When the SMCR comes into force insurance firms will be expected to account to the regulator for their compliance – including providing training to staff and maintaining a record of supporting evidence, such as regulatory references, criminal record searches and proof of qualifications obtained. An audit trail will therefore be key to successful compliance, however, the amount of documentation required may make this difficult for firms to maintain.
We have created a unique user experience, one that provides training, assistance with the certification process (including the issue of certificates), oversight of the firm’s compliance with the regime and a database suitable for all your SMCR needs.
It is designed for insurers, with further versions for brokers and other firms subject to the SMCR planned for next year.
The SMCR Solution will enable you to manage data, such as qualifications and regulatory references, assist with the identification of staff roles, assign functions and responsibilities, provide training to your staff at their appropriate levels, issue the certificates to your certification staff, and provide oversight of your firm’s compliance with the SMCR. Every year we will update the training scenarios, so that annual certification can be managed effectively. We will also update the training to reflect developments in regulation and law throughout the year, so that you have access to an up to date solution at all times.
The SMCR Solution is designed to integrate with your own systems effectively and efficiently so that you can view all relevant information in one place. Dashboards enable staff to monitor and manage the relevant data.
- A tailored dashboard for each member of staff. This provides access to training for all conduct rules staff and certification staff, using scenario testing to assist in certification and, where required, training for your senior managers. This is supplemented where necessary with further training from Simmons & Simmons on a bespoke basis.
- A compliance dashboard giving an immediate snapshot of your firm’s compliance with the SMCR, searchable on an individual, function and firm wide level. As a result, you can easily identify any immediate issues with the firm’s compliance with the SMCR.
- A record facility for (among other things) statements of responsibility and regulatory references.
This is your essential toolkit to help you with SMCR compliance, providing an overview and certification. Available now for insurance companies with future deployment scheduled for brokers, banks and asset managers.