Conduct risk is at the core of behavioural regulation, a new
approach to regulating financial services, whose new agencies and
public prosecutors have spread rapidly across the world. Its
prosecutors intervene assertively to challenge financial service
providers to show clear evidence of a new customer-centric
approach, which understands and responds to the hidden drivers of
customer behaviour. They use their unprecedented powers to levy
very large fines and even to imprison wrongdoers - often for not
taking precautions rather than for any active wrongdoing. Conduct
Risk Management is a tool for recognizing, acting on, and
predicting conduct risk impacts in regulated business. Conduct Risk
Management sees beyond econometric and other 'box-ticking'
traditions of risk management. Whilst protecting senior managers,
it helps all staff to make positive use of conduct risk to promote
behaviour the regulator will accept as 'good', as good behaviour is
good business. The new conduct regulations personally affect every
manager in financial services, and their suppliers, with new
regulations making senior managers liable to imprisonment for
failures in organizational conduct. Conduct Risk Management sets
out plainly what practitioners need to know to understand the
regulator's intentions, to prove compliance, protect
competitiveness and maintain licence to operate.
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