SCS – SM&CR Compliance Solution
Some of the biggest challenges experienced in compliance are continued regulatory change; enhanced monitoring and reporting requirements; intensified emphasis on a firm’s compliance culture; and increased personal liability for compliance officers and certified individuals. Our SCS Solution is a technology-based Control Function Governance & Audit Management tool to manage compliance obligations effectively & efficiently via an intuitive software platform and has been designed to help firms meet the Regulators’ monitoring and control requirements, making it easier to obtain and remain compliant.
The Challenge
The SM&CR Regulation (Senior Managers & Certification Regime) has been firmly in place since late spring 2016 and has replaced the APR (Approved Persons Regime). This has brought many challenges for the financial services sector, as many of the firms in this sector do not have adequate systems in place to meet the mandated requirements. The risk is high as the FCA have commenced issuing fines to firms and senior managers in their personal capacity who do not comply.
The management of SM&CR data poses key challenges; such as being able to produce annual Fit & Proper certificates, individual statements of responsibilities or even on-demand governance and responsibilities maps. Further challenges posed by these regulations include regular stakeholder approval sign offs on new, existing, and staff that have left the firm.
The Solution
Our SCS Solution (SM&CR Compliance System) provides unprecedented insights and functionality to meet the demands of the regulators. SCS efficiently manages the on-boarding, ongoing monitoring and handover process for Senior Managers and Certified Individuals ensuring they remain Fit & Proper as defined by the FCA. This system caters for management of the recruitment process, data collection, compliance management, workflow sign offs, automatic generation of Responsibilities and Governance Maps and storing documents such as CV’s/resume’s.
Overview of Benefits
Functions
Define key functions & responsibilities and map to individuals & roles
Workflows
Set up workflows, tracking for SM&CR processes
Generate Powerful Reports
Easily generate Responsibilities Maps and regulatory reports, in real time
Monitor Risks
Easy capture and on-going monitoring of risks evidencing reasonable steps taken
Historical Information
Provide historic documentation and information to both employees who have left and regulators
User Friendly
Modern and user-friendly system in a central repository with secure access, based on user definitions
Easy Access
Provide Senior Managers easy access to the latest versions of all policies and procedures
Document Storing
Store vital documents – i.e. SM CVs, background checks, regulatory references, etc.
