In recent years, the Financial Conduct Authority (FCA) has implemented stricter requirements for overseeing Appointed Representatives (AR). Regulatory compliance related to a firm’s Governance, including Culture and Conduct, has become a crucial theme. Senior management and boards should be aware of the following elements for successful Governance:
- Leadership on Cultural & Conduct (C&C) must originate from the top levels of the organization. This leadership should be demonstrated through actions and attitudes, supported by evidence of an engaged and contributing workforce.
- The firm’s culture should be in line with its purpose, values, and strategy. The role and expectations of the workforce should be clearly communicated and articulated.
- Ongoing assessments and monitoring of Cultural & Conduct (C&C) are vital. This includes implementing clear and timely follow-up actions and providing feedback.
- Effective board oversight is essential, encompassing the evaluation of both the efficiency and compliance of systems and controls, such as policies and procedures. Taking prompt and effective action to address any identified deficiencies is critical for firms.
- Keeping adequate, orderly, and up-to-date records of board and management minutes is crucial. This ensures that significant matters are examined, and that robust and effective action is taken.
In the field of hiring governance talent, Danos Associates has been assisting firms since 2004 to recruit the best senior Compliance, Risk and Legal candidates available. Our extensive knowledge and deep understanding of our clients’ culture and needs enable us to match the most suitable candidates for each role.
If you require support with your hiring strategies, our specialist experts are always available for a discussion, please reach out to our global teams https://www.thedanosgroup.com/our-people/