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5 Simple Rules for Stakeholder Engagement

It’s been three years since SMCR was introduced into the banking and insurance sectors, but for some the journey is just beginning.

PwC Director Sarah Nield believes there is a lot to be learned from the first wave of the regime. She said, at our recent risk and compliance event in Manchester: 

“Those that think this is a tick-box exercise make me somewhat nervous. I think there are complexities that will be really important to get right.

 “The complexities come in where there are strong-willed people or group structures that mean it could be quite difficult for individuals to make a clear decision. They could be overruled, for example, or directed in a certain way, so being able to structure responsibilities and for individuals to be confident that they can deliver against these will be really important.” 

SMCR is a very personally accountable regime - which will result in serious implications if you are the approved person in a non-compliant organisation. If you’re a compliance professional, it’s crucial that you get your stakeholders on board with your business proposal.

Here’s how to do it: