SM&CR – Is the regime in your organisation delivering what the regulator would expect to see?
SM&CR has been with us as an industry since 2016 now for those in Banking & Insurance and 2018/19 for Solo Regulated firms. How has it been for you? When launched the FCA focused in on four key areas of change that they were expecting the regime to deliver against namely:-
More effective senior managers
Removal of “bad apples”
Many organisations that we talk to share with us their stories of positivity and how SM&CR is delivering the cultural change that the FCA was hoping to achieve. However, an equivalent number talk about their concerns that whilst the regime is taken seriously in their organisation and teams work hard to deliver against requirements, they are still not as joined up and data savvy in their approach as they could be.
In a famous quote from Warren Buffet – love him or hate him, he’s not wrong!
“Risk comes from not knowing what you are doing.” – Warren Buffet
Firms are likely to be asked more searching questions and be expected to have the answers from the data that they capture and hold. If you are one of those firms that get asked, how would that make you feel. Are you in control and clear on the current direction of travel to the FCA are taking, or do you harbour concerns about how your firm is currently approaching SM&CR and the culture and conduct changes it is expected to drive? Whatever your answer to that question, there are opportunities for firms to enhance their current approaches in these areas, and this is something that the Worksmart team and guests will look to discuss and debate.
“It takes 20 years to build a reputation and five minutes to ruin it, if you think about that you may do things differently.” – Warren Buffet
The driver for personal accountability and cultural change continues so join the Worksmart team and special guest Philip Allen, Head of Learning, PIMFA.
In this briefing you can look forward to:
• A regulatory update and the very latest on SM&CR, conduct risk, culture and accountability
• An update on current approaches to SM&CR and cultural change
• Benchmark your approach against your peers, and familiarise yourself with how the latest RegTech can transform how you manage SM&CR