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Reputation is now the top concern for many firms? risk governance leaders. As Conduct regulators begin to use Culture Audits, they draw on research evidence that connects reputation to capital adequacy - an insight still unfamiliar to many - focusing on any weakness in firms? 'social licence?. Firms are expected to identify new indicators, produce new report formats and use the best available tools to manage and measure reputation risk. This workshop offers a guide to these.
With the Conduct regulatory regime now enfolding banks, insurers, asset managers, brokers and other financial firms, we see its enforcers increasingly using direct observation to question firms? attitudes to conduct and culture. How does your firm maintain and protect trust in its services? Regulators (and, as ever, the opinion of publics and markets) will exact a price from firms who neglect to manage this. Reputation is no longer simply a firm's biggest intangible asset: regulators regard it as a keystone in a firm's capital base, to be measured and reported alongside conduct, culture and other ?behaviour-at-risk? elements in the business..
Topics and themes:
Banks will shortly (from 2022) face regulatory capital charges against Reputational Risk, under new prudential rules on ?idiosyncratic risk capital?. For many firms, reputation risk already represents their largest yet least quantifiable exposure, with sharply increased vox populi risk under Covid-19, volatile markets, and fast-changing public expectations raising new governance questions over wider stakeholder engagement and corporate purpose. Proforma ESG reporting is no longer sufficient, as prudential and conduct regulators get involved. With public advocates, major investors, regulators and firms? own staff all nudging 'social licence? to the top of the corporate agenda, financial firms are urgently re-engaging with reputational risk, looking for new reporting tools that will support the coming ?Culture Audits?.
Whilst behavioural scientists have long known about the mental mechanisms that link trustworthiness and corporate value, it is only in the past two years that regulators have specifically focused on reputation as potentially the biggest overlooked factor in firms? reporting of risk and capital. Business leaders should look to master the latest methods of assessing this risk, using relevant indicators to report it, preparing their own in-house capability to identify, manage and account for reputational risk in their firm.
Attending this focused one-day workshop will help you
Consider and measure the business value of 'social licence? and how far your firm is seen as trustworthy. Identify how and where lost trust destroys value and market access, increases cost of capital, and reduces retention of staff and clients
Promote best practice in front-line management of reputation risk under Conduct and capital adequacy rules, to build trust pre-emptively, sustain and protect business value
Learn from case examples of reputation 'leaders' how they recognized the onset of reputational trouble and won key stakeholders? enduring support
Assemble techniques and tools you need - such as a behavioural lens for predicting reputation-related losses;
Plan to engage positively with the new regulatory view of your firm: ?acceptable and expected behaviour?. Discover what your 'social licence? is, why regulators care about it, and new indicators for valuing reputation risk and related cost of capital, under Basel III and other reputational risk reporting;
Compare methods of measuring reputation, as an aid to reconsidering how much regulatory capital to hold against it;
Manage the onset of disruptive challenges more effectively, responding more robustly and with better protection of value;
Consider strategically where best to direct your resources for managing reputation risk (e.g. ?upstream? v reflexive activities), understanding when each approach is appropriate.
Conduct workshops - pricing:
This workshop is one of five conduct focused workshops we are running between September and December. If more than one of the workshops is of interest, we are offering a discount for multiple bookings.
The series includes workshops on:
The workshops are standalone so can be attended independently, but our recommendation is for your organisation to send colleagues to all five- the same staff member does not need to attend each workshop meaning the most appropriate colleague can attend each one.
Click 'Book Now' to purchase your ticket, or for any queries, please contact us by email training@ukfinance.org.uk.
Take this training in-house:
If you have five or more delegates who wish to attend these worlshops, it may be more cost effective to run them in-company. To find out more about in-company training, please contact the team on 020 3934 1197 or training@ukfinance.org.uk
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Financial practitioner turned specialist researcher in the field of regulated Conduct
Dr Roger Miles researches human-factor risks among regulated financial providers worldwide, helping steer their responses to new Conduct regulations, ...
Dr Roger Miles researches human-factor risks among regulated financial providers worldwide, helping steer their responses to new Conduct regulations, Culture Audits and capital charges against Reputation Risk. He convenes knowledge sharing groups of senior executives including forums at UK Finance, whose Conduct and Culture Academy he co-founded in 2017.
Following audit practice with PwC he advised the Boards of large publicly listed companies in the UK, EU and US as a partner in investor relations firm Georgeson & Co. He was Director of Communications and Enterprises for the BBA (under Sir Brian Pitman), UK corporate affairs lead at FBE in Brussels, and later a Head of Risk Communications in HM Civil Service, before giving all that up to requalify as a risk psychologist and university lecturer.
He frequently works by invitation directly with firms' senior leaders on in-house initiatives to develop their frameworks for conduct risk and culture.
With research among more than 400 firms participating in UK Finance Conduct sessions since 2016, he has amassed a unique exemplar body of conduct programmes, reporting designs, indicators and definitions. He welcomes sharing these insights with UK Finance attendees, to inform discussions of 'exemplary practice' in measurement and reporting on conduct, culture and reputation.
Session attendees consistently rate him 5* / 95-100% for 'expertise', 'ease of understanding', 'open and engaging', and 'enjoyable experience'. Each year he leads small-group interactive workshops for more than 1000 attested Senior Managers in financial firms; since 2010 he has taught one-to-one or in small groups, 10,000+ leaders and divisional managers in financial, professional and government service.
His research often uses language analytics and specialist 'sensitive topic research' techniques to identify previously unvoiced concerns. These findings, unique to each firm, guide the design of the firm's framework of human-factor risk indicators and reports, encouraging the start of productive 'conduct conversations' at all levels, embedding spontaneous best practice in risk reporting.
He lectures as a visiting SME at business schools in Cambridge and London, and at UK Defence Academy; and moderates cross-industry working groups for Board appointees, Compliance, Legal and HR professionals.
His published work includes the financial sector's popular handbook Conduct Risk Management: A behavioural approach (2017) and Culture Audit: Reporting on behaviour to conduct regulators (2021), which includes chapters co-authored with senior regulators in the UK, EU, US and APAC. (Both titles available to UK Finance session attendees at a special discount). He co-edits the Encyclopaedia of Key Psychology Concepts for the London School of Economics annual Behavioral Economics Guides and is a contributing editor at Thomson Reuters Regulatory Intelligence.
In 2006-7, using live observation and narrative research, he analysed how banks were 'gaming' their public reporting on regulatory capital. King's College London awarded him a PhD for this work, whose theory was validated abruptly when global financial markets crashed in 2008. In 2010 he accurately predicted the change of financial regime to 'behaviour-based regulation'; the UK's Conduct regime launched in 2013 and included core principles he had earlier identified.
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