The importance of stages
Climbing a mountain like Mount Everest is not done haphazardly. It takes careful planning and an organized route. It also involves breaking the trek up the mountain into stages. One does not simply run up Mount Everest. You climb a mountain like Everest too quickly . . . you die. Tackling a trek up a large mountain is broken into stages that are manageable and allow for proper recovery and review of plans before the next ascent.
The same approach is done with a significant regulation, like UK SMCR in the financial services industry. UK SMCR is a significant shift in accountability, communications, attestation, and certification of staff in a financial services organization. As with other significant regulations, financial services firms are tackling UK SMCR in stages.
Beginning your SMCR journey
The first stage of the UK SMCR trek was mapping and aligning senior management functions in the organization. This was foundational and like getting to the first base camp of the UK SMCR Everest. You cannot manage accountability and certification if you do not have the responsibility maps and roles defined.
The run up to the 9th of December 2019: SMCR implementation date
The second stage of UK SMCR climb was to . . .
[this is a guest blog by GRC 20/20’s Michael Rasmussen published on the SureCloud blog. The rest of the blog can be read at the link below]