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The SMCR for Insurers and Asset Managers: Is Your Organization Ready?

With the Senior Managers and Certification Regime (SMCR) for insurers coming into force in December 2018, and the planned later extension to asset managers, firms in these sectors should be preparing their SMCR training. LEO GRC’s new sector-specific courses and infographics are the perfect starting point for anyone wanting to know more about training of the SMCR for insurers and asset managers.

While the banking sector has become familiar with the SMCR, the extension of the rules means non-banks now need to create new training programs. L&D professionals want to help their learners understand and adapt to the new regime, but taking a comprehensive and effective approach to training can be tricky given the complex issues involved.

Outlining the changes and highlighting the key SMCR messages accurately is vital for businesses, particularly as the broadened scope of the regime means many learners will be taking on responsibilities to the regulator for the first time.

Fortunately, LEO has produced sector-specific eLearning courses and infographics to help you educate your staff about SMCR and give them the assurance and skills to meet the demands of the regulations with confidence.

Who Should SMCR Be Targeted At?

There are three categories of staff who will be subject to the new rules:

1) Senior Managers, broadly speaking, run and control the business. They may include executive directors, specified non-executive directors, and other senior individuals.

2) Certified Persons are individuals who could potentially pose a risk of significant harm to the firm or any of its customers. This group encompasses material risk takers and the line managers of Certified Persons.

3) All other employees, other than those in certain exempt ancillary roles, need to receive the training provided for Other Conduct Rule Staff.

Discover more with our definitive guide to the SMCR

Practical Examples to Underline SMCR Training

Reducing anxiety among employees is an important part of high-quality SMCR training. One of the simplest first steps you can take to implement SMCR seamlessly is to broadcast a positive message and align the rules with your existing protocols. With this in mind, Eukleia’s courses emphasize the benefits of the SMCR for your firm and the closeness between the standards in the Conduct Rules and your own firm’s values.

We also take a close look at the rules and what they mean in practice in a range of roles. Using an easy drag-and-drop option panel, learners can select their role and explore what breaches of the rules would look like for them. The course ends with some practical examples that put the Conduct Rules into practice and bring them alive for the learner.

Eukleia has extensive experience of SMCR training and supporting firms to implement it. To find out more about our new course and infographics, or request a free trial of our training program on SMCR for insurers and asset managers, contact us today.

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