Could “Reasonable steps” be the first steps in the journey to great strides?

Those involved will be aware that the Senior Managers and Certification Regime (SM & CR) has a requirement to detail the reasonable steps that are being taken by the business to ensure regulatory compliance and insulate it from risk.

This may appear like just another burdensome annual obligation that is solely about keeping the #regulator satisfied, with no direct business benefit.

However, there is another way of looking at it. This is an opportunity to map out your #governance strategy, assess how much overlap there is between the requirements of different oversight activities and establish a more joined up and consistent approach to governance as a whole.

Back in February 2017 McKinsey wrote a really insightful piece entitled "Sustainable compliance: Seven steps toward effectiveness and efficiency" that talks about the benefits of a more consistent and holistic approach and breaks down and quantifies the efficiency that can be yielded as a result. It is startling to see the unnecessary burden that can be placed on the business by the ad hoc and disparate approach, that many have found themselves following today.

Mapping your reasonable steps with PRIMED will reveal a lot about how much more efficient and effective your governance can be.

PRIMED an efficient governance solution for all governance challenges.