All firms in financial services must comply with the incoming SM&CR regulation by December 2019. To achieve this, firms will need to do four things; 1. Understand what category their firm falls under, then assign the appropriate senior management functions and responsibilities between the exec team, ensuring full coverage and that no exec is overloaded. Also, Identify the job roles that fall into the newly introduced certification regime. 2. Manage the activity required to ensure those in the certification meet the annual certification requirements. 3. Maintain accurate, date stamped records of both the senior manager and certification regimes’ compliance with regulation. 4. Have real time, detailed reporting for both disclosure to the regulator and internal oversight.
Accord, the Worksmart SM&CR solution, is built specifically to handle the complex mix of assigning and modelling, and the record management and workflow of activities that are required to ensure compliance with the regulation. Accord has been built based on a deep understanding of the regulation and extensive feedback from our SM&CR customers. As a result, Accord is the most modern, intuitive and ‘feature rich’ product in the market. And, of course, it comes with a full set of dashboards that enables real time oversight of compliance by central teams.
Worksmart have been the ‘go to’ supplier of SM&CR software to the banking sector since 2016. Using our experience of multiple implementations in the banking sector, we have used this invaluable knowledge and experience to ensure that our SM&CR software is the most extensive and intuitive product on the market. Our investment has been rewarded by fast becoming the ‘product of choice’ to the wider financial services sector. The investment in Accord has also been recognised by the industry, with Worksmart recently winning the prestigious ‘UK SM&CR solution provider of the year’ award in the 2018 ACQ5 Global Awards competition.