Worksmart Blog

Is your Certification Regime all planned out? - Part #2

Posted by Peter Griffiths on August 20, 2019

It is always interesting to learn from those that have gone before. In 2015, when planning for the introduction of new Senior Managers Regime (SM&CR), most banks at the time focused their efforts almost entirely on their plans for the Senior Manager Regime (SMR) aspect and tackled the challenges of Certification separately. 

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Topics: SM&CR

Is your Certification Regime all planned out? - Part #1

Posted by Peter Griffiths on August 12, 2019

It is always interesting to learn from those that have gone before. In 2015, when planning for the introduction of new Senior Managers Regime (SM&CR), most banks at the time focused their efforts almost entirely on their plans for the Senior Manager Regime (SMR) aspect and tackled the challenges of Certification separately. 

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Topics: SM&CR

How Fit For Purpose Are Your T&C Arrangements? (Part 3) | Worksmart

Posted by Julie Pardy on April 3, 2019

Appropriate and effective competence frameworks have been a regulatory requirement in Financial Services since the early 1990’s. The concept of T&C was introduced back in the early 90’s by LAUTRO and then refined by the PIA and FSA over the late 1990’s and 2000’s. More recently however, T&C has taken a bit of back seat to more recent regulation, such as MIFID II Knowledge and Competence requirements, the Insurance Distribution Directive and the Senior Managers & Certification Regime. However, these newer regimes all have the same underlying theme, and that is to ensure that organisations have structured and effective processes so that employees have the knowledge and competence necessary for them to fulfil their roles effectively. Therefore, whilst not necessarily grabbing the headlines, the concept of structured and effective T&C regimes remain at the forefront of our regulator’s approach to managing employee competence.

This series of three blogs is designed to help you review the fitness of your T&C or wider competence management arrangements. We aim to challenge you to consider whether your current approach is fit for purpose.

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Topics: SM&CR

How Fit For Purpose Are Your T&C Arrangements? (Part 1) | Worksmart

Posted by Julie Pardy on March 18, 2019

Training & Competence (T&C) has been a regulatory requirement of the Financial Conduct Authority (FCA) since the late 1990’s.  As such, it doesn’t grab the headlines the way more recent regulation, such as MIFID II Knowledge and Competence, Insurance Distribution Directive and Senior Managers & Certification Regime have. However, these newer regimes all have the same underlying theme, that being key staff have, and evidence, the knowledge and competence necessary for them to fulfil their jobs effectively. As a result, activities like regular performance reviews, ‘on the job’ observations, programmes of continuing professional development (CPD) and robust record keeping supported by effective monitoring have never been more relevant. Therefore, whilst not necessarily grabbing the headlines, never have the principles and underlying activities of T&C been more relevant.

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SM&CR - Timelines & Component Parts | SMCR Software | Worksmart

Posted by Julie Pardy on March 11, 2019

 

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SM&CR Implementation Tasks (Part 6) | SMCR Software | Worksmart

Posted by Julie Pardy on March 11, 2019

Questions & Considerations

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SM&CR Implementation Tasks                      Part Five - Process Management Tasks

Posted by Julie Pardy on March 11, 2019

What Can you and your firm do now?

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SM&CR Implementation Tasks                      Part Four - Employment Tasks

Posted by Julie Pardy on March 11, 2019

What Can you and your firm do now?

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SM&CR Implementation Tasks                    Part Three - Governance Tasks

Posted by Julie Pardy on March 11, 2019

What Can you and your firm do now?

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SM&CR Implementation Tasks                      Part Two - Training Tasks

Posted by Julie Pardy on March 11, 2019

What Can you and your firm do now?

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Five key questions you need to answer for yourself in readiness for the SM&CR regulation:

  • Do you understand the full implications of the new regime?
  • Have you considered the impact of the regime on your business and your staff?
  • Do you understand the impacts of embedding the regime into business as usual?
  • Does your organisation appreciate the value of future proofing your systems and processes?
  • Are  you confident in your existing systems and processes to deliver SM&CR compliance?

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