SMCR: Empowering ownership, accountability and governance
It is reasonable that senior management should take responsibility for decisions made in their areas of accountability. High-profile corporate failures, however, have prompted new senior management accountability regulations to be brought into force globally.
Based upon the information published by the FCA, The Chartered Insurance Institute and The Bank of England, the purpose of this paper is to review the content of the recently published Senior Managers and Certification Regime (SMCR) and examines how organizations like the FCA have proposed it should be implemented. In addition, it aims to demonstrate how some boardroom executives have adopted innovation and introduced a new tooling to empower greater ownership, promote better understanding and ultimately drives efficiencies, as well as cost savings.
