Lockpath for UK Senior Managers & Certification Regime compliance
Challenges complying with UK SM&CR
The United Kingdom’s Financial Conduct Authority (FCA) mandates that financial institutions comply with the senior managers and Certification Regime (SM&CR). The regulation requires UK financial services firms to certify their senior managers as competent in performing their duties. The major takeaway is that now senior managers are personally liable for their actions.
Common challenges complying with SM&CR include:
Benefits of using Lockpath
Lockpath, a governance, risk management and compliance platform (GRC), is ideal for a compliance challenge like SM&CR. Lockpath enables financial institutions to engage a federated approach for managing the regulation. In this approach, banks centrally identify risks caused by gaps in functions prescribed to senior managers, as well as govern certified personnel. Meanwhile, senior managers focus on their reasonable steps and manage the certification process for their respective areas.
With Lockpath you can:
The Lockpath Difference
Lockpath’s integrated approach to governance, risk management and compliance is ideally suited for SM&CR requirements. Financial service firms can use Lockpath to maintain oversight of senior managers while giving them the autonomy to perform duties with accountability.
Lockpath brings instant insights and alerts to senior managers, provides audit trails, evidence to defend their work, and offers a defensible approach to their statements of responsibility. Certified roles and certifications are managed and kept current. For management, Lockpath also provides reporting and alerts to bring immediate attention to gaps or issues with a senior manager’s reasonable steps. The same due diligence that applies to senior manager responsibilities also applies to other institutional responsibilities assigned to senior managers, including information technology, cybersecurity and business continuity.
UK’s SM&CR ups the ante on senior managers performing their duties and holds them personally responsible. Lockpath offers an ideal solution to this, from giving banks the oversight needed for proactive management to empowering senior managers to carry out the duties with the accountability the regulation demands.