There’s no doubt that regulatory change like SMCR adds to the pressure on compliance teams. Even with long timescales for implementation, these changes can put a massive strain on resources and budget.
Yet, even though it’s unrealistic to expect one person – or even a team of people – to be an expert on all areas of regulation there is a common misconception that external help is not needed. The reality is that SMCR implementation is a considerable undertaking that shifts responsibilities onto individuals. With such significant change to your policies, processes and operational measures, you are likely to need independent assurance to be confident that you are complying with the relevant requirements.
A cost-effective approach
Can you be certain that the time and resource you have invested in complying with SMCR will result in no gaps that could leave the business exposed? There may be a risk associated with implementing SMCR based solely on in-house compliance expertise and support, without the benefit of broad market experience and SMCR specific knowledge. Intelligent use of external resources to enhance your in-house efforts can make compliance with regulatory change more cost-efficient and effective, helping you to identify and mitigate any associated risk.
Get a wider view
You could reduce the burden of regulatory change by using independent external resources to assure your approach and implementation programme. This could identify gaps in key areas such as allocation of responsibilities, missing documentation, and deficient policies and procedures – all of which can create weaknesses in your compliance.
Engaging with external compliance support will also help you understand the wider implications of the regime and how it impacts business as usual practices.
Right first time
Independent compliance assurance is therefore a no-brainer, but if you need more reasons why….
- You maintain control over implementation but gain independent assurance that your approach is robust and compliant.
- An informed, expert and independent view can help obtain buy-in from senior stakeholders and help manage any challenges that your business may face
- You’ll get it right first time, saving costly reworks and gap-plugging further down the line.
- Compliance will be enduring as ongoing reviews will be automatically taken into account.