Defined by the FCA as “a catalyst for change”, the SM&CR represents an opportunity to enhance healthy cultures and effective governance in financial institutions, requiring greater accountability both individually and within a firm, and setting a new standard of personal conduct and competence.
The most recently published, and the upcoming deadlines of Directory Persons data for dual and solo regulated firms have been putting pressure on financial institutions.
Objectway observes many investment firms looking for a solution specifically designed to assist their compliance in a timely, efficient and cost-effective manner. Scalability is another characteristic they look at, to accompany their growth in dimensions and in organisation complexity. Furthermore, access to data should be granted any time for continuous SM&CR data management, monitoring and reviewing. A paperless process would complement the fitting solution for complying with the Regime.
“In the search for solutions, RegTech can certainly help,” commented Alberto Cuccu, Objectway CEO for the UK. “But there is a risk that RegTech could be deployed as standalone point applications when, in reality, such solutions need to be part of a broader support, to simplify and speed up compliance and release of regulatory requirements. Objecway adopted a holistic approach to support its clients in this area, integrating its industry competence with support through specific tools.”