The aftermath of the financial crisis sparked significant changes in the approach taken toward financial services regulation around the world. Regulators' attention and resources are now centered on the behavior of firms and how they conduct their business.
Although managing and mitigating conduct risk has become one of the highest priorities for regulators worldwide, a universally agreed definition of conduct risk does not yet, exist. Compliance officers, risk and other senior managers are having to establish what risk means for their organisation and to put in place systems and controls to manage the risks they have identified.
To support the financial services industry in its management of conduct risk, and enable firms to benchmark their own practices against global peers, Thomson Reuters Accelus has undertaken its first survey dedicated to finding out how the industry is defining and dealing with conduct risk. The responses received covered the Americas, Africa, Asia, Australasia, Europe and the Middle East. They represented firms from across the financial services sector, including banks, insurers and fund managers.
As well as providing deep insight into current industry thinking and practices, this report also seeks to uncover the uncertainty surrounding the concept of conduct risk. To assist firms to develop their approach, it suggests practical steps that firms can take to manage conduct risk.
Read this report to find out how best to define and mitigate conduct risk for your organization.
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