You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Capital Markets & Wholesale to Payments & Innovation.
As we are currently working to upgrade our systems we are temporarily unable to accept card payments. If you would like to book any of our Training courses with a card, please contact training@ukfinance.org.uk and an alternative payment facility will be arranged.
This full-day workshop answers these concerns, providing a uniquely informed insight into the FCA's practical approach to assessing culture within its conduct assessments; the most effective methods used in other regulated financial firms; lessons from comparable experiences in other regulated sectors; and which of the new assessment tools and techniques deliver greatest business value in use.
2022 sees conduct regulators internationally adding "culture assessment" activities to their existing conduct assessments. "What do you understand to be the purpose of your firm"?, regulators in some jurisdictions will now directly discuss with your front-line colleagues. The UK's conduct and prudential regulators expect each financial firm to at least show how it is involving every individual colleague in managing a socially responsible, inclusive culture and how you will produce a measured, qualified report on your firm-wide progress with this.
The event of Covid-19 and persistent public unease over governance have prompted conduct regulators globally to question firms more closely as to culture and purpose - not only assessing SMCR-attested business leaders but some now interviewing line managers and other colleagues, weighing up 'messages from the engine room'. Under this assessment, a wider selection of colleagues across your firm may now be asked about 'the way we do things here' and how far they see their employer creating the psychological safety needed to support a resilient, positive culture. Your firm is expected to demonstrate exemplary conduct rather than merely mitigating regulated conduct risk.
Attendees at this session will discover what to expect as the regulator assesses culture - since many practical details of the new approach are still emerging. They will also discover how to derive business benefit from the new audit techniques. This includes identifying and quantifying elements of business value that previously had fallen outside the scope of conduct reporting such as colleague recruitment and retention, quality of attention to Consumer Duty, early detection of "non-financial misconduct" and improved problem-solving by applying "cognitive diversity" to deepen team engagement.
At this intensive workshop, member firms will have first sight of best-practice examples of culture initiatives and reports from across the regulated financial sector worldwide. You can also compare your firm's own work-in-progress culture initiative with other firms' approaches. Responding to requests from member firms' culture lead managers, we look at how to identify, track and report on culture credibly, five vital indicators to include in your internal culture assessment and which scientific research sources are shaping the regulator's latest thinking.
We also invite members attending this session to submit privately in advance any scenarios, key indicators and report prototypes for confidential response and discussion.
Learning outcomes:
By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.
