Audio Transcript

Last week we discussed why SM&CR is essential for solo regulated firms and some of the challenges in becoming compliant.
Today I would like to further explore the key pain points of the SM&CR.
Firstly, is the sheer volume of data to be recorded; with almost one hundred items per individual this means that organisations face a huge challenge in ensuring that this is accurate for everyone that needs to be reported.

Secondly, we also need to ensure that this information is kept up to date. People join and leave the company, responsibilities change, and the business expands.

Next, we have accountability. Now individuals are required to take responsibility for the areas that they are responsible for, sign off on these responsibilities and potentially be liable for any failings.

All told SM&CR adds an additional burden to already busy senior managers. Whilst these may be addressed by engaging lawyers and consultants in the next episode, we shall explore alternative ways of addressing these pains.