Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

In the final episode of the second series of Compliance Clarified, Mike Cowan and Lindsey Rogerson joins Susannah Hammond to discuss the growth of personal accountability regimes. In the wake of the 2008 global financial crisis lawmakers in countries from the UK to Singapore viewed personal accountability regimes as a way to hold individuals responsible for any future financial failures. But are they delivering? Regulators in the UK certainly say they are and responsibility maps and personal accountability statements have certainly given clarity over who is in charge of what, but scratch the surface and the jury is still out on when it comes to removing bad apples. And do regulators actually need personal accountability regimes to hold individuals to account in the first place? A recent case from Ireland suggests not. As discussed in the podcast here are some additional resources: UK - Evaluation of the Senior Managers and Certification Regime - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/report/evaluation-of-smcr-2020.pdf?la=en&hash=151E78315E5C50E70A6B8B08AE3D5E93563D0168 Australia - Implementation of the Banking Executive Accountability Regime (BEAR) - https://www.apra.gov.au/sites/default/files/2020-12/BEAR%20information%20paper%20December%202020.pdf The sixth annual “Fintech, regtech and the role of compliance” survey is now open – if you would like to take part please click here - https://www.surveygizmo.com/s3/6393510/Fintech-Regtech-and-the-Role-of-Compliance-in-2022 The survey should take no longer than 10 minutes to complete. All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available by the end of 2021. 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

In the ninth episode of series 2 of the Compliance Clarified podcast Susannah Hammond is joined by Lindsey Rogerson to discuss the growing need for technology skills in financial services firms. Technological innovation and digital transformation are changing the face of financial services and meeting the challenges of technological innovation needs the appropriate skills. As discussed in the podcast here are some additional resources: ABI's Make Flexible Work campaign https://www.abi.org.uk/about-the-abi/abi-diversity-hub/flexible-working/Financial Services Skills Commission Skills for Future Success Report https://wp.financialservicesskills.org/wp-content/uploads/2021/06/Skills-for-Future-Success-2021-vF2-Single.pdf The sixth annual “Fintech, regtech and the role of compliance” survey is now open – if you would like to take part please click here - https://www.surveygizmo.com/s3/6393510/Fintech-Regtech-and-the-Role-of-Compliance-in-2022 The survey should take no longer than 10 minutes to complete. All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available by the end of 2021. 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

In the eighth episode of the Compliance Clarified podcast Susannah Hammond is joined by Mike Cowan, Lindsey Rogerson and Rachel Walcott to discuss where we are now on culture in financial services.The wide-ranging discussion covers cultural indicators, the challenges around trying to change culture and has practical takeaways for compliance officers. As discussed in the podcast here are some additional resources: Harvard Business Review summary of Kyle Welch and Stephen Stubben research into ‘speak up’ and whistleblowing leading to fewer fines https://hbr.org/2020/01/throw-out-your-assumptions-about-whistleblowing Details of the upcoming ISO37002 on whistleblowing management systems https://committee.iso.org/sites/tc309/home/projects/ongoing/ongoing-2.html 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

In the seventh episode of the Compliance Clarified podcast Susannah Hammond is joined by Kevin Batteh of the Delta Strategy Group and Todd Ehret to discuss the potential of cryptos to make payments and transfers more efficient. The speed and reach of transactions, however, together with the potential for anonymous activity and for transactions without financial intermediaries, also make crypto-assets vulnerable to misuse and raise the risk of money laundering. Policymakers, regulators and firms all need to play their part in ensuring that cryptos are as "safe" as possible, not only in terms of investment risk but also with regards to regulatory certainty and cyber resilience. As discussed in the podcast here are some additional resources: Article by Todd “U.S. cryptocurrency regulatory path appears long and complex” https://www.reuters.com/article/bc-finreg-cryptocurrency-regulatory-path-idUSKBN2BT211TRRI special report “Cryptos on the rise” https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html Further details on Kevin Batteh and Delta Strategy Group https://deltastrategygroup.com/professionals/kevin-batteh and an article by Kevin https://www.coindesk.com/cftc-bitfinex-enforcement-bitcoin-exchanges 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

