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GDPR and SMCR: How prepared are you?

Credit Strategy has launched a reader survey to establish consumer credit firms’ progress in preparing for both the Senior Managers and Certification Regime (SMCR) and the General Data Protection Regulation (GDPR).

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Credit Strategy, in association with Crowe Horwath, a risk and compliance consultancy, is seeking to find out current levels of preparedness across the entire industry for the new regulations, as well as how robust their systems are against the growing threat of cyber crime.

 

The GDPR comes into force in May 2018, while the extension of the SMCR to all consumer credit firms will also be implemented next year. A consultation on the extension is expected from the Financial Conduct Authority (FCA) in the coming weeks.

 

Combined, the GDPR and SMCR will reconstruct how customer data is managed, protected and made available for consumers, as well as how critical decisions are made and documented. Audit trails evidencing individual conduct will be on record.

 

The two sets of regulations will transform operational strategy, compliance functions and the extent to which senior managers will be individually responsible for conduct. Directors given certain responsibilities may for the first time, face personal fines for getting it wrong.

 

The answers to the joint survey with Crowe Horwath will provide a barometer among consumer credit firms; revealing the extent of awareness and progress so far in preparations.

 

If you would like to participate in this survey, you can do so here. All answers will remain individually confidential, though Credit Strategy will publish aggregated findings from the survey in its September issue.

 

The survey takes just five minutes and once completed, your name will go into a draw for a free Echo Dot – a hands-free, voice-controlled device that controls smart home devices such as thermostats, plays music and acts as a personal organiser. You’ll also be sent a free copy of the September issue of Credit Strategy magazine, in which the survey results appear.

 

As part of the survey, Credit Strategy will also survey the Consumer Credit 100 about their preparations for GDPR.

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