SMF Recruitment Case Studies
Every Senior Manager appointment is different: a different firm, a different function and a different reason the hire matters. These case studies describe recent appointments we have made, anonymised to protect our clients and candidates. They show the kinds of roles we fill, the arrangements that work for smaller and fast-growing regulated firms, and how we approach each search. We add new case studies as appointments complete, so this page grows as our work does.
Case Study: A Fractional Chief Risk Officer for a Wealth Management Firm
| Client | A UK wealth management firm |
|---|---|
| Role | Chief Risk Officer |
| Engagement | Fractional, three days a week |
| Outcome | Placed |
The brief
The firm needed senior, experienced risk leadership: someone who could own the risk framework, report to the board with authority and challenge the business, but at a level of time commitment that matched the size of the firm. A full-time Chief Risk Officer was more than the firm needed; a junior risk manager would not have had the standing the role required.
Our approach
We briefed against what the role would actually be accountable for rather than a generic job title, then searched for experienced risk leaders with wealth management or investment experience who were working, or willing to work, on a fractional basis. Each candidate was assessed against the fit and proper standards the role would demand, and on their ability to give the firm genuine senior attention within three days a week. Adrian Lawrence FCA interviewed every shortlisted candidate personally.
The outcome
The firm appointed a fractional Chief Risk Officer working three days a week, giving it senior risk leadership at a cost proportionate to its size. See our Chief Risk Officer recruitment and wealth management pages.
Case Study: A Joint SMF16 and SMF17 for a Stablecoin Business
| Client | A UK stablecoin business |
|---|---|
| Role | Compliance oversight and money laundering reporting (SMF16 and SMF17), held by one person |
| Engagement | Combined compliance and MLRO role |
| Outcome | Placed |
The brief
Stablecoin and wider cryptoasset businesses operate in one of the fastest-changing areas of UK regulation, and the regulators expect them to have credible compliance and financial crime leadership in place. The firm needed one person to hold both compliance oversight and the MLRO role, with the knowledge to deal with cryptoasset-specific financial crime risks and the evolving regulatory regime.
Our approach
The pool of approved compliance officers and MLROs with genuine cryptoasset experience is small. We mapped candidates across crypto, payments and e-money firms, where the financial crime risks overlap most closely, and tested each for the experience needed to hold both functions. Our guide to combining Senior Manager roles explains what the regulator looks for when one person holds SMF16 and SMF17.
The outcome
The firm appointed a single compliance and financial crime lead to hold both functions. See our crypto-asset SMF recruitment and SMF16 and SMF17 pages.
What These Appointments Have in Common
Both appointments reflect a pattern we see increasingly across the market: smaller and fast-growing regulated firms that need senior, experienced leadership in a control function, structured in a way that fits the business.
- Seniority without unnecessary cost. A fractional Chief Risk Officer gives a firm board-level risk leadership without the cost of a full-time executive. Our guide to fractional or full-time sets out the trade-offs.
- Combined roles where they make sense. Holding SMF16 and SMF17 together is common at smaller firms, provided one person can do both properly.
- Sector experience matters. In both searches, relevant sector experience was as important as general seniority. A risk leader from wealth management and a compliance lead with cryptoasset experience bring knowledge that can’t be learned quickly in post.
- Approvability from the start. We assess every candidate for the standards the regulators apply, before they reach the shortlist.
How We Run SMF and Senior Control Function Searches
- Brief against accountability. We start from what the role will actually be accountable for, including the Statement of Responsibilities where the role is a Senior Manager Function.
- Agree the right structure. Permanent, interim or fractional; one role or two combined. See fractional and interim cover.
- Direct, confidential search. We approach experienced people who aren’t actively looking, without naming the firm until the right point.
- Fit and proper pre-assessment. Every candidate is tested before reaching the shortlist.
- Personal interviews. Adrian Lawrence FCA interviews every shortlisted candidate.
- Through to approval and day one. We support references and the approval application, and stay involved until the person is in post.
Fractional Arrangements That Work
Fractional appointments, like the Chief Risk Officer above, work best when the terms are clear from the start: the time commitment, how urgent matters are handled outside agreed days, access to information and the board, and cover for absence. Our guide to what a fractional SMF agreement should cover sets out the essentials, and when fractional appointments work covers the decision itself.
Compliance and Financial Crime Leadership in Crypto and Payments
Cryptoasset, payments and e-money firms are among the busiest parts of the Senior Manager market. They need approved compliance and financial crime leaders early, often before they have the scale to justify large teams, and the candidate pool with relevant experience is small. Our pages on payments and fintech, MLRO recruitment and financial crime leadership cover how we approach these searches, and our market update describes current demand.
Choosing the Right Structure for a Senior Control Function Hire
The two appointments above used different structures because the firms had different needs. When we take a brief, one of the first conversations is about which structure suits the firm best.
| Structure | Suits | Watch points |
|---|---|---|
| Full-time permanent | Larger firms, or firms whose risks need daily senior attention | Cost and a longer search; plan for notice periods and approval |
| Fractional | Smaller firms needing senior expertise for part of the week | Time commitment must be credible; define availability and cover |
| Combined roles, such as SMF16 and SMF17 | Smaller firms where one experienced person can cover both | The regulator will ask whether one person can do both properly |
| Interim | Vacancies, remediations and periods of change | Plan the transition to a permanent solution from the start |
| Retained search | Board, executive and hard-to-fill roles | A longer, structured process; see retained executive search |
We give an honest recommendation on structure before any search starts, even when that means a smaller engagement than the firm expected. The right answer also often changes as a firm grows. A fractional compliance officer who suits a newly authorised firm may need to become full-time, or be joined by a deputy, as the business scales. We stay in touch with clients after an appointment, so when the structure needs to change, the next hire is easier to plan and quicker to complete. Our succession planning template helps boards think ahead.
Senior Manager Recruitment
Permanent, interim and fractional appointments for regulated firms. Every SMF search is led personally by Adrian Lawrence FCA
Control Functions
Risk, compliance and MLRO.
→ Chief Risk Officer (SMF4)
→ Compliance officer (SMF16)
Fractional and Interim
Senior cover that fits.
→ Fractional and interim cover
→ Fractional or full-time?
Every SMF search is led personally by Adrian Lawrence FCA
Frequently Asked Questions
Why are the case studies anonymised?
Senior Manager appointments are often confidential, and we protect the identity of our clients and candidates unless they agree otherwise.
Do you place fractional Senior Managers?
Yes. Fractional compliance officers, MLROs, risk leaders and CFOs are a growing part of our work, particularly for smaller firms.
Can one person hold both SMF16 and SMF17?
Yes, and it’s common at smaller firms, provided the person can perform both properly and has enough time and support.
Do you recruit for cryptoasset businesses?
Yes. We recruit compliance, MLRO and financial crime leaders for cryptoasset and stablecoin businesses, as well as payments and e-money firms.
Can we speak to a client you’ve worked with?
Where clients are happy to act as references, we can arrange it. Ask us when we discuss your hire.
About the Author
Adrian Lawrence FCA is the founder of SMF Capital. He is a Chartered Accountant and Fellow of the ICAEW, holds a practising certificate in his own name, and is a former listed-company Finance Director with a BSc from Queen Mary College, University of London. He founded FD Capital in 2018 and has since built a network of five specialist recruitment practices. He leads every SMF Capital search personally. View Adrian’s ICAEW profile.
Your Appointment Could Be Next
Whether you need a fractional risk leader, a combined compliance and MLRO role or a permanent Senior Manager, tell us about your hire. We’ll come back to you the same working day.