Conduct, Culture & Accountability – Joining the dots - 20th March
Firms operating in a regulated environment are facing unprecedented levels of regulatory scrutiny through financial regulators and other regulatory bodies who are taking a more intensive and intrusive supervisory approach. The regulatory bodies continue to focus on Conduct Risk and specifically firms’ ability to proactively identify, monitor and manage the risk of delivering poor outcomes for customers.
To help you as GACO Member to successfully focus on the relevant Conduct Risk issues for your firm, we have engaged FSTP to deliver this full day training on the topic "Conduct, Culture & Accountability – Joining the dots" that will be delivered by Richard Galley, Director of Learning FSTP.
It is understood that conduct risk was born in part at least out of a realisation that firms must regulate themselves to a significant extent. The broadest definition of conduct risk is "all risks associated with activity by the firm which could threaten consumer protection or market integrity". Therefore, any business area where consumers interact with representatives of the firm may well involve conduct risk.
The definition also brings into scope activities that are more indirect in their impact on consumers and markets. Setting the firm's strategy is a good example of that. The regulatory bodies certainly expect firms to understand how their business strategy will affect consumers and markets, yet the activity of setting strategy is of itself remote from consumers and needs to be implemented to touch them.
Technology risk is another area of regulatory concern but consumers' interaction with firms through technology by definition takes place without any human contact from those firms. Nevertheless, the regulators expect firms to understand how their technology will affect consumers and markets. There have been a number of incidents in recent years where substantial problems have arisen for consumers through the systemic failure of technology. These risks must surely rank as conduct risks.
Firm-specific definitions of conduct risk will need to be reviewed on a regular basis and may need to change in line with lessons learned, changing regulatory expectations as well as changes to the
business activities or operating model.
The implications for conduct risk are much wider than simply providing good customer service. Considering the impact and outcomes of activities on customers, stakeholders and wider society is something that is relevant for all types of organisations. It is not a tick the box exercise.
Kindly find here below further details of this very interesting one day seminar that includes lunch and that you don't want to miss. You can register and pay for the attendance under the below link as well.
We look forward to seeing you on the Sunborn for this Seminar on the 20th March 2019.
Registration - 8:30 am
Opening comments - 9:00 am
Conduct Risk Explored - 09:45 am
Break - 11:00 am
Treating Customers Fairly & Conduct Risk - 11:15 am
Conduct Failure - 12:00 am
Lunch - 13:00 pm
Conduct culture in practice - 13:40 pm
Conduct & the culture of the individual accountability - 14:30 pm
Break - 15:15 pm
Conduct Rules! - 15:30 pm
Joining the dots - 16:15 pm
Q&A's - Panel Session - 16:30 pm
Finish - 17:00 pm
Venue: Sunborn Hotel
I worked for Bupa for over 20 years where my career spanned a diverse range of senior management roles covering customer service, business operations, commercial strategy / policy development, risk management and regulatory compliance – alongside the ‘day-job’ I was also heavily involved in leadership development, coaching and mentoring.
From early 2011 to May 2018 I was a freelance consultant specialising in the areas of regulatory compliance and learning and development. I joined FSTP, as Director of Learning, in June 2018 since when – amongst other things – I have been closely involved in designing and delivering training for the insurance, wealth management and banking sectors. I also provided specialist consultancy support to clients, particularly those within the insurance sector.
I have a long-held interest in the subject of cultural evolution within organisations and its link to the concept of ‘holistic compliance’, where personal accountability and the objective of ‘doing the right things right’ should be at the heart of the ethical values and behaviours exhibited from head to toe of a business’s hierarchy – not always easy to achieve, but well worth the effort when it is! Clearly this is a subject that regulators are also keenly interested in, given their focus on the effective management of conduct risk and the drive towards setting and achieving high ethical standards.