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:

  • Understand the Financial Conduct Authority (FCA)'s view of where your firm's culture appears on an 'acceptable to unacceptable' scale, including in your boardroom, business lines and compliance functions
  • See working examples of measures used to incentivise a positive risk culture and exemplary behaviour
  • How Covid-19 and its aftermath are changing the definition of 'acceptable' conduct, Consumer Duty, care of vulnerable customers and development of future-proof products
  • Align your firm's culture initiatives with relevant conduct reporting frameworks including SMCR, COCON, Six Conduct Questions, and Purposeful Culture
  • Ways to keep ahead of regulators' fast-evolving definition of 'what good behaviour looks like'
  • Identify significant patterns of 'exemplary' or 'unacceptable' behaviour and respond appropriately
  • How to identify and use only those culture assessment tools that add measurable business value

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  • Chief risk officers
  • Conduct and culture function leaders
  • Programme and project managers
  • General counsel
  • Corporate and regulatory affairs specialists
  • Human resource and other operational risk managers involved with conduct and culture assessments
  • Director and other senior risk governance roles concerned with conduct risk