Since the banking problems of 2008 we became used to seeing the fallout splashed across the news headlines. Banks and individuals were exposed for wrong doings or just a victim of poor controls but never the less it called for reform.
This year the Senior Managers Regime came into force which will at last sharpen the focus of bankers and financial institutions alike and set new standards and codes of conduct to adhere to. Now codes of conduct and certification aren’t a new phenomenon. The difference this time around is how they will be enforced. Individuals in certified or Senior roles will be responsible and accountable like never before and leaving a post or handing your role to a replacement colleague will not guarantee immunity to prosecution if you’re found to be culpable in some way.
In my discussions with old colleagues in the banking world there still seems to be confusion about how they are or will be impacted. Some of the smaller institutions believe that it won’t really apply to them and yet it will affect 60,000 organisations in the UK alone.
The larger firms have already taken steps to be compliant but is the process auditable, updatable, current and compliant moving forward?
With this in mind we have developed a solution to meet the needs of all sizes of impacted organisations at a cost that is significantly cheaper than building an in-house solution or fudging the process and therefore risking prosecution. We take care of the maintenance and upgrades as the regulations mature and the whole solution operates in the cloud or on your premises, your choice and interfaces with your current applications like HR and Training/certification.
If you have any doubts about how the regulation effects you or you would like to know more about the regulation and our solution then we’re running a webinar this coming Wednesday and we’ll be happy to answer your questions.