Effectively implement the SM&CR

 

The FCA’s Senior Managers and Certification Regime (SM&CR) increases accountability on business leaders for the areas and management functions they are responsible for. But it is far more than just another regulatory initiative aimed at senior managers - if the ethos of the rules are embedded within a firm, the regime will help foster good conduct at all levels of a firm, to the benefit of its customers.

The in-depth support we provided to banking clients, during the initial roll out of the Senior Managers Regime (SMR) proved there are tangible operational and commercial benefits to be gained from the successful implementation of the regime.

 

Our tailored readiness review

Our tailored SM&CR readiness review encompasses three key elements that will help ensure your firm has correctly interpreted and implemented the new regime, and supports you in achieving the associated benefits.

1. Current state analysis and programme design

To ensure we develop a tailored, proportionate implementation plan that takes into account the unique elements of your business and the specific risks it is exposed to, we will begin by undertaking a focused review of your firm’s current state and business model. We will then develop a tailored project plan setting out our findings and recommendations for the implementation, and ongoing monitoring of, SM&CR compliance. 

2. Change delivery

Our SM&CR experts will execute the actions and activities set out within the agreed implementation plan. This will include engaging relevant stakeholders, setting timelines and facilitating governance workshops. This puts firms in the optimal position to be able to implement SM&CR successfully.

3. Embedding change within your firm

In order to provide senior management with sufficient awareness of the implications of the new regime, we will prepare and deliver a tailored workshop that breaks down the core elements of SM&CR, and what they mean to your firm specifically. The workshop will explain the risks and potential changes that all firms need to consider, while also addressing the firm's own operating model and the unique risks it is exposed to.

Our workshops enable senior management teams to take a holistic view of their own accountability culture and governance structure, and enable them to gain a deep understanding of what is required to ensure successful implementation of the regime.

 

Key Benefits

  • Gain assurance over your firm’s implementation plan and future approach
  • Mitigate regulatory and reputational risk through identifying and addressing any areas of non-compliance early

  • Create a more effective operating model by enhancing the transparency of accountability within your business
 

Why Huntswood

Established and proven approach to supporting firms in this area

Comprehensive understanding of SM&CR from a regulatory and operational perspective

Tailored solution – able to support on all aspects or specific elements as required