Compliance: Everyone's Responsibility Published on May 4, 2015 The current FCA regulatory climate has placed such a demand and responsibility on the Board of a firm and its senior management team. This can be quite daunting for firms that are new to FCA regulation and all its fundamental obligations. It is a move from just having compliance as a tick box exercise and following a set of do's and don't to a more principle based, conduct driven regulatory environment. The question that most firms new to FCA regulations seem to be asking is "what do we have to put in place to remain compliant after authorization?” Well, from my experience, I have identified the following points as key factors (though not exhaustive) that can help strengthen and enhance business operations under any regulatory climate. Point 1: The Culture of your firm. I grew up understanding culture as a way of life, a way a group of people with common and similar beliefs, attitudes, thoughts and values who have chosen to live and interact with each other in a community. Bringing this into context within an organization/business, it encompasses a set of values and work ethics chosen and agreed by the Board for effective business operations embedded within its business model and regulatory business plan. The culture of a business, if taken very seriously and not just used as a decorative tool to keep and/or attract clients by making the business look good, can have a positive and great impact on the success of any business. This can be seen in an increase in staff moral bringing about an increase in productivity and staff loyalty, more happy customers/clients which ultimately makes room for new business. The value you place on your staff directly has an impact in achieving your firms business objectives. A good and effective organizational culture embedded within BAU helps generate more money for the business and loyal customers, why? because you have happy staff members who feel valued and motivated to do their best for the firm. This will ultimately ensure that your customers/clients have an excellent experience based on the quality of the service provided you give them. Point 2: Move away from the blame culture A lot of things go wrong in firms. There is always one person to blame, who ends up getting the finger pointed at. The minute we learn to become accountable and responsible, good stewards over that which has been entrusted, then even when we do mess things up, we can all come together and fix things. How does blaming an individual or a team help make things better?
Compliance: Everyone's Responsibility Published on May 4, 2015 The current FCA regulatory climate has placed such a demand and responsibility on the Board of a firm and its senior management team. This can be quite daunting for firms that are new to FCA regulation and all its fundamental obligations. It is a move from just having compliance as a tick box exercise and following a set of do's and don't to a more principle based, conduct driven regulatory environment. The question that most firms new to FCA regulations seem to be asking is "what do we have to put in place to remain compliant after authorization?” Well, from my experience, I have identified the following points as key factors (though not exhaustive) that can help strengthen and enhance business operations under any regulatory climate. Point 1: The Culture of your firm. I grew up understanding culture as a way of life, a way a group of people with common and similar beliefs, attitudes, thoughts and values who have chosen to live and interact with each other in a community. Bringing this into context within an organization/business, it encompasses a set of values and work ethics chosen and agreed by the Board for effective business operations embedded within its business model and regulatory business plan. The culture of a business, if taken very seriously and not just used as a decorative tool to keep and/or attract clients by making the business look good, can have a positive and great impact on the success of any business. This can be seen in an increase in staff moral bringing about an increase in productivity and staff loyalty, more happy customers/clients which ultimately makes room for new business. The value you place on your staff directly has an impact in achieving your firms business objectives. A good and effective organizational culture embedded within BAU helps generate more money for the business and loyal customers, why? because you have happy staff members who feel valued and motivated to do their best for the firm. This will ultimately ensure that your customers/clients have an excellent experience based on the quality of the service provided you give them. Point 2: Move away from the blame culture A lot of things go wrong in firms. There is always one person to blame, who ends up getting the finger pointed at. The minute we learn to become accountable and responsible, good stewards over that which has been entrusted, then even when we do mess things up, we can all come together and fix things. How does blaming an individual or a team help make things better?
complianceiseveryonesresponsibility.docx