Navigating SMF16 Responsibilities Beyond SMCR: A Guide to Effective Compliance Leadership

Introduction

Recent regulatory scrutiny and enforcement actions underscore the critical need for Senior Managers Functions 16 (SMF16) to not only understand their extensive responsibilities but also to actively foster a robust compliance culture.

This new virtual classroom seminar provides a detailed and practical guide to navigating the complexities of the UK's Senior Managers and Certification Regime (SMCR) making it essential for SMF16 Compliance Officers and those aspiring to the role.

By attending this session, you will gain actionable insights into the latest regulatory expectations impacting SMF16 role holders, ensuring you're always equipped with up-to-date information. You will enhance your ability to effectively manage compliance oversight, mitigate risks, and embed accountability within your organisation.

Failing to grasp these nuances or keep up to date can lead to severe consequences, including personal liability for senior managers, significant regulatory fines for firms, and reputational damage.

This session will provide practical advice, tips, and solutions to common problem areas, empowering delegates to improve their daily practices and address common challenges with improved confidence.

What You Will Learn

This live and interactive course will cover the following:

• Understanding Your SMF16 Mandate:
• Quick recap: What SMCR expects from SMF16
• Defining your Statement of Responsibilities (SoR): Practical tips for clarity and managing scope
• Proactive mapping of prescribed responsibilities to your daily activities
• The ‘Duty of Responsibility’: What it means in practice for SMF16
• Documenting ‘reasonable steps’ - creating an effective audit trail for your decisions and actions
• Embedding Effective Compliance & Managing Risk:
• Streamlining compliance policies and procedures: Focus on clarity and usability
• Designing proportionate and risk-based compliance monitoring plans
• Implementing effective controls and validating their ongoing effectiveness
• Identifying top-tier compliance risks relevant to SMF16 oversight (e.g. financial crime, market abuse, conduct)
• Integrating emerging risks (e.g. cyber resilience, ESG, Non-financial Misconduct) into your risk framework
• Effective reporting and escalation: Ensuring critical issues reach the right people, quickly
• Fostering a Proactive Compliance Culture:
• The SMF16's role in championing ethical conduct: Leadership actions
• Encouraging a ‘speak-up’ culture and effective whistleblowing processes
• Practical oversight of the Certification Regime and Conduct Rules application
• Strategic Regulatory Interactions:
• Preparing for supervisory engagements: What to expect, how to prepare concise answers
• Responding effectively to regulatory requests for information and findings
• Demonstrating continuous improvement and adaptability to regulatory changes

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.