solution, Accord. Accord helps organisations to implement professional competence and conduct in line with SMCR regulation.

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.

And for firms with more complex needs, for example those that want to integrate SMCR management into a wider set of established business or people processes, Accord has the functionality that can extend beyond the requirements of the regulation to provide a single, wider view of employee conduct and competence.

 Accord and Consumer Duty

The records contained in Accord will provide a valuable feed into firms’ Consumer Duty dashboard. Evidence of a firm’s annual certification assessments s will provide consolidated information on individuals’ competence and capability, whilst the governance elements of Accord which allow for the management of committees, terms of reference, meeting agendas, meeting notes and agreed and documented actions will provide clear evidence of the firm’s focus on Consumer Duty at a senior level. Finally, the ability to consolidate Senior Managers Reasonable Steps evidence will provide further day to day evidence of senior managers’ intentions to deliver good outcomes for the firm’s customers.