Expectation of firms post authorisation
The UK Senior Managers Regime (SMR) is forcing financial organisations to focus on improving risk management practices and operations.
From 7th March 2016 (and 1st January for insurers) the new regulatory regime for individuals will make it easier for regulators to hold senior executives of banks and other financial institutions to account over regulatory breaches.
For more information about the SMR and how to make preparations, read the full article here.
Policy Management Software to support the new Senior Managers Regime
PolicyHub automates the entire Policy Management life-cycle, ensuring that only the right employees receive, read, understand and sign-up to corporate Policies and Operational Procedures. Importantly PolicyHub also handles Policy management to third parties, where risk of non-compliance can be greatest.
Adopting PolicyHub ensures consistent audited communication with the workforce, third parties and reduces the risk of regulatory fines and reputational damage.
Risk Management Software to support the new Senior Managers Regime
OpRiskControl is an automated risk management solution that reduces the administration burden, allowing you to focus on proactive and effective risk management. OpRiskControl streamlines the entire Risk Management process, from risk identification, assessment and evaluation, through to mitigation, monitoring and reporting.
Register for the Hitec/Cordery Event
Senior executives and non-executives at UK banks will be subject to new burdens from UK regulators to make those in the banking sector personally accountable. SMR means that senior managers will be need to be clear about their areas of responsibility – and more important, be personally responsible for them. This seminar will look at the new requirements, including the “statement of responsibilities”, and highlight some key areas which may prove problematic for managers who take on responsibility for them, such as cyber-security and data protection.We’ll also discuss the practical steps you can take to make sure your responsibilities are fulfilled.
You’ll have a chance to meet the Cordery and Hitec teams and to network with leading professionals from the legal, financial and compliance worlds.
Simon Hills is an Executive Director with The BBA. Simon leads the BBA team working on prudential regulation, liquidity management and bank funding instruments. He will share The BBA’s view of what their membership should be doing now to support the new requirements of SMR.
Gayle McFarlane is a Partner at Cordery. She advises household names on compliance and technology.
Barny Brummell is a Compliance Specialist with Hitec. Barny specialises in how deployment of technology can help organisations meet compliance and best practice under the FCA regime