diff --git a/src/core/arm/dynarmic/arm_dynarmic.cpp b/src/core/arm/dynarmic/arm_dynarmic.cpp
index 7e978cf7ab..0762321a99 100644
--- a/src/core/arm/dynarmic/arm_dynarmic.cpp
+++ b/src/core/arm/dynarmic/arm_dynarmic.cpp
@@ -129,7 +129,7 @@ public:
 };
 
 std::unique_ptr<Dynarmic::A64::Jit> ARM_Dynarmic::MakeJit() const {
-    auto& current_process = Core::CurrentProcess();
+    auto* current_process = Core::CurrentProcess();
     auto** const page_table = current_process->VMManager().page_table.pointers.data();
 
     Dynarmic::A64::UserConfig config;
diff --git a/src/core/core.cpp b/src/core/core.cpp
index b6acfb3e4b..e2fb9e0386 100644
--- a/src/core/core.cpp
+++ b/src/core/core.cpp
@@ -136,7 +136,8 @@ struct System::Impl {
         if (virtual_filesystem == nullptr)
             virtual_filesystem = std::make_shared<FileSys::RealVfsFilesystem>();
 
-        kernel.MakeCurrentProcess(Kernel::Process::Create(kernel, "main"));
+        auto main_process = Kernel::Process::Create(kernel, "main");
+        kernel.MakeCurrentProcess(main_process.get());
 
         cpu_barrier = std::make_shared<CpuBarrier>();
         cpu_exclusive_monitor = Cpu::MakeExclusiveMonitor(cpu_cores.size());
@@ -361,11 +362,11 @@ const std::shared_ptr<Kernel::Scheduler>& System::Scheduler(std::size_t core_ind
     return impl->cpu_cores[core_index]->Scheduler();
 }
 
-Kernel::SharedPtr<Kernel::Process>& System::CurrentProcess() {
+Kernel::Process* System::CurrentProcess() {
     return impl->kernel.CurrentProcess();
 }
 
-const Kernel::SharedPtr<Kernel::Process>& System::CurrentProcess() const {
+const Kernel::Process* System::CurrentProcess() const {
     return impl->kernel.CurrentProcess();
 }
 
diff --git a/src/core/core.h b/src/core/core.h
index f9a3e97e36..ea4d539142 100644
--- a/src/core/core.h
+++ b/src/core/core.h
@@ -174,11 +174,11 @@ public:
     /// Gets the scheduler for the CPU core with the specified index
     const std::shared_ptr<Kernel::Scheduler>& Scheduler(std::size_t core_index);
 
-    /// Provides a reference to the current process
-    Kernel::SharedPtr<Kernel::Process>& CurrentProcess();
+    /// Provides a pointer to the current process
+    Kernel::Process* CurrentProcess();
 
-    /// Provides a constant reference to the current process.
-    const Kernel::SharedPtr<Kernel::Process>& CurrentProcess() const;
+    /// Provides a constant pointer to the current process.
+    const Kernel::Process* CurrentProcess() const;
 
     /// Provides a reference to the kernel instance.
     Kernel::KernelCore& Kernel();
@@ -246,7 +246,7 @@ inline TelemetrySession& Telemetry() {
     return System::GetInstance().TelemetrySession();
 }
 
-inline Kernel::SharedPtr<Kernel::Process>& CurrentProcess() {
+inline Kernel::Process* CurrentProcess() {
     return System::GetInstance().CurrentProcess();
 }
 
diff --git a/src/core/hle/kernel/kernel.cpp b/src/core/hle/kernel/kernel.cpp
index 98eb742987..bd680adfe2 100644
--- a/src/core/hle/kernel/kernel.cpp
+++ b/src/core/hle/kernel/kernel.cpp
@@ -116,7 +116,7 @@ struct KernelCore::Impl {
         next_thread_id = 1;
 
         process_list.clear();
-        current_process.reset();
+        current_process = nullptr;
 
         handle_table.Clear();
         resource_limits.fill(nullptr);
@@ -207,7 +207,7 @@ struct KernelCore::Impl {
 
