SM&CR: Top 10 Pitfalls & How to Avoid Them

Introduction

Hot off the press - this live and interactive course follows the FCA’s Policy Statement from the review of its Senior Managers and Certification Regime (SM&CR).

SM&CR is a fundamental part of the FCA's approach to individual accountability, governance and conduct within financial services firms. However, simply having the right policies, Statements of Responsibilities and organisational charts in place does not necessarily mean that a firm is meet-ing its regulatory obligations effectively.

This practical, in-depth session will explore the 10 most common SM&CR pitfalls and, im-portantly, how firms can avoid them.

We will pay particular attention to the difference between having an SM&CR framework on paper and ensuring that it operates effectively in practice. We will explore the importance of ap-propriate governance, effective oversight, accurate documentation, clear reporting lines and mean-ingful management information.

Using practical examples and regulatory expectations, we will consider how firms can identify weaknesses, challenge existing arrangements and implement proportionate controls to reduce the risk of regulatory breaches.

What You Will Learn

This live and interactive course will cover the following:

• Understand the FCA's expectations of firms and individuals
• Recognise the 10 common SM&CR compliance pitfalls and understand the risks they create
• Know how to demonstrate that Senior Managers have taken reasonable steps to fulfil their responsibilities
• Understand the requirements for assessing and maintaining fitness and propriety
• Identify practical improvements to SM&CR policies, procedures, monitoring and record keeping
• Develop an action plan to strengthen the firm's SM&CR framework and reduce regulatory risk

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.