On Jan 28th, delegates from financial services, legal services, regulators and technology will convene to start a very exciting journey. RequirementONE has partnered with the Transparency Task Force to create the Future Charter For Compliance.
Why is this a significant event?
For the UK’s financial services firms, it is becoming increasingly clear that a seismic shift is underway in the world of compliance and risk management. Just doing “more of the same, but faster and better” just won’t cut it anymore; and throwing money at the problem can actually make things worse.
Make no mistake about it, everything is changing.
The nature and scale of the compliance challenges that financial organisations are now exposed to means that fresh and creative thinking are now prerequisites for successful strategies. If your organisation is stuck in the old paradigm it’s just a matter of time before there is a serious breach with all the financial and reputational damage that goes with it. But today it’s actually worse than that; because the Senior Manager regime means that the pain felt could be as personal as it is corporate; and it is liable to be felt directly by those that are a high-priority to protect.
What is needed moving forward amounts to a whole new methodology and mindset; one that is far more cognisant of culture, commerciality and technology than “same-old, same old” check-lists and two-dimensional risk matrices that were once the stock-in-trade of compliance professionals.
We’ll consider key questions such as:
- How should firms change supervisory expectations and go beyond regulatory compliance to create a compliance-driven culture?
- What are the trip-wires within the Senior Manager’s regime? How can they be spotted? How can they be avoided?
- How can compliance professionals ensure compliance with the Senior Manager regime across all the organisation’s stakeholders; be they leadership or operational; internal or external?
- Why is “throwing more money at the problem” no longer a viable solution?
- Why is it perfectly possible to boost regulatory resilience whilst actually reducing cost?
- How can an organisation hard-wire responsiveness and agility into the very DNA of its approach to compliance?
- How can an organisation withstand the complexity exponential that is on its way?
- How can technology and specifically AI be deployed to successfully handle the shifting tectonics?
- Why is it imperative that compliance professionals reposition themselves and their personal capabilities moving forward?
- What’s the best way of dealing with regulatory requirements that sometimes seem to conflict?
- How should the firm respond to different jurisdictional requirements that pull it in different directions, simultaneously?
- Why is the FCA’s work on Duty of Care such an important indicator of what’s over the horizon?
As spaces are limited, this event is currently by invitation only. However, we will be publishing the findings and learnings from the day, along with a detailed progress on the Future Charter of Compliance. To get a copy of this report please let us know at firstname.lastname@example.org.