The Senior Managers Regime (SMR) is a part of UK financial regulations aimed at increasing the personal accountability of senior people in the financial services industry. It came into effect in March 2016 and covers both domestic and international firms with UK operations, and is due to be extended to cover a broader part of the market in late 2019. Almost certainly, similar regulations will be introduced in other geographic locations too in North America and Asia. According to David McNair Scott, CEO of Trailight, the regime incorporates three elements requiring firms and accountable managers to produce a map of accountability and the governance structure around it, incorporates a reverse burden of proof essentially requiring firms to track decisions, and the requirement for firms to identify and assess the fitness of employees which could cause significant harm to the firm, customers or market. The regulation, in summary, requires identification of who is accountable as well as to assess and insure an understanding of, and compliance with, conduct rules. It also requires reporting of any breaches and the onus is on the firm itself to demonstrate compliance. It’s a tall order and it’s coming to the commodities industry very soon – at least… continue reading
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Source: CTRM Center