Show Guidance

However strong your systems and controls, policy and procedures a culture that is not driven by the importance of suitable customer outcomes may undermine all your efforts and intent. Reward should be centred around quality customer outcomes, leaders should be seen to put suitable customer outcomes first and the whole organisation should value the expertise of their people, focusing on professional development and continuous improvement. Increasingly, regulators are recognising that culture can be the most important enabler or blocker of quality outcomes for customers and are making real efforts to assess this.

Enterprise Learning has teamed up with customer culture benchmarking experts Learnership Ltd. to produce the UK’s first major benchmarking tool specifically designed to assess your Conduct Risk culture. Our online survey tool gathers your staffs’ views and can provide detailed breakdowns of your cultural strengths and weaknesses against criteria including risk awareness, customer focus, continuous improvement and focus on quality. We can then help you and your managers analyse the messages in your benchmarking, compare with other firms and set realistic targets and action plans to improve. You can use our benchmarking tool on an annual basis to show regulators how you are tracking your advice culture and responding to issues raised.

Click here to find out more about the Risk Culture benchmarking tool and to try it out or download the information sheet below.

We can also provide education/training for your leaders and Approved Persons to help them understand regulatory expectations, risk management and how they can drive the right culture.

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Benchmarks

  • The importance of ensuring the customer receives suitable outcomes, and are treated fairly, is at the heart of my strategy, my plans and budgets and the leadership behaviour of my team.
  • I ensure that reward in my area reinforces the drive for suitable customer outcomes, and the impact of reward on behaviours, consequences and outcomes is regularly considered by my management team.
  • My management prioritise expertise in fair customer treatment and promote training and development for all levels which supports this.
  • My team and I demonstrate commitment to improvement, with a focus on learning lessons and making changes to improve service quality for customers.

Negative Indicators

  • Leadership demonstrates an inappropriate and aggressive focus on sales, targets or other organisational priorities.
  • Senior management does not support operations or control functions in adhering to standards or requiring improvements.
  • Senior management does not have a strong understanding of regulatory expectations.
  • Training is seen as a minimalist, compliance requirement.