Senior Managers and Certification Regime (SMCR)

Better manage every step of the SMCR process

Better support your compliance department with SM&CR. Build on your existing data to lower the burden on Legal and Compliance teams.

Be Prepared

Organizations with UK FCA-regulated firms need to prepare for SM&CR, a new individual regulatory framework designed to increase the accountability of senior financial services executives.

  • The new regime introduces the concept of Senior Manager Functions (SMFs), which are the Chair; Chief Executive; Executive Director; Partner; Compliance oversight function; and Money Laundering Reporting function.
  • Anyone occupying one of these positions must be approved by the FCA before taking up the role and resubmitted annually.
  • A statement of responsibilities is to be provided to the FCA with the submission
  • A Duty of Responsibility is imposed on SMFs. Where they may need to demonstrate they took “reasonable steps” to prevent harm.

Successful Organization’s Rely On Diligent Entities for SMCR Compliance

For successful ongoing compliance, these regulations require ongoing processes. Diligent Entities is a seamless integrated solution, which creates workflows to manage every step of the process.

  • Construct an SM&CR framework by combining existing data in Diligent Entities with new data gathered using our survey tool
  • Construct responsibility maps using the charting tool, which shows reporting lines and allows the data you need to be overlaid to show senior manager’s responsibilities
  • Implement certification regime by flagging senior managers covered by the regulation and automated workflows ensure these managers receive and sign-off their responsibilities
  • Automatic creation of a full audit trail and historical or ‘Point in Time’ reporting

Catering to your compliance and governance requirements and evolving with you as you grow with three levels:

Standard


Ideal for smaller organizations operating in industries with minimal regulation and with entities in only a few jurisdictions. Great for companies wishing to move away from paper or spreadsheets and looking to improve their efficiency.

Professional


A perfect match for larger organizations conducting business in medium or highly regulated industries with entities in multiple jurisdictions. Great for companies focused on compliance and efficiency for which data integrity is extremely important. Also beneficial for those who are searching for multiple ways to report on that data both internally and externally.

Enterprise


Designed for larger, highly regulated organizations focused not just on efficiency and compliance, but also on mitigating risk. Data integrity, customizable workflows, and transparent, easily accessible audit trails are critical for these companies, as is integration with other systems.

Ready To Make The Switch?

Schedule some time to learn about how Diligent Entities can help your business!