Financial services firms should act now on the Senior Managers & Certification Regime (SMCR) if they have not already, and try to see the new regulation as an opportunity to get their house in order.

Iulita Georgieva, financial services risk consultant at KPMG, said most of her clients had already set up their SMCR steering committees, with the most successful examples including representatives from across departments including the business function, human resources, and legal/compliance.

“We encourage our clients to have someone either from the board or the executive committee to really drive that change,” ...