Covering topics of: CDD, Data Protection, Voice Recording, Short Selling and other fund matters Applicable to: each financial industry sector, investment businesses, funds and fund services businesses These unprecedented circumstances …
Conduct Risk: Results of Survey
On 2 May 2017 the Jersey Compliance Officers Association (“JCOA”) held a CPD event at which Nicola Ingram, Alex Ruddy and Jamie Biddle, each directors of Oben Regulatory, presented on the topic of conduct risk. Members of the JCOA were also invited to complete a survey compiled by Oben on this topic.
The results of our survey are now available. There were 32 respondents each of whom represent the trust, investment business, banking and fund sectors.
The survey reveals a positive result: over 90% of those who responded were from firms who consider conduct risk within their business risk assessment / enterprise risk management framework. Other interesting points of note include:
- Nearly 90% of businesses act on lessons learned.
- Over 40% of businesses link performance management to remuneration.
- 10% of respondents are not aware of their businesses’ approach to conduct risk.
We also received helpful commentary, which included the fact that business risk assessments always require improvement – comments with which we agree. In our view, the survey reveals that financial services businesses need to further integrate conduct risk with business and operational risks.
Should you wish to discuss this conduct risk topic or the results of the survey please do not hesitate to contact a member of our team. In the meantime, we would like to thank those who took the time to complete the survey.
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