Course description
Mastering Senior Managers & Certification Regime in the Insurance Sector
The regulators are extending the Senior Managers and Certification Regime (SM&CR) to all authorised firms to replace the Approved Persons Regime – this will have a significant impact on a huge number of firms and the rules come into effect from 9th December 2019.
This course provides insights into how Insurers are implementing SM&CR and investigates some of the challenges that the Insurance sector is experiencing and how they are responding to these.
Benefits of attending:
- Gain sector knowledge of the roll out of SM&CR to date
- Gain insights to any gaps in your own implementation, and how these can be addressed
- Learn through case studies of good practice and poor practice across the sector
- Understand how compliance can be maintained through effective systems, controls and reporting
In-house training options
Bespoke - we work with you to develop and deliver bespoke training courses to meet all your objectives. We develop the course and reference materials which can be delivered on a rolling basis or as a unique event, depending on your requirements.
Tailored – If one of our courses already meets the majority of your needs, but requires specific tailoring for a particular group of employees, we can tailor the material and delivery to ensure all the learning outcomes are met.
Standard – your requirements are already met by one of our courses, but you would prefer the course to be run in-house for a number of people.
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Upcoming start dates
Suitability - Who should attend?
Who should attend:
- Chief Risk Officers/Risk Directors
- Compliance Directors/Heads of Compliance
- Heads of Legal/Company Secretaries
- Chief People Officers/HR Leaders
- Anyone captured by the Senior Managers Regime or Certification Regime
Choose this course when:
- Your firm has implemented SM&CR and is seeking ways to improve associated activities and processes
- You are an SMF or Certification employee
- You are accountable or responsible for components of the Senior Managers & Certification Regime
Outcome / Qualification etc.
Learning outcomes:
By the end of the course you will have:
- Understood the different approaches companies have taken to implementing SM&CR and review examples of best practice
- Understood the key challenges companies have faced in implementing and embedding the Senior Managers Regime, and how Senior Managers are needing to adapt to the changes
- Discussed the challenges the Duty of Responsibility is bringing to the Insurance sector
- Debated case studies of where companies and colleagues have fallen foul of the new regime
- Understood the challenges Insurers have faced in implementing and running the Certification Regime and Conduct Rules
- Discuss the systems and controls needed to support ongoing compliance with SM&CR
Training Course Content
Agenda
- Summary on the roll out of SM&CR in the Insurance Sector. SMCR itself covers three areas
- Senior Managers: This covers anyone who undertakes a Senior Management Function. Each senior manager will have a Duty of Responsibility and a Statement of Responsibility but there is no need for a responsibilities map or handover procedures.
- Certification Regime: This covers people who are not senior managers but whose job means it is possible for them to cause significant harm to the firm or its customers.
- Conduct Rules:These basic rules apply to all employees except ancillary staff who do not perform a role specific to financial services. There are five high level obligations which apply to all, and an additional four obligations for senior managers.
- What does SMCR mean for me?
- Approaches taken by the Insurance sector to complying with SM&CR and what issues have they faced across their firms
- The Duty of Responsibility – how the Insurance sector has had to adapt
- Case studies
- Group Discussion
- Learnings and best practice implementation
- Staying compliant – systems, controls and measurements used by the Insurers to stay within the regime