Sean Lam debates the practicality of spreadsheets for the Senior Managers and Certification Regime
I often get asked, “Can I use Excel to manage my SM&CR project?”. My response has been, “Very difficult, but not impossible. Why take such a risk?”
Some firms have opted to adopt manual processes to comply with the Regime - sometimes due to the high costs of SM&CR systems and sometimes due to underestimating its requirements. While it may be possible to use spreadsheets and word processors to administer SM&CR, this method would quickly descend into a tick-box exercise thus defeating the purpose of the initiative. It is certainly a risky approach, where one has to consider annual deadlines, keeping information up to date, maintaining audit trails, ensuring data remains consistent across numerous documents and making sure that it can be retrieved quickly and conveniently.
However, by adopting the appropriate technologies, firms can reduce the administrative workload and make time for the more complex and strategic parts of SM&CR, such as training and competence, the duties of responsibility and accountability and implementing the revised Conduct Rules. The question is, how can they overcome the large expense that goes hand in hand with acquiring new systems, capital expenditure on hardware, maintenance contracts, and additional staff required to administer the systems? Well, I am hoping EnOC holds the answer to that.
EnOC was created specifically to address this dichotomy, to close the technology gap between the firms that can afford enterprise-level systems and those that cannot. The complexities have been addressed through innovative design and engineering, resulting in a system that is intuitive and removes the need for numerous training sessions and long implementation periods. Built for the cloud, it is scalable and easily deployed. Its inherent efficiencies, enable EnOC to deploy SM&CR at only £25/month per user, a price point so low that it is within the reach of most, if not all, FCA authorised companies.
If you are running your SM&CR processes on a spreadsheet, STOP! EnOC can take care of that for you, and much more, reducing both your administrative workload and your risk, while also giving you access to an enterprise-level system from as little as £25/month per user.