     // Lists all processes that exist in the current session.
     std::vector<SharedPtr<Process>> process_list;
-    SharedPtr<Process> current_process;
+    Process* current_process = nullptr;
 
     Kernel::HandleTable handle_table;
     std::array<SharedPtr<ResourceLimit>, 4> resource_limits;
@@ -266,15 +266,15 @@ void KernelCore::AppendNewProcess(SharedPtr<Process> process) {
     impl->process_list.push_back(std::move(process));
 }
 
-void KernelCore::MakeCurrentProcess(SharedPtr<Process> process) {
-    impl->current_process = std::move(process);
+void KernelCore::MakeCurrentProcess(Process* process) {
+    impl->current_process = process;
 }
 
-SharedPtr<Process>& KernelCore::CurrentProcess() {
+Process* KernelCore::CurrentProcess() {
     return impl->current_process;
 }
 
-const SharedPtr<Process>& KernelCore::CurrentProcess() const {
+const Process* KernelCore::CurrentProcess() const {
     return impl->current_process;
 }
 
diff --git a/src/core/hle/kernel/kernel.h b/src/core/hle/kernel/kernel.h
index c0771ecf07..41554821f1 100644
--- a/src/core/hle/kernel/kernel.h
+++ b/src/core/hle/kernel/kernel.h
@@ -66,13 +66,13 @@ public:
     void AppendNewProcess(SharedPtr<Process> process);
 
     /// Makes the given process the new current process.
-    void MakeCurrentProcess(SharedPtr<Process> process);
+    void MakeCurrentProcess(Process* process);
 
-    /// Retrieves a reference to the current process.
-    SharedPtr<Process>& CurrentProcess();
+    /// Retrieves a pointer to the current process.
+    Process* CurrentProcess();
 
-    /// Retrieves a const reference to the current process.
-    const SharedPtr<Process>& CurrentProcess() const;
+    /// Retrieves a const pointer to the current process.
+    const Process* CurrentProcess() const;
 
     /// Adds a port to the named port table
     void AddNamedPort(std::string name, SharedPtr<ClientPort> port);
diff --git a/src/core/hle/kernel/scheduler.cpp b/src/core/hle/kernel/scheduler.cpp
index cfd6e1badc..1342c597ed 100644
--- a/src/core/hle/kernel/scheduler.cpp
+++ b/src/core/hle/kernel/scheduler.cpp
@@ -9,7 +9,7 @@
 #include "common/logging/log.h"
 #include "core/arm/arm_interface.h"
 #include "core/core.h"
-#include "core/core_timing.h"
+#include "core/hle/kernel/kernel.h"
 #include "core/hle/kernel/process.h"
 #include "core/hle/kernel/scheduler.h"
 
@@ -78,16 +78,16 @@ void Scheduler::SwitchContext(Thread* new_thread) {
         // Cancel any outstanding wakeup events for this thread
         new_thread->CancelWakeupTimer();
 
-        auto previous_process = Core::CurrentProcess();
+        auto* const previous_process = Core::CurrentProcess();
 
         current_thread = new_thread;
 
         ready_queue.remove(new_thread->GetPriority(), new_thread);
         new_thread->SetStatus(ThreadStatus::Running);
 
-        const auto thread_owner_process = current_thread->GetOwnerProcess();
+        auto* const thread_owner_process = current_thread->GetOwnerProcess();
         if (previous_process != thread_owner_process) {
-            Core::CurrentProcess() = thread_owner_process;
+            Core::System::GetInstance().Kernel().MakeCurrentProcess(thread_owner_process);
             SetCurrentPageTable(&Core::CurrentProcess()->VMManager().page_table);
         }
 
diff --git a/src/core/hle/kernel/svc.cpp b/src/core/hle/kernel/svc.cpp
index b488b508d3..3afcce3fef 100644
--- a/src/core/hle/kernel/svc.cpp
+++ b/src/core/hle/kernel/svc.cpp
@@ -341,7 +341,7 @@ static ResultCode GetInfo(u64* result, u64 info_id, u64 handle, u64 info_sub_id)
     LOG_TRACE(Kernel_SVC, "called info_id=0x{:X}, info_sub_id=0x{:X}, handle=0x{:08X}", info_id,
               info_sub_id, handle);
 
