How do you manage SM & CR compliance?
SM & CR has been a catalyst for change, presenting a much-needed opportunity to establish and strengthen market integrity and reduce harm by taking steps to encourage greater individual accountability by setting a new standard of personal conduct.
To effectively conduct SM & CR, a dozen of checks across your entire population of senior managers and certified persons are required, and this certainly can be a daunting task that usually consumes an inordinate amount of management time.
Fortunately the annual certification process and investigation of misconduct can be thoroughly simplified through the adoption of the right tech tools, meaning that many organisations if not all would have deployed risk management solutions to ensure compliance. Yet the question remains, how effective is your chosen tool?
The right technology-based compliance solution help firms implement effective compliance and risk measures to deliver on their obligation under the regime, by drawing on information from multiple sources to provide complete profiles that you need, to confidently submit regarding your senior managers for approval by the FCA, certifying your material risk takers and reporting overall compliance to auditors and regulators.
An effective SM & CR compliance solution delivers:
- Automated record keeping and chase-ups to save management time
- Streamlined approval of senior managers and annual certification of material risk takers
- Identification of all upcoming SM & CR -related task and potential compliance gaps
- Enforced consistency of records throughout your firm
- Improved accountability and management oversight
- Readiness for audits, regulatory action and request for regulator references
To gain more knowledge regarding SM & CR, and why it’s crucial to implement a successful compliance tool download our free whitepaper here.