Professional Insurance Course for Senior Managers

This course provides insights into how Insurers are implementing SM&CR and investigates some of the challenges that the Insurance sector is experiencing and how they are responding to these.

By the end of the course, you will have:

• Gain sector knowledge of the roll out of SM&CR to date
• Gain insights to any gaps in your own implementation, and how these can be addressed
• Learn through case studies of good practice and poor practice across the sector
• Understand how compliance can be maintained through effective systems, controls and reporting

• Understood the different approaches companies have taken to implementing SM&CR and review examples of best practice
• Understood the key challenges companies have faced in implementing and embedding the Senior Managers Regime, and how Senior Managers are needing to adapt to the changes
• Discussed the challenges the Duty of Responsibility is bringing to the Insurance sector
• Debated case studies of where companies and colleagues have fallen foul of the new regime
• Understood the challenges Insurers have faced in implementing and running the Regime and Conduct Rules
• Discuss the systems and controls needed to support ongoing compliance with SM&CR

COURSE CONTENT

• Summary on the roll out of SM&CR in the Insurance Sector. SMCR itself covers three areas
  • Senior Managers: This covers anyone who undertakes a Senior Management Function. Each senior manager will have a Duty of Responsibility and a Statement of Responsibility but there is no need for a responsibilities map or handover procedures.
  • Certification Regime: This covers people who are not senior managers but whose job means it is possible for them to cause significant harm to the firm or its customers.
  • Conduct Rules: These basic rules apply to all employees except ancillary staff who do not perform a role specific to financial services. There are five high level obligations which apply to all, and an additional four obligations for senior managers.
  • Approaches taken by the Insurance sector to complying with SM&CR and what issues have they faced across their firms
  • The Duty of Responsibility – how the Insurance sector has had to adapt
  • Learnings and best practice implementation
  • Staying compliant – systems, controls and measurements used by the Insurers to stay within the regime

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.