SMCR misconceptions: You don’t need help
Here's why independent assurance is a must for SMCR compliance
Even the best laid plans run into difficulties. In this instalment we examine how you need to factor in time for delays when it comes to SMCR.
The potential impact of SMCR is far-reaching. It’s a huge change that will require a lot of careful planning time and resource.
But even the best laid plans run into difficulties.
Although SMCR is a replacement for the current Approved Persons Regime, it requires a completely different mindset and approach. It’s likely to demand a number of changes to operational infrastructure, policies and processes. But such wide-reaching change can’t happen overnight. There’s no magic switch. It will take time to implement.
With just over 3 months to go, the clock is ticking, and your plans should already be underway. With the deadline of 9th December 2019 looming large, your SMCR implementation project should factor in contingency time to make sure you’re fully prepared.
SMCR involves departments all over an organisation, not just compliance. So communication is key to guarantee you’ve considered all business functions, from the Board down.
You may need to factor in additional time to consider these things:
It’s crucial that you fully understand the time and resource required to support your implementation project. There’s a very real chance of lost opportunity if you fail to build contingency into your plan – time that allows you to manage any barriers or delays in delivery.
Evidence from the banking sector implementation back in 2016 suggests that implementation can take longer than predicted.
So what do you do?
Make the most of external consultants early on. When you work with us at TCC we can provide guidance, advice and insight to help support your implementation project. We can also help you to see the bigger picture and spot challenges and weaknesses well ahead of the 9th December deadline.