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Driving a strong risk culture and managing conduct risk
Journal of Financial Compliance,
6
(4),
310-320
(2023)
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
The full article is available to subscribers to the journal.
Author's Biography
Cara Williams is a risk management and regulatory compliance practitioner with more than 20 years of experience in the financial services industry. As an executive working with some of the largest banks in the USA, Cara gained valuable expertise, starting her career in retail banking and then moving to focus on credit risk. More recently, Cara has led teams, both domestically and internationally, concentrating on non-financial risk types such as compliance, operational and conduct risk. She has led a variety of teams across both the first and second lines of defence, ensuring effective design, implementation and execution of risk identification, assessment, control, monitoring and testing, reporting and oversight activities. Many of Cara's roles have been focused on leading significant transformation efforts tied to formal regulatory remediation. Cara has a Master of Business Administration from Case Western Reserve University and a Bachelor of Business Administration from the University of Georgia. Applying her passion to continuously learn and grow, she is also a Certified Enterprise Risk Professional (CERP), a Certified Regulatory Compliance Manager (CRCM) and a Certified Compliance and Ethics Professional – International (CCEP-I).
