The Emergence of Conduct Risk

The Emergence of Conduct Risk

Last week I was privileged to perform the keynote session at the American Bankers Association Compliance Conference in Orlando, Florida.  Amongst the sessions provided to the 1800 attendees, a common theme emerged.  Although these compliance officers were highly familiar with every nuance of the most complex banking regulations, the monster in the room was a newer problem: Conduct Risk, or, as most corporate compliance officers would call it, ethics and culture problems.

An article published by Banking Technology notes the global interest in this issue: 

“This interest has not been confined to UK regulators. The OECD has published a report on conduct risk principles, which it expects all members to integrate into their regulatory approach, and the HKMA has issued a paper on the topic, echoing the language and approach of the FCA. A nascent international consensus seems to be forming on the importance of ‘conduct risk’ as a concept in the emerging post-crisis regulatory landscape.” 

The article goes on to note that there is one major problem: nobody quite agrees on what conduct risk means -

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The Tale of Two Compliance Officers - an excerpt from my latest book

The amazing folks at Risk Universe Magazine have published an exclusive excerpt of my second book, the Wildly STRATEGIC Compliance Officer Workbook.  This excerpt looks at the tale of two compliance officers.  Both are smart, driven, committed and experienced.  There’s only one difference – one has a strategy and the other does not.  Find out what happens to them in this exclusive excerpt, which you can read HERE

Walking Too Close to the Line

Walking Too Close to the Line

Every day we’re confronted by little moments when we must decide how close to walk to the line.  I live in London, and when I travel for work, the cabbies will often hand me a receipt and say, “I left it blank for you,” implying that I can make up whatever number I think I can get away with for reimbursement.  Would anyone at your company make up a number larger than the amount they actually spent?  Would everyone? 

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VIDEO: Everything You Ever Wanted To Know About ISO 37001 But Were Afraid to Ask

VIDEO: Everything You Ever Wanted To Know About ISO 37001 But Were Afraid to Ask

When it comes to the new ISO 37001 Anti-Bribery Systems Management Standard, you probably have questions but aren’t sure who to ask.  These questions usually include things like:

  • What is the ISO 37001 Anti-Bribery Standard?
  • How does ISO 37001 Certification work?
  • What are the benefits of ISO 37001 Certification?
  • Who can be certified?
  • What is the certification process like?
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Ensuring the Rules Don’t Go Out the Window

Ensuring the Rules Don’t Go Out the Window

When was the last time you spoke to the folks in charge of Business Continuity Planning?  If the answer is “never” or “who?,” I recommend you reach out to them this week and set up a call or meeting. 

In case you’ve not interacted with them before, the business continuity planning team is typically in charge of considering worst case scenarios and having a plan in place to deal with them.  The best business continuity departments think through everything from a terrorist attack, to catastrophic IT systems failure, to the effect of pandemic flu.  What does this have to do with compliance?  Three things come immediately to mind:

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Wildly Effective Compliance Officer Tip of the Week - 54

At least once per week, schedule out time simply to plan and think.  Be sure to put it on your calendar as a meeting, so others don’t see the time as available.  Some of our best work is done when we’re able to take a step back from the task at hand.  If you can, take a short walk outside during your thinking time, or walk around the halls to get your blood moving.  Thinking time is incredibly valuable, and guarding it as a regular practice will make you much more effective at your job.

 

Free Webinar: How to Be a Wildly Strategic Compliance Officer: Why Every Decision is a Strategic One, from Syntrio

I'm thrilled to announce that I will be presenting on how to be a wildly strategic compliance officer at a free webinar on July 12, sponsored by Syntrio.  I'll be discussing:

  • Learn how to utilize a forward-thinking strategic risk assessment protocol, determining which risk Compliance should own.
  • Find out how to create your 3-year vision for your managers and Board so that YOU set the expectations for your program.
  • Understand best practices to collaborate with Legal, Human Resources, Audit, and other functions to strengthen communication and effectiveness.

It's going to be great!  Thanks for joining!

CLICK HERE TO REGISTER: http://bit.ly/2rGshBr