In the sixth episode of the Compliance Clarified podcast Susannah Hammond is joined by Mike Cowan and Rachel Wolcott to discuss the increasing prominence of data governance. Data governance covers an exceedingly wide range of issues and is coming to the fore now as firms and regulators alike are moving away from spreadsheets and seeking to automate. Post pandemic the focus on automation and digital transformation is only going to increase. And with increasing automation comes new and potentially significant data risks and hence the need for data governance. As mentioned in the podcast a couple of articles by Mike and Rachel Data governance -firms now see data as a corporate asset https://www.linkedin.com/posts/michael-cowan-00768049_compliance-clarified-data-governance-activity-6813748542998355968-uN7kArchegos capital and fundamental review of trading book https://www.linkedin.com/feed/update/urn:li:ugcPost:6813497390021046273/ And for further information on Thomson Reuters Regulatory Intelligence please see https://legal.thomsonreuters.com/en/products/regulatory-intelligence

In the fifth episode of the Compliance Clarified podcast Susannah Hammond is joined by Helen Chan and Todd Ehret to discuss the wide-ranging implications for financial services firms and their compliance officers arising from antitrust issues. Antitrust rules and requirements around the world are all aimed at preventing anti-competitive behaviour and possible abuse of a dominant market position. Cases in Asia, the U.S. and Europe are all highlighted alongside other aspects including data, its use and possible abuse in a dominant market position and its emergence as a systemic risk in its own right. And then also concentration risk from both the use of the cloud and concentration of ownership. As discussed in the podcast here are a couple of articles by Helen and Susannah: EU Commission fines of 371m euros imposed on investment banks for participating in cartel for European government bondshttps://www.linkedin.com/posts/susannahhammond_bond-cartel-sanctions-spotlight-antitrust-activity-6811215412605263872-7UjC. Antitrust crackdown on exclusionary conducthttps://www.linkedin.com/posts/helenhchan_antitrust-crackdown-on-exclusionary-conduct-activity-6800978831378411520-RHZP

The podcast discusses the evolving impact of financial crime on financial services firms. Topics include changing sanctions, actions of the Financial Action Task Force against cryptocurrencies, ransomware, U.S. AML Act of 2020, and the use of technology. They also explore the importance of compliance teams, skills improvement, regulatory developments, and blockchain analysis in financial crime.

In the third episode of the Compliance Clarified podcast Susannah Hammond and Lindsey Rogerson discuss all things remuneration and what compliance officers around the world need to consider.The regulatory focus on remuneration, compensation and critically the design of bonuses goes back to the financial crisis and it’s a measure of how crucial good bonus design is seen to be that the very first thing the Financial Stability Board did in the wake of the financial crisis was to implement supranational compensation standards seeking to drive better risk-aware behaviours. More than a decade later remuneration remains a key supervisory priority. As discussed in the podcast here are a selection of articles by Susannah and Lindsey: FSB cites UK good practice on compensation https://www.linkedin.com/posts/susannahhammond_fsb-cites-uk-good-practice-on-compensation-activity-6805809779756277760-qmhx Bank of England lab experiment on risks of relative performance pay https://www.linkedin.com/posts/susannahhammond_bank-of-england-lab-experiment-on-relative-activity-6805811791650664448-bSl2 Form L Q3.05 – which was deleted by Prudential Regulation Authority 2018 and only restored in January 2021 https://www.linkedin.com/feed/update/urn:li:activity:6806614095530471424/ COVID-19 fairness hangover heightens conduct risk for financial firmshttps://www.linkedin.com/feed/update/urn:li:activity:6806612121506471936/

In the second episode of the second series of Compliance Clarified Susannah Hammond and Mike Cowan discuss the findings of the 12th annual cost of compliance report - https://legal.thomsonreuters.com/en/insights/reports/the-cost-of-compliance-2021 The Thomson Reuters Regulatory Intelligence annual cost of compliance report is the trusted and acknowledged voice of risk and compliance practitioners around the world and the 2021 report looks at shaping the future set against a backdrop of widespread digital transformation, an evolving supranational regulatory change agenda and shifting political expectations of supervisors themselves. There is a complimentary webinar on the cost of compliance 2021 on Wednesday 9th June 14:00–14:45 BST (09:00-09:45 EST). To register for the event, click here - https://cost-of-compliance.splashthat.com/trri

In this podcast, the hosts discuss the importance of operational resilience at the boardroom table, including the impact of major events, cyber crime, and people's resilience. They highlight the global priority of operational resilience for regulators and the need for expanded testing regimes and risk-based assessment. The importance of tailor-made operational resilience, governance arrangements, and continuous dialogue with regulators is also explored.