-    const auto& current_process = Core::CurrentProcess();
+    const auto* current_process = Core::CurrentProcess();
     const auto& vm_manager = current_process->VMManager();
 
     switch (static_cast<GetInfoType>(info_id)) {
@@ -439,7 +439,7 @@ static ResultCode GetThreadContext(VAddr thread_context, Handle handle) {
         return ERR_INVALID_HANDLE;
     }
 
-    const auto current_process = Core::CurrentProcess();
+    const auto* current_process = Core::CurrentProcess();
     if (thread->GetOwnerProcess() != current_process) {
         return ERR_INVALID_HANDLE;
     }
@@ -531,7 +531,7 @@ static ResultCode MapSharedMemory(Handle shared_memory_handle, VAddr addr, u64 s
         return ERR_INVALID_HANDLE;
     }
 
-    return shared_memory->Map(Core::CurrentProcess().get(), addr, permissions_type,
+    return shared_memory->Map(Core::CurrentProcess(), addr, permissions_type,
                               MemoryPermission::DontCare);
 }
 
@@ -550,7 +550,7 @@ static ResultCode UnmapSharedMemory(Handle shared_memory_handle, VAddr addr, u64
     auto& kernel = Core::System::GetInstance().Kernel();
     auto shared_memory = kernel.HandleTable().Get<SharedMemory>(shared_memory_handle);
 
-    return shared_memory->Unmap(Core::CurrentProcess().get(), addr);
+    return shared_memory->Unmap(Core::CurrentProcess(), addr);
 }
 
 /// Query process memory
@@ -588,7 +588,7 @@ static ResultCode QueryMemory(MemoryInfo* memory_info, PageInfo* page_info, VAdd
 
 /// Exits the current process
 static void ExitProcess() {
-    auto& current_process = Core::CurrentProcess();
+    auto* current_process = Core::CurrentProcess();
 
     LOG_INFO(Kernel_SVC, "Process {} exiting", current_process->GetProcessID());
     ASSERT_MSG(current_process->GetStatus() == ProcessStatus::Running,
@@ -636,7 +636,7 @@ static ResultCode CreateThread(Handle* out_handle, VAddr entry_point, u64 arg, V
     auto& kernel = Core::System::GetInstance().Kernel();
     CASCADE_RESULT(SharedPtr<Thread> thread,
                    Thread::Create(kernel, name, entry_point, priority, arg, processor_id, stack_top,
-                                  Core::CurrentProcess()));
+                                  *Core::CurrentProcess()));
     const auto new_guest_handle = kernel.HandleTable().Create(thread);
     if (new_guest_handle.Failed()) {
         return new_guest_handle.Code();
diff --git a/src/core/hle/kernel/thread.cpp b/src/core/hle/kernel/thread.cpp
index 8e514cf9a0..33aed8c237 100644
--- a/src/core/hle/kernel/thread.cpp
+++ b/src/core/hle/kernel/thread.cpp
@@ -194,7 +194,7 @@ static void ResetThreadContext(Core::ARM_Interface::ThreadContext& context, VAdd
 
 ResultVal<SharedPtr<Thread>> Thread::Create(KernelCore& kernel, std::string name, VAddr entry_point,
                                             u32 priority, u64 arg, s32 processor_id,
-                                            VAddr stack_top, SharedPtr<Process> owner_process) {
+                                            VAddr stack_top, Process& owner_process) {
     // Check if priority is in ranged. Lowest priority -> highest priority id.
     if (priority > THREADPRIO_LOWEST) {
         LOG_ERROR(Kernel_SVC, "Invalid thread priority: {}", priority);
@@ -208,7 +208,7 @@ ResultVal<SharedPtr<Thread>> Thread::Create(KernelCore& kernel, std::string name
 
