Meeting the increasingly complex and dynamically evolving compliance requirements is hard. The key to success is shifting “compliance” from being seen only as a functional capability delivered by a skilled few, to being a core, aligned component of strategy and the business operating model.
A senior management focus on stress testing required an understanding of what was possible in delivering on a vision of holistic stress testing encompassing five risk areas including; market, counterparty credit, interest rate, liquidity and pension risk.
The Client, a highly federated organisation and were struggling creating a global holistic view of Cyber and IT Risks, Controls.
Our client had recently changed its infrastructure provider following a long-term relationship with a previous supplier.
The aim of the Senior Managers and Certification Regime (SMCR) is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.
The client had a decentralised operating model having grown through multiple small business acquisitions.
The client had established a centralised, ‘arms length’ internal service provider organisation model to meet regulatory ring fencing and Operational Continuity in Resolution (OCiR) requirements.
In 2019 many senior managers will be considering other behaviour changes to respond to the challenges of the Senior Managers and Certification Regime (SMCR) so that they define, accept and demonstrate greater personal accountability for standards of conduct and outcomes.
The extension of SMCR and the threat of personal fines, bonus clawbacks or lifetime bans will be weighing heavy on the minds of more key individuals in Financial Services: how can you make it more manageable?
As we look forward, technology will be limited by the way in which you can secure it: think about the things like the emergence of nanosensors – “a doctor inside the body” that looks for specific patterns, events, conditions and then report via radio frequency to an external computer to help diagnose.
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