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SM&CR Regulatory compliance management still an issue in the insurance and finance sector.

It is hard to believe that two and a half years have already passed, since the FCA and PRA issued the Senior Managers Compliance Regime Regulations. I recall the buzz in the industry; a complete new set of data capture and corresponding reports urgently being generated for boards across the finance and insurance sectors; HR teams rushing around collating spreadsheets and emails to ensure they document their senior staff, any corresponding training course completions and certifications. Both on new hires as well as existing employees.

All with the aim of ensuring senior managers are fit and proper to carry out their roles and responsibilities.

All in preparation for that potential knock on the door by the regulators asking to see a governance and /or responsibilities map – both current and historical.

I also recall the birth of Regtech solutions, by both global management consultancies and specialist solution providers. Many finance and insurance businesses have taken the opportunity to capitalise on Regtech solution offerings.

Most however, have not. Why? simple. The requirements and corresponding solutions available at the time were not quite understood by many insurance and finance organisations. Additionally, many were not in a position to implement agile solutions.

Today the situation is different. News is spreading of regulator visits and subsequent levies and fines where breaches are identified. Compliance Regulations have expanded both in terms of a wider range of businesses and sectors, as well as a growing number of staff members.

It is no surprise therefore that insurance and finance businesses are increasingly looking for solutions to better capture, monitor employee compliance data, produce governance and responsibilities maps as well as manage training records to ensure no breaches occur.

Now is the ideal opportunity to revisit SCS (SM&CR Compliance System), a Technology Based Control Function Governance & Audit Management tool to manage compliance obligations effectively & efficiently through an intuitive Portal Solution.

With core standard modules, SCS can be delivered with bespoke components as businesses require. This agile solution can be delivered in months rather than years AND works across multiple platforms.

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