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accountability | Peruse our blogs for the latest, fresh perspective on navigating the maze of global regulations and upcoming milestones. This is your shortcut to staying ahead, packed with insights and expert tips from the forefront of GRC innovation. (2)

Assess & Prove Competence

governance, accountability, culture, corporate governance, oversight, Code of Conduct, SM&CR, competence, audit trail

The Senior Managers & Certification Regime (SM&CR) was first introduced in 2016 for banks and then phased in until it was finally extended to include the remaining regulated firms at the end of 2019. SM&CR aims to encourage greater accountability within firms whilst...

Operational Resilience: Why is it so important for insurers?

accountability, risk management, operational resilience

L ike banks, insurers operate on a large scale and globally, but by their very nature, insurers are exposed to more risks than the average bank, wealth manager or other regulated firms. This is because insurers support the economy by transferring the risks that we face...

Has SM&CR made a difference?

governance, accountability, culture, remuneration, SIMR, SM&CR, certification, competence

The Senior Managers & Certification Regime (SM&CR) for insurers took effect in December 2018. As part of the Solvency II regime, insurers were already subject to the Senior Insurance Managers Regime (SIMR) introduced in 2016. Despite that, there were some new...

How to demonstrate control over Master Trusts

governance, accountability, pensions, oversight, trusts

Master Trusts Under the Spotlight The UK’s Pension Schemes Act 2017 and Occupational Pension Schemes (Master Trusts) Regulations 2018 introduced the concept of a master trust. Under the legislation, firms had to identify whether their pension scheme fell within the...

UK SOX: Why We Need Reform

accountability, oversight, SOX, trust, audit trail, audit reform, UK SOX

In 2002, the USA implemented the Sarbanes Oxley Act (SOX). It caused quite a stir at the time due to the time and effort required to make changes to comply with it. Some felt that it was too onerous. Others felt it was an overreaction to some large corporate failures....

Accountability in Financial Services

governance, accountability, SM&CR, MIC regime, FAR, BEAR, SEAR

Since the financial crisis of 2008 regulators worldwide have been introducing reforms to improve individual accountability within firms. Regulators were criticised for their lack of action and not preventing the crisis. Further criticism was aimed at firms’ failings...

Operational Resilience: Why Setting International Standards is Crucial

third parties, accountability, corporate governance, oversight, risk management, operational resilience, monitoring, audit trail, BCBS, IOSCO

We’re all aware that operational resilience requires an holistic view of a firm’s operations. The Financial Services industry operates globally and requires a coordinated effort to establish a resilient framework. Current work to improve resilience focuses on being...

Creating Resilient Payment Services

governance, third parties, accountability, operational resilience

Build Resilient Payment Services in an Evolving Regulatory Landscape This was the view of the Payment Systems Regulator (PSR) back in 2015 when the PSR was still relatively new. Six years later and it’s fair to say that payments systems are even more critical today....

FMIs, Get set for SM&CR

accountability, SM&CR, certification, conduct rules

HM Treasury issued a consultation earlier in July. The proposals signal HMT’s intention to extend the Senior Managers & Certification Regime (SM&CR) to include Financial Market Infrastructures (FMIs). Interested parties should submit their responses by 22 October 2021....

HR & Compliance – Bridging the Gap in SMCR

governance, accountability, culture, SM&CR, competence

Since the introduction of the Senior Managers and Certification Regime (SM&CR), it has been interesting to see how and where firms have allocated most of their resources to comply with the new rules. Implementation tends to follow one of two strategic approaches:...

SMCR Responsibilities – Documenting Risks and Controls

governance, accountability, culture, corporate governance, SM&CR, competence

In light of the turbulence caused by the Covid-19 pandemic, SMCR may have been pushed down the priority list for most firms for now. The disruption has however given rise to a number of practical and compliance challenges which have a direct and imminent impact on...

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