Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence Season 5, Episode 10: Personal Liability
Jul 19, 2022
36:23
In the tenth and final episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan and Lindsey Rogerson to take another look at personal liability and accountability in financial services.
Many jurisdictions have introduced personal accountability regimes in order to drive better risk aware behaviours by senior managers. The practical impact of which was highlighted in our recently published cost of compliance report for 2022 in which nearly half (45%) expected the personal liability of compliance professionals would increase in the coming year. In another stat 56% of respondents thought that the regulatory focus on culture and conduct risk would increase the personal liability of senior managers.
Links to content referenced in the discussion:
Cost of Compliance 2022 report can be downloaded from
https://legal.thomsonreuters.com/en/insights/reports/cost-of-compliance-2022-competing-priorities
Governance scrutiny, pandemic risks heighten personal liability stakes for senior managers in Hong Kong
https://www.linkedin.com/posts/helenhchan_senior-liability-enforcement-in-hong-kong-activity-6953537396344860673-jl_i?utm_source=linkedin_share&utm_medium=member_desktop_web
Report on introduction of Irish Individual Accountability Framework by Joint Committee on Finance, Public Expenditure and Reform and Taoiseach, April 2022
https://data.oireachtas.ie/ie/oireachtas/committee/dail/33/joint_committee_on_finance_public_expenditure_and_reform_and_taoiseach/reports/2022/2022-04-05_report-on-pre-legislative-scrutiny-of-the-general-scheme-of-the-central-bank-individual-accountability-framework-bill-2021_en.pdf
European Central Bank report on climate stress test results July 2022
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.climate_stress_test_report.20220708~2e3cc0999f.en.pdf
Article on UK SMCR's lack of enforcement
https://www.jdsupra.com/legalnews/senior-managers-regime-sets-6886025/
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
Many jurisdictions have introduced personal accountability regimes in order to drive better risk aware behaviours by senior managers. The practical impact of which was highlighted in our recently published cost of compliance report for 2022 in which nearly half (45%) expected the personal liability of compliance professionals would increase in the coming year. In another stat 56% of respondents thought that the regulatory focus on culture and conduct risk would increase the personal liability of senior managers.
Links to content referenced in the discussion:
Cost of Compliance 2022 report can be downloaded from
https://legal.thomsonreuters.com/en/insights/reports/cost-of-compliance-2022-competing-priorities
Governance scrutiny, pandemic risks heighten personal liability stakes for senior managers in Hong Kong
https://www.linkedin.com/posts/helenhchan_senior-liability-enforcement-in-hong-kong-activity-6953537396344860673-jl_i?utm_source=linkedin_share&utm_medium=member_desktop_web
Report on introduction of Irish Individual Accountability Framework by Joint Committee on Finance, Public Expenditure and Reform and Taoiseach, April 2022
https://data.oireachtas.ie/ie/oireachtas/committee/dail/33/joint_committee_on_finance_public_expenditure_and_reform_and_taoiseach/reports/2022/2022-04-05_report-on-pre-legislative-scrutiny-of-the-general-scheme-of-the-central-bank-individual-accountability-framework-bill-2021_en.pdf
European Central Bank report on climate stress test results July 2022
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.climate_stress_test_report.20220708~2e3cc0999f.en.pdf
Article on UK SMCR's lack of enforcement
https://www.jdsupra.com/legalnews/senior-managers-regime-sets-6886025/
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2