On Thursday July 23, Marsh's UK & Ireland Financial Institutions Industry Practice hosted a webinar to discuss the regulatory and legal environment, the issues that drive people, culture, and conduct risks in Financial Institutions (FIs) &mdsh; and how getting this right can achieve better outcomes for employees, customers, investors and the balance sheet. A replay of the webcast is now available to watch.
During the webcast, our panellists discussed the view that conduct is not a risk in and of itself, but is a component part of almost every risk that FIs face. We also discussed the fact that culture underpins the behaviours of people: those behaviours can be guided and measured, leading to better culture and in turn better conduct. Focussing on staff health and wellbeing also leads to better behaviours and better conduct — and better outcomes: lower fraud levels, a reduced error rate, fewer customer complaints, and a willingness to speak up about risks or issues before the reputation or balance sheet is impacted.