- Gives financial service providers the knowledge, insight and practical tools they need to avoid fines and imprisonment under the conduct regime
- For risk and compliance functions: lets you design conduct controls that you can trust
- Explains plainly what the conduct regulator expects, identifying prosecutors' current focal points and, with unique research insights, the predicted future topics of concern
- For managers and directors: protects you from prosecution under the Senior Managers Regime
- Enables risk officers and management in financial services to understand what features of 'good' conduct the regulator looks for, and to show compliance with these expectations
Conduct Risk Management
Using a Behavioural Approach to Protect Your Board and Financial Services Business
Get the practical tools you need to understand the hidden drivers of behaviour, de-bias your customer offering and avoid fines and imprisonment under the conduct regime.
Key features at a glance
EAN: 9780749478612
Edition: 1
Published:
Format: 235x155
312 pages
About the book
Conduct risk is at the core of behavioural regulation, a new approach to regulating financial services, whose new agencies and public prosecutors have spread rapidly across the world. Its prosecutors intervene assertively to challenge financial service providers to show clear evidence of a new customer-centric approach, which understands and responds to the hidden drivers of customer behaviour. They use their unprecedented powers to levy very large fines and even to imprison wrongdoers - often for not taking precautions rather than for any active wrongdoing. Conduct Risk Management is a tool for recognizing, acting on, and predicting conduct risk impacts in regulated business.
Conduct Risk Management sees beyond econometric and other 'box-ticking' traditions of risk management. Whilst protecting senior managers, it helps all staff to make positive use of conduct risk to promote behaviour the regulator will accept as 'good', as good behaviour is good business. The new conduct regulations personally affect every manager in financial services, and their suppliers, with new regulations making senior managers liable to imprisonment for failures in organizational conduct. Conduct Risk Management sets out plainly what practitioners need to know to understand the regulator's intentions, to prove compliance, protect competitiveness and maintain licence to operate.
About the authors
Dr Roger Miles researches behavioural risk and the impacts of conduct regulation. He counsels Boards on human risk factors and uncertainty, and delivers bespoke risk workshops for leadership groups in government, NGOs and the professions. He teaches risk-related psychology at graduate schools including Cambridge University and the UK Defence Academy. He co-edits the LSE's annual Behavioural Economics Guide and publishes best practice guidance notes through professional bodies including British Bankers' Association (BBA), the Association of British Insurers (ABI), Global Association of Risk Professionals (GARP) and the Institute of Operational Risk (IOR).
With the latest shocks to unsettle the predictable and rational world of deterministic and logical data-driven assumptions analysis, culminating in our inability to foresee Brexit and the rise of Donald Trump, financial practitioners would be well advised to pick up, discuss and take note of the behavioural approaches outlined in Dr Miles's Conduct Risk Management. The tools in here will help practitioners get themselves 'match fit' for managing risk in a world where almost everything you thought you knew may turn out to be wrong.
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