The Imperative of SMCR in Current Times
The pandemic has profoundly impacted operational frameworks across industries, pushing many firms to deprioritise compliance measures.

However, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have reiterated that obligations under SMCR remain paramount.

Their joint communications emphasise the necessity for firms to adapt swiftly to operational challenges, ensuring that Senior Managers understand their responsibilities amidst shifting circumstances.

Regulatory Expectations
Guidance from the Regulators
The regulators' statements outline the need for continuous updates to Statements of Responsibilities (SoRs) when changes occur within a Senior Manager’s remit. This proactive approach includes:
Effective Documentation: Best Practices for SMCR Compliance

While no prescribed methodology exists for documenting risks and controls, a structured approach is vital to maintain compliance and operational integrity. Here’s a comprehensive framework for firms to consider:
1.      Visibility and Documentation of Risks
2.      Linking Controls to Responsibilities
3.      Monitoring and Addressing Regulatory Changes

Developing a Robust Control Environment
In light of current uncertainties, regulators stress the importance of maintaining an effective control environment. 

Engaging with Compliance Experts
As firms navigate through unprecedented challenges, collaboration with compliance experts can optimise outcomes. A thorough understanding and implementation of SMCR foster a culture of accountability while equipping organisations to operate effectively within an ever-evolving regulatory framework.

Compliance Consultant, home of the Compliance Doctor. To learn more or to schedule a no-obligation discovery call, please don’t hesitate to get in touch with us at ⁠https://complianceconsultant.org⁠, ⁠info@complianceconsultant.org⁠ or in the UK call on 0800 689 0190. Alternatively, you can schedule a call directly via this  link https://bit.ly/CCDiscovr⁠.

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Conclusion
In conclusion, the complexities introduced by the pandemic
serve as a call to action for firms under the SMCR framework. By emphasising transparency, robust documentation, and continuous monitoring, organisations can not only comply with regulatory expectations but also enhance their operational resilience. 


FCA Operational Resilience Planning

Tony and Shen discuss Bloomberg’s addition to IB chat, common threads in our Voice of the CTO series, and op resiliency. 

Our Bloomberg story: https://www.waterstechnology.com/data-management/7952434/bloomberg%E2%80%99s-chatbots-streamline-external-data-sharing-otc-trading 
Our Voice of the CTO series: https://www.waterstechnology.com/topics/voice-of-the-cto



Episode 319: Bloomberg IB chat and operational resiliency

In this episode, we talk about scale and the hard realities of system failure in large tech operations. We explore why rare failures become common at scale, and what it takes to build systems that can handle that pressure. From predictive diagnostics to component redundancy, we share practical insights on keeping high-performance and AI infrastructure resilient. This is not theory, it is grounded in real-world lessons from managing complex environments and learning how to plan, isolate, and adapt when things go wrong.

Transcript: https://otter.ai/u/X8JYiADfPPLEfQ-ggexAP5P_jGc?utm_source=copy_url 

TechOps Scaling Challenges

Wei-Shen Wong and Anthony Malakian discuss the hottest financial technology topics in the capital markets every week.

An excellent source for industry thought leadership in Edge Computing, Cloud Computing, DevOps, Open Source base on discussions at.the2030.cloud

New tracks tagged #operational resilience