     // TODO(yuriks): Other checks, returning 0xD9001BEA
 
-    if (!Memory::IsValidVirtualAddress(*owner_process, entry_point)) {
+    if (!Memory::IsValidVirtualAddress(owner_process, entry_point)) {
         LOG_ERROR(Kernel_SVC, "(name={}): invalid entry {:016X}", name, entry_point);
         // TODO (bunnei): Find the correct error code to use here
         return ResultCode(-1);
@@ -232,7 +232,7 @@ ResultVal<SharedPtr<Thread>> Thread::Create(KernelCore& kernel, std::string name
     thread->wait_handle = 0;
     thread->name = std::move(name);
     thread->callback_handle = kernel.ThreadWakeupCallbackHandleTable().Create(thread).Unwrap();
-    thread->owner_process = owner_process;
+    thread->owner_process = &owner_process;
     thread->scheduler = Core::System::GetInstance().Scheduler(processor_id).get();
     thread->scheduler->AddThread(thread, priority);
     thread->tls_address = thread->owner_process->MarkNextAvailableTLSSlotAsUsed(*thread);
@@ -264,7 +264,7 @@ SharedPtr<Thread> SetupMainThread(KernelCore& kernel, VAddr entry_point, u32 pri
     // Initialize new "main" thread
     const VAddr stack_top = owner_process.VMManager().GetTLSIORegionEndAddress();
     auto thread_res = Thread::Create(kernel, "main", entry_point, priority, 0, THREADPROCESSORID_0,
-                                     stack_top, &owner_process);
+                                     stack_top, owner_process);
 
     SharedPtr<Thread> thread = std::move(thread_res).Unwrap();
 
diff --git a/src/core/hle/kernel/thread.h b/src/core/hle/kernel/thread.h
index c6ffbd28c9..f4d7bd2356 100644
--- a/src/core/hle/kernel/thread.h
+++ b/src/core/hle/kernel/thread.h
@@ -89,7 +89,7 @@ public:
     static ResultVal<SharedPtr<Thread>> Create(KernelCore& kernel, std::string name,
                                                VAddr entry_point, u32 priority, u64 arg,
                                                s32 processor_id, VAddr stack_top,
-                                               SharedPtr<Process> owner_process);
+                                               Process& owner_process);
 
     std::string GetName() const override {
         return name;
@@ -262,11 +262,11 @@ public:
         return processor_id;
     }
 
-    SharedPtr<Process>& GetOwnerProcess() {
+    Process* GetOwnerProcess() {
         return owner_process;
     }
 
-    const SharedPtr<Process>& GetOwnerProcess() const {
+    const Process* GetOwnerProcess() const {
         return owner_process;
     }
 
@@ -386,7 +386,7 @@ private:
     u64 tpidr_el0 = 0;     ///< TPIDR_EL0 read/write system register.
 
     /// Process that owns this thread
-    SharedPtr<Process> owner_process;
+    Process* owner_process;
 
     /// Objects that the thread is waiting on, in the same order as they were
     /// passed to WaitSynchronization1/N.
diff --git a/src/tests/core/arm/arm_test_common.cpp b/src/tests/core/arm/arm_test_common.cpp
index c0a57e71f6..37e15bad0e 100644
--- a/src/tests/core/arm/arm_test_common.cpp
+++ b/src/tests/core/arm/arm_test_common.cpp
@@ -15,7 +15,8 @@ namespace ArmTests {
 TestEnvironment::TestEnvironment(bool mutable_memory_)
     : mutable_memory(mutable_memory_), test_memory(std::make_shared<TestMemory>(this)) {
 
-    Core::CurrentProcess() = Kernel::Process::Create(kernel, "");
+    auto process = Kernel::Process::Create(kernel, "");
+    kernel.MakeCurrentProcess(process.get());
     page_table = &Core::CurrentProcess()->VMManager().page_table;
 
     std::fill(page_table->pointers.begin(), page_table->pointers.end(), nullptr);