10 Observations on Using Technology for SMCR - Senior Managers and Certification Regime

10 Observations on Using
Technology for SMCR
Supporting SMCR (Senior Managers and Certification Regime) with Technology

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Confidential and/or proprietary. Not to be copied to third parties. © Copyright Corporater AS - All rights reserved.
Supporting SMCR with Technology
Ten Observations
• Many financial services organizations are struggling to
interpret and implement the Senior Managers and
Certification Regime (SMCR)
• Technology can play a critical role in both administering
the regime and monitoring compliance

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Ten Observations
As a leading software solution vendor, Corporater offers the following observations on how technology is
being selected and utilized for the SMCR

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Ten Observations
These observations will help you to select the right SMCR solutions and
also to reduce administrative burden, show reasonable steps and actively
comply with the regime

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Ten Observations
1. Understand how vendors interpret the rules in their software –
and the implications
Most SMCR software or internally developed solutions interpret
the rules that govern the mapping of responsibilities to functions
in a way that is ‘hard-wired’. Very few companies recognize the
subtleties involved in the interpretation of default mapping of
responsibilities and end up facing administrative consequences

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Ten Observations
2. A temporary fix comes with associated risks
Many companies are considering using a patchwork of existing
solutions, spreadsheets, custom code, and manual effort. In all
probability, the regulators will consider current technology best
practices, and these patchwork solutions are not likely to meet
those standards

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Ten Observations
3. Active management and reasonable steps
SMCR is not just about mapping responsibilities, it is about the active
management of responsibilities to clearly display reasonable steps.
This can occur by tracking associated initiatives, programs, actions,
alerts, commentary, risks, and mitigations over time which an ideal
SMCR software should facilitate

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Ten Observations
4. A certification solution requires the flexibility to be rapidly
changed
Companies must develop or choose solutions for certification
requirements that will rapidly change/adjust to the organizational
structure or future regime adjustments. A purpose-built SMCR
system should have the ability to rapidly adapt and change overtime

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Ten Observations
5. IT needs more active involvement and input – to avoid poor
system selection
Most discussions about SMCR technology are driven by human
resources or compliance departments, with very little input from the
IT function. Without knowledge of wider system capabilities,
preferred IT architecture and future IT strategy, poor selection
decisions may be made

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Ten Observations
6. Fit the software around the organization – not the opposite
Most software vendors have a pre-defined data model that restricts
and fixes how the software can be deployed and used. But the
software must be able to fit the organizational hierarchy and data
model, not the other way around

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Ten Observations
8. Choose a system that can aggregate data and combine disparate
systems together
There is a consistent theme that the SMCR solution should act as
a glue between multiple systems across HR, compliance, legal and
other departments, to pull in data and bring systems together.
Most package software vendors in this space cannot link systems
together or automatically aggregate from various sources of
information

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Ten Observations
9. Systems should be built for SMCR requirements – not
shoehorned in
Software like Learning Management Systems (LMS) and Continuous
Professional Development (CPD) are not fundamentally designed for
SMCR. Many software vendors have started in one aspect of the
regime and make claims that they can extend their solutions to cover
the rest of the requirements. However, extending/retrofitting an
existing solution into SMCR requirements will create numerous
problems and issues, and it must be avoided

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Ten Observations
10. Knowledge and information are power!
Many SMCR system procurement processes are disjointed and lack
preparation. With few of the stakeholders involved in the selection
process accountable in the regime, there is a noticeable disconnect
with the realities of what regulators require, and what an SMCR
software solution will really need to provide

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Ten Observations
Many companies selecting the wrong SMCR solutions will
have to re-select in the future, as they gain knowledge of
what is really needed to reduce administrative burden, show
reasonable steps and to actively comply with this regime
Summary:
Save time
and cost
and get it
right the
first time!

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Ten Observations
RECAP!
Understand how vendors interpret the rules in
their software – and the implications
Fit the software around the organization – not
the opposite
A temporary fix comes with associated risks
Organograms are key to communicating regime
compliance
Active management and reasonable steps
Choose a system that can aggregate data and
combine disparate systems together
A certification solution requires the flexibility to
be rapidly changed
Systems should be built for SMCR requirements
– not shoehorned in
IT needs more active involvement and input – to
avoid poor system selection
Knowledge and information are power!
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READ FULL BLOG HERE!

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Corporater SMCR software is a flexible, configurable technology platform, that
Ten Observations
Connects to other underlying
HR, compliance, legal, risk or
program management
systems
Facilitates active management
of regime responsibilities
through powerful workflow,
collaboration, and risk
management capabilities
Enables an organization to take
immediate administrative
control across the Senior
Managers and Certification
Regime

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Want to know more
about SMCR?
CLICK HERE

Thank You
marketing@corporater.com
www.corporater.com

10 Observations on Using Technology for SMCR - Senior Managers and Certification Regime

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