The UK’s Financial Conduct Authority has published this paper entitled “Transforming Culture in Financial Services”. It contains several essays from different parties on “good” culture in financial services organisations and how they relate to regulation and compliance.
On a related topic, this article on the FTSE Global Markets web site looks at moving beyond “Minimal Viable Compliance”in particular relating to MiFID II. In general, the article looks at how “minimum” compliance and “better” compliance may differ, in these specific cases. The type of culture in an organisation in relation to compliance often is reflected in how much further than minimum viable compliance the organisation will aspire to.
Last week’s ETRC Summit in London featured a “compliance culture” panel, which discussed the attitude of those in energy and commodities to regulation and compliance. Discussions included conduct risk, and also how the energy and commodities sector’s approach to compliance is maturing. We are seeing many organisations in the sector moving to the next stage in terms of attitude towards conduct as well as anti abuse policy and activity, and more holistic compliance with other requirements.