Driving a strong risk culture and managing conduct risk

Cara Williams
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Cara Williams: Principal, Risk Management & Regulatory Compliance, Spinnaker Consulting Group, USA

Journal of Financial Compliance, 2023, vol. 6, issue 4, 310-320

Abstract: It has been over seven years since the Financial Conduct Authority (FCA) first introduced their 5 Conduct Questions Programme as part of their strategy for supervising banks. Other regulatory bodies have subsequently voiced their expectations regarding conduct risk. While there certainly appears to be much higher awareness of conduct risk within the industry in recent years, the true understanding of and skills to identify this risk type have room to grow. The ability to adequately factor for conduct risk throughout the risk management life cycle is more crucial than ever, given the game-changing years just experienced. This paper explores ways in which banks can foster consistency and awareness to promote a risk-aware culture and mitigate conduct risk.

Keywords: culture; conduct risk; risk management; governance; operational risk (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2023:v:6:i:4:p:310-320

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