l With Power Comes Responsibility | SMCR Compliance

With Great Power Comes Great Responsibility

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How to Deal With the Growth in Accountability and Responsibility Regulations

While regulators are driving the focus on accountability and responsibility at a cultural level, the fines for non-compliance are focusing on individuals.

It is interesting to see common themes around accountability and responsibility arise and continue to grow in the compliance and regulatory environment.

With regard to SMCR, the UK’s Financial Conduct Authority share a video on their website where a number of banking leaders share their experiences adopting the regime. The interviews all point to a set of common themes: clarity of responsibility, focus on escalation, ownership of the process by the business and not just by compliance. These themes resonate across whitepapers and thought-leadership quotes around all of these regulations worldwide.

https://www.jdsupra.com/legalnews/with-great-power-comes-great-73678/