1st Edition
Competence, Conduct, and Billion Dollar Consequences How Regulatory Strategy and Relationships Can Improve Organisational Outcomes
This practical guide to understanding how regulators build insight and form judgements will help organisations to develop their strategy and approach to engagement and to improve their regulatory outcomes.
From fintech and regtech,robot-assisted surgery and advances in stem cell technology, the explosion in use of social media and advances in computing power and AI to the development of autonomous vehicles and digital environments such as the metaverse, these exciting developments present questions, invite debate and have implications. These rapid new developments also join a world described as being increasingly VUCA (volatile, uncertain, complex, and ambiguous), making industry-regulator relationships more important than ever to prevent consumer harm and to configure business success. This book is written for those who wish to build positive and progressive relationships with their regulators in these exciting times of rapid advancement. From developing their strategy, through to the practicalities of how to prepare and engage with regulators, readers are navigated through an ecosystem of insight to help build an understanding of what informs their regulator’s opinion and judgements. Underpinned with real-world experiences and examples, this book shows that, through clearer strategic focus and more effective relationships, organisations can refine their approach and build their relationships to drive mutually beneficial regulatory relationships that avoid negative consequences and unnecessary costs.
Board members, executives, senior leaders, risk, compliance, legal professionals, regulators, and students of business, finance, and law will refer to this book again and again to guide holistic thinking about regulatory relationships and use the insights these can provide to help them calibrate their actions, activities, and progress.
List of Figures Preface Route Map of the Book Acknowledgements About the Author 1. How Do Organisations Think About Regulatory Relationship Strategies? 2. A Framework For Building More Effective Relationships 3. The Role Of Trust In Regulatory Relationship Strategies 4. Foundations: Establishing Trust In What You Build 5. Navigation: Establishing Trust in Strategy, Culture, Leadership and Conduct 6. Outcomes: The Ecosystem Informing Regulatory Opinion 7. Engagement: The Practical Considerations When Interacting With Regulators 8. Pandemic Crisis: Relationships Matter! Conclusions: Surrounding Areas for Future Focus Appendix I – An Introduction To Regulatory Theory Bibliography Glossary Index
Biography
Dr. Nigel Somerset is an independent consultant focused on transforming the performance, risk, and compliance of businesses. His experience includes accountability for leading portfolios valued in billions sterling through economic cycles including the Global Financial Crisis, shaping and influencing industry strategy, and supporting organisations and executives on regulatory matters spanning day-to-day supervision, regulatory challenge, through to sanction. Nigel also serves as executive in residence at the A.A.C.S.B.-accredited Sheffield Business School, is an Associate of The London Institute of Banking & Finance, and holds a D.B.A., M.B.A., and B.A. (Hons) Financial Services.
"An excellent guide to developing positive and mutually beneficial relationships with regulators, based on significant experience. From strategy, to the practicalities of delivering what regulators require, it provides excellent insights, new ideas, and pitfalls to avoid. A must read for all who deal with the demands of regulators".
Prof. Nigel Garrow
Sheffield Hallam University and former international food industry CEO
"Diligently researched and well written, this is a thought-provoking book with interesting insights and practical examples of the kind rarely seen in regulatory textbooks. The significance of regulatory context is particularly well handled, as is the importance of the relationship between the regulator and the regulated. Definitely worth a read".
Maggie Craig,
Former Head of the Devolved Nations & Communications at the Financial Conduct Authority
I’m delighted to be adding this text to our essential reading list. It provides a compelling narrative that will be influential for students and practitioners alike. A superb addition to our student resources.
Dr Rob Wilson,
Head of Department for Finance Accounting & Business Systems, Sheffield Business School.
"The book is well researched and covers everything it headlines in great detail…tells you everything you need to know about the topic…building a framework for more effective relationships is covered in considerable detail and the book outlines the range of approaches that may be considered.”
Financial World
