In Focus Collections


Compliance and SMCR responsibilities research


Last month, CCRMagazine and TriLine GRC asked for readers’ opinions on the industry’s preparations for new responsibilities under the SMCR regime


It is fair to say that regulatory compliance is now at the very heart of the credit and collections industry’s thinking. Once derided in the press – either fairly


or not – as a sector that was just out to ‘make a quick buck’, companies and professionals have seen a huge turnaround in attitude and understanding and, today, it would be hard to name another sector that cared more about achieving a positive outcome for its customers.


Focus This focus looks set to only continue with the coming of the Senior Managers and


Does your firm plan to implement an integrated GRC and SMCR software solution to improve your governance framework and processes?


Yes Yes


Certification Regime (SMCR) which will make senior industry professionals personally responsible for the decisions they make. The origins of the new requirements go


back to the 2008 banking crisis and what were seen as significant conduct failings, such as the manipulation of LIBOR. Parliament set up the Parliamentary Commission for Banking Standards (PCBS) to recommend how to improve standards in the banking sector. PCBS recommended a new accountability


framework focused on senior management. It also recommended that firms take more responsibility for employees being fit and


Have you heard of the FCA RegTech Showcase initiative to evaluate innovation and best practice in technology?


How does your firm currently manage and evidence FCA SYSC compliance and risk-management governance controls?


Using manual process


The origins of the new requirements go back to the 2008 banking crisis and what were seen as significant conduct failings, such as the manipulation of LIBOR


No No To be evaluated Other


Using a GRC software solution


How will your firm ensure that it implements the compliance requirements under the SMCR adequately?


Using in-house legal and


compliance team


How will your firm evidence the compliance expectations of the SMCR when it comes into effect on 9 December 2019?


Using manual processes


Is your firm a member of a trade association?


No


Using specialist external regulatory advisory


By implementing a SMCR


software solution Yes Other Still undecided


34


www.CCRMagazine.com


September 2019


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