Category Archives: Conduct Risk

What have BrightCultures been up to?

By | Banking & Finance, Conduct Risk, Culture, Social Customer Service, Social Media, Uncategorized | No Comments

Since we started BrightCultures back in March, we’ve been very busy bees! Here’s a brief update of what we’ve been working on at BrightCultures, together with our associate Michelle Goodall: We completed a big piece of social media strategy work across all of a large insurance company’s brands We created a social media strategy for a large charitable organisation that aligned their B2B and B2C engagement and presented a holistic view of the organisation externally We facilitated a workshop for a leading digital holiday company to help them set a vision for social media We developed a community strategy for another leading…

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A 10 step model for delivering an effective conduct risk culture

By | Conduct Risk, Ethical Practice | No Comments

The conduct risk imperative The FCA’s recent focus on conduct risk marks a significant shift in mindset for most financial organisations. Leaving the term ‘conduct risk’ deliberately undefined, the FCA has been clear that it is up to individual firms to decide what ‘good’ conduct and customer outcomes mean for them. Moreover, the onus is on firms to show that they have done this thinking and modified their business accordingly. There are no set procedures, policies and frameworks to follow; the FCA has said they will assess conduct risk by looking at areas across the firm’s business and behaviour to…

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Why conduct risk means big culture change for banks

By | Banking & Finance, Conduct Risk | No Comments

Conduct risk is the latest buzzword in banking. Although there is no standard definition of conduct risk, it is now a regulatory requirement for UK financial services, and it broadly demands that organisations focus on fair customer outcomes and not just shareholder return. It means operating ethically and responsibly and having the customer’s interests at the heart of the business. Conduct risk requires moving beyond a box-ticking approach to operational risk. It requires re-alignment of corporate strategy and to these outcomes. It means ensuring that processes are optimised to deliver them. And it means ensuring that the culture of the…

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What UK financial (and other types of) firms can learn from the FFIEC social media guidance

By | Banking & Finance, Conduct Risk, Ethical Practice, Social Customer Service | No Comments

The Financial Conduct Authority (FCA) has recently announced plans to release updated guidance for financial firms operating on social media. At the moment, there is no indication about what this might contain, however, recent US social media guidelines, released by the FFIEC, provide some good insight into regulatory and risk management best practice. With this in mind, I have created a briefing document to inform UK institutions about the FFIEC guidelines and what they can learn from them. [slideshare id=30577701&doc=ffiecbriefing-140129075722-phpapp02]

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