SM&CR – Post Implementation
Requirements of SM&CR
Following the implementation of SM&CR to solo-regulated firms the Financial Industry has entered a new era of individual accountability. SM&CR requires firms to articulate how they manage themselves in clear terms that both management and the regulators can understand. SM&CR also requires that those accountable take reasonable steps to ensure that they are managing things in an effective way.
Challenges you Might Face
The challenges raised by SM&CR are not just regulatory, they impact the wider business practice and so should not be viewed as something for compliance to handle in isolation. Senior Managers are expected to take a pro-active role in checking things are up to date, both in terms of accountabilities and their own management arrangements.