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SM&CR compliance from a data management perspective

How do firms in the Financial Services (FS) industry meet the new regulatory compliance challenges with an innovative data management solution?

Since the implementation of SM&CR by the FCA and PRA three years ago, many organisations in the FS industry continue to use a wide variety of standard applications to manage their compliance, viz. a combination of filed emails, word documents, excel spreadsheets and scanned hand written notes.

The issuance of fines against individuals and firms for non-compliance reflects the repercussions of these financial risks when it comes to the management of compliance data.

WHY is this happening? Why are these organisations not implementing solutions to make this process easier? The answer we found, was that the FS industry was simply not ready to adopt new innovative and agile solutions coupled with a lack of understanding on what was required for compliance; inability to implement newer solutions within a legacy IT system infrastructure and/or due to cost and staffing factors.

As data management evolves, businesses continue to capture large volumes of data and are recognising the need for intellectualising this data to improve their internal business processes. The benefit of automating processes through workflows provides competitive advantages as businesses become more efficient.

In the case of SM&CR this directly relates to the management of compliance data – both from a compliance reporting and an HR perspective.

Below are a few examples of what SM&CR data management can look like in practice:

The benefits of having data in one central location, linked with intuitive automated business processes, provide many opportunities for finance and insurance organisations when managing regulatory and compliance requirements. Businesses will save time and money during this process; enhance their Corporate Image; demonstrate effective compliance adherence to the regulators; and reduce the risk of heavy fines during unannounced inspections.

Want to learn more? Then get in touch today. We’d welcome the opportunity to demonstrate the benefits of our flagship solution, SCS (SM&CR Compliance System), and how it will benefit your business and reduce your risks when it comes to Compliance Regulation Management

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