Senior Managers & Certification Regime (SMCR)

The Senior Managers and Certification Regime (SMCR) has been in force for banks, building societies, credit unions and PRA-designated investment firms since March 2016 and has been extended to cover all Financial Conduct Authority (FCA) solo-regulated financial services firms on 9 December 2019.

Most businesses manage their SMCR compliance on an ad hoc basis using the available tools  (i.e. excel sheets). However, they do not have sustainable systems and processes in place to manage ongoing compliance requirements.

Key Functionalities

Sirighi’s SMCR application provides a comprehensive end-to-end solution to manage all  compliance actions. It helps businesses to:

-  Record profiles of senior managers.

-  Maintain statement of responsibility.

-  Assign roles to management and record delegations during the tenure of the senior managers.

-  Perform annual certification for senior managers.

-  Monitor and track handover and references.

-  Perform breach management.

-  Generate reports for management and regulators.

In addition, an integrated SMCR Health Check tool helps businesses to demonstrate their compliance with SMCR.

Most importantly, SMCR is customisable to cater businesses unique requirements.

Benefits

The main SMCR benefits are listed below:

-  Helps to demonstrate that senior management is in total control of its SMCR regulatory requirements.

-  Single source of information.

-  Reduces time spent on SMCR compliance, reporting and audits.

-  Helps to monitor breach remediation, handovers, references, and more.

-  All the activities are logged. Easier to track changes and identify them in the future.

-  Substantially reduces number of employees assigned for SMCR compliance.