Culture Measurement: Help is Here (Discussion & Workbook Paper)
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- Examines why firms should adopt a continual assessment methodology to assess positive and negative culture indicators.
- Looks at how firms are benchmarking their current success with the regulators.
- Discusses the impact of a data-driven regulatory approach and what this now means for financial firms.
Is formal governance alone robust enough to improve positive culture change and regulatory outcomes? The regulators have reiterated that, unless positive cultural mindsets and good behaviours are embedded throughout an organisation, the mores of a firm cannot change.
But where do firms proactively start? Whilst regulators are not culture experts – and cannot prescribe a firm’s culture – there are a clear set of defined expectations to meet: apply strong cultural leadership, be accountable, and continually oversee the step change.
In this discussion and workbook paper, Adrian Harvey, CEO of Elephants Don’t Forget, and Julie Pardy, Director of Regulation and Market Engagement at Worksmart, examine the issue of culture measurement within financial services. They discuss what defines key cultural measurements, the impact of the Financial Conduct Authority’s (FCA) latest business plan, SM&CR, the PRA’s approach to qualitatively measuring positive indicators, and what positive impacts RegTech is having on helping firms meet their cultural expectations.