Lessons Learned the Hard Way
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What can the financial services sector learn from the Health and Safety Executive in matters pertaining to employee risk and compliance – and why should you care?
This Purple Paper looks at how a safety-first culture adopted in other sectors can be applied to the financial sector. Asking: if firms foster a genuine culture of employee compliance – in ways that the UK construction and engineering firms have succeeded in fostering a safety-first culture – would compliance and risk significantly reduce?
Drawing on learnings from the Italian cable car disaster on May 23, 2021, where 14 people tragically died due to reported failing governance controls, we discuss the detrimental impacts of what a tick box approach to compliance can result in.