Building SMR into business as usual is a lot easier when people take the time to understand and engage with the spirit rather than just the letter of the SMR. This includes thinking about what the SMR means for their day-to-day work and its impact on culture. Find out more click here to explore a case study highlighting the importance of understanding the SMR.
You can delegate tasks but not responsibility. It’s important that the people who input into tasks for which you’re responsible have the time and competence to discharge their responsibilities. You should make it clear who is responsible for what and how roles and responsibilities knit together.
The assignment of responsibilities is only part of the job. It’s also key to ensure that decisions are made at the right level and that if an issue arises, the right steps are taken to assess the seriousness of the issue and to take appropriate action.
- Reasonable steps and evidence
In our experience, evidential adequacy is proving a difficult challenge. In order to have confidence, you need to show how you came to a decision, when and where it was discussed and what the rationale for your judgement was.
Regulators want the SMR to line up with business objectives and strategic execution – and a key test is whether ‘the words and music are aligned’.
SMR is the new reality. You need to ensure that new people coming into your organisation understand the implications and that any changes in operating model take account of SMR requirements.