E2W Workshop: Lesley Kumar - Culture and Conduct in Financial Services
Katie.Dix / 17 Feb 2021
Last night, we were delighted to be working with Lesley Kumar, who presented an interesting and insightful E2W Workshop on Culture and Conduct in Financial Serives. E2W Workshops are created to help build our member's knowledge and interests on topics that are relatable to Financial Services. Please keep an eye out on our upcoming events for more education sessions.
During this session, Lesley discussed culture and conduct in financial services and why it is widely accepted as a key root cause of the major conduct failings that have occurred within the industry in recent history. Lesley spoke in detail around the 5 Conduct Questions, which the FCA launched in 2015, that firms should be continually asking themselves in order to establish and maintain organisational approach to Conduct Risk.
The 5 questions are listed below:
- What proactive steps do you take as a firm to identify the conduct risks inherent within your business?
- How do you encourage individuals who work in front, middle, back office, control and support functions to feel and be responsible for managing the conduct of their business?
- What support (broadly defined) does the firm put in place to enable those who work for it to improve the conduct of their business or function?
- How does the Board and ExCo (or appropriate senior management) gain oversight of the conduct of business within their organisation and, equally importantly, how does the Board or ExCo consider the conduct implications of the strategic decisions that they make?
- Has the firm assessed whether there are any other activities that it undertakes that could undermine strategies put in place to improve conduct?
Paid members of our community are able to watch the full recorded session, in our Member's LinkedIn Group. You can sign up as a member of E2W where you can learn from other members and external experts, as well as having the opportunity to expand your network in a friendly and supportive environment. For more information, please contact Katie.
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