Culture Audit in Financial Services

Reporting on Behaviour to Conduct Regulators
1. Auflage 2021
ISBN: 978-1-78966-775-2
Verlag: Kogan Page

Buch, Englisch, 448 Seiten, Format (B × H): 156 mm x 234 mm, Gewicht: 676 g

In the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.

Autoren/Hrsg.

Miles, Roger

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Management Compliance
• Wirtschaftswissenschaften Betriebswirtschaft Management Risikomanagement
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft

Inhaltsverzeichnis

• • Chapter - 01: A culture quest for ‘better behaviour;
  • Chapter - 02: ‘How regulators’ ‘behavioural approach’ went global – with culture its latest focus;
  • Chapter - 03: ‘The house is on fire - How regulators own research has pointed to ‘culture reset’;
  • Chapter - 04: What’s the big idea? (1) - How conduct regulators use behavioural science;
  • Chapter - Interlude One: From poacher to gamekeeper to poacher… to scientist - A supervisor’s tale;
  • Chapter - 05: What’s the big idea? (2) - Regulators’ challenge to firms - framing ‘purposeful culture’;
  • Chapter - 06: A ‘behaviour-at-risk’ agenda emerges - Questioning purpose, lost trust and cultural coercion;
  • Chapter - 07: The new mindset and language of culture - Assessing financial and non-financial conduct;
  • Chapter - 08: Audit basics - How the practice of culture audit differs from conventional auditing;
  • Chapter - 09: The new management reporting information (MI) for culture Part 1 - Getting past the old MI;
  • Chapter - 10: The new reporting Part 2 - Developing the framework - from culture models to better questions and indicators;
  • Chapter - Interlude Two: Case example - Culture rating in a retail bank;
  • Chapter - 11: Interventions and enforcements - How regulators have responded to a ‘culture crisis’;
  • Chapter - 12: Intelligence gathering versus surveillance - Tried and failed methods; putting the latest research tools to work;
  • Chapter - Interlude Three: A sector-wide group seeks culture ‘tells’ - (Observing indications of good and poor conduct);
  • Chapter - 13: Putting respected research tools to work, example 1 - Tools for cultural transformation - Barrett Analytics;
  • Chapter - 14: Putting respected research tools to work, example 2 - Using the CultureScope ‘combined analytic’ to deliver measurably better culture;
  • Chapter - 15: What regulators really want - Wrap-up and look ahead;
  • Chapter - 16: Glossary;
  • Chapter - 17: Recommended reading;

Über Autor(innen)

Miles, Roger
<p><b>Dr Roger Miles</b> 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.

<b>Roger Miles </b>also co-edits the LSE's annual Behavioural Economics Guide and publishes best practice guidance notes through professional bodies including UK Finance, the Association of British Insurers (ABI), Global Association of Risk Professionals (GARP) and the Institute of Operational Risk (IOR).</p>

Dr Roger Miles researches behavioural risk and the impacts of conduct regulation. He is Head of Faculty for UK Finance's Conduct and Culture Academy, an industry-wide initiative which gathers, establishes and disseminates 'best practice' in the measurement and regulatory reporting of human-factor risks. He counsels Boards on human risk factors and uncertainty, delivers bespoke risk workshops for leadership groups in a variety of sectors, and is regularly called upon to liaise with professional groups internationally.