Latest releases empower compliance teams to manage complex requirements for multiple regulatory regimes within a single, unified solution
NEW YORK and LONDON, Sept. 17, 2024, the premier compliance solution provider for financial services firms around the world, today announced that it has expanded its UK offerings with the latest release of COMPLY SMCR and the launch of COMPLY Program Management Risk Assessment. COMPLY SMCRenables firms to seamlessly manage Senior Managers and Certification RegimeRisk Assessment provides a comprehensive report of risk areas and documents mitigation plans. Together, these solutions allow firms to foster a culture of responsibility and compliance, reducing the risk of penalties by enforcing employee and organisational accountability.
"Firms today face enormous challenges complying with multiple regulatory regimes. COMPLY Program Management and the new Risk Assessment, combined with enhanced SMCR, provide our customers with a modern, unified software offering," said David Bliss, COMPLY Chief Product Officer. "We recognise the unique business environment in the UK and are excited to continue developing innovative solutions and consulting servicesthat enable firms to remain vigilant in their compliance efforts while scaling their growth."
COMPLY SMCR is purpose-built for UK financial services organisations and U.S. institutions with entities subject to FCA regulations. It is designed to manage the Senior Managers Regime, Certification Regime, and Conduct Rules, ensuring firms and staff clearly understand roles and responsibilities.
Key COMPLY SMCRcapabilities:
- Documenting Senior Management Functions to establish who holds Duty of Responsibility to comply with the Senior Manager Regime.
- Building and distributing customised forms to Senior Managers and certification staff to demonstrate compliance with SMCR's Fitness and Propriety requirements.
- Responsibilities Maps visualise the firm's structure and reporting lines, depicting the allocation of responsibilities and supporting the additional SMCR requirements for Enhanced firms, which are larger, more complex, and have a greater potential impact on consumers or markets.
- Persons Directory displays roles, responsibilities, and certifications, enabling at-a-glance SMCR status updates that allow firms to identify any instances of non-compliance.
First introduced by UK regulators in 2016, SMCR initially focused on creating greater accountability for those who hold high-level, impactful roles and responsibilities within the banking industry. It has since been extended to include dual-regulated insurance providers and all FCA-regulated firms, including investment managers, product distributors, insurance brokers, and consumer credit providers.
In tandem with the latest SMCR release, COMPLY has released UK Risk Assessment within its Program Management module, which allows organisations to proactively identify and track firm risk items.
COMPLY's UK Risk Assessment provides:
- Risk Audit: Evaluating risk at the firm through a step-by-step series of risk assessments
- Risk Mitigation: Determining whether adequate controls are in place
- Risk Identification: Documenting modifications to the firm's policies and procedures
- Risk Report: Allows firms to easily assess the health and status of their compliance processes to ensure audit readiness
Schedule a demotoday or contact COMPLY to learn more about our comprehensive offerings.
About COMPLY
COMPLY'ssolutions are designed specifically to address the unique use cases and regulatory challenges faced by financial services firms. As the only regulatory compliance technology provider and partner to deliver employee and firm compliance software, services, education, and support in one comprehensive offering, COMPLY ensures that firms remain vigilant in their compliance efforts as they evolve and scale. As the global market leader and premier compliance partner, COMPLY's software solutions are designed to manage the burden of complex compliance tasks for firms large and small. The company's software and solutions, backed by deep industry expertise - which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes - support more than 7,000 clients, including investment management firms, private equity firms, hedge funds, broker-dealers, registered investment advisers, and other financial service sector participants. Learn more at COMPLY.com.
Contact:
Brianna Fredriksen
302-593-5404
bfredriksen@comply.com
