SM&CR – not just a cost to your firm but the cornerstone for ensuring ‘conduct, culture and accountability’.
You will likely be aware of the regulator becoming more data led. Their new management team is driving through a 3 year project at the FCA including £120m being earmarked for their own data development project, alongside building a team of leading data scientists to help slice and dice information in search of emerging risks.
Moreover, many firms are moving towards a new normal where a more dispersed working environment is likely to continue beyond the pandemic. If that is you, is your approach to managing conduct risk and accountability evolving too?
These issues and considerations bring with them difficulties and risks. These are uncharted and tricky waters to navigate. However, there are also opportunities, especially where we have seen leaders focus on how to run their business more effectively alongside a continued focus on culture and accountability to underpin that ongoing journey.
The regulator certainly plan to continue to supervise firms against personal accountabilities, conduct and culture. So documentation, evidence, communication and reliable and accurate data is therefore obviously key for all firms, so all considered, those who choose to be less tech enabled and continue with a reliance on compromised systems and controls risk becoming increasingly out of step in the months and years to come. Firms owe it to themselves to understand their options and specifically, how and why RegTech offers so much value and opportunity.
Register now to once again join the Worksmart team, and special guest, Marian Bloodworth, Employment Law Partner at Deloitte UK, for another lively discussion, update and debate.
In this briefing you can look forward to: