Nationwide Advocates Long-Term Advisory Relationships when it comes toCompliance Interview by Helen Winsor...
industries, maybe they better self-regulate, maybe they have a simpler, leaner model, butfinancial services, because of it...
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Nationwide Advocates Long-Term Advisory Relationships when it comes to Compliance

Samantha Ross, Head of Compliance Advice at Nationwide Building Society, joins Legal IQ to discuss the most common concerns and unique challenges of financial services companies when it comes to compliance, and explains what senior compliance advisors expect from their in-house team when it comes to responding to regulatory investigations, and how they work with other functions of the business.
Published on: Mar 3, 2016
Source: www.slideshare.net


Transcripts - Nationwide Advocates Long-Term Advisory Relationships when it comes to Compliance

  • 1. Nationwide Advocates Long-Term Advisory Relationships when it comes toCompliance Interview by Helen Winsor, Legal IQ Samantha Ross, Head of Compliance Advice at Nationwide Building Society, joins Legal IQto discuss the most common concerns and unique challenges of financial services companies when it comes to compliance, and explains what senior compliance advisors expect from their in-house team when it comes to responding to regulatory investigations, and how they work with other functions of the business.Legal IQ: Hello and welcome to this IQPC podcast presented by Legal IQ in conjunction withthe forthcoming information governance and ediscovery for financial services conference. Imyour host, Helen Windsor, and today Im delighted to be joined by one of our key speakers,Samantha Ross, head of Compliance Advice at Nationwide Building Society. Samantha,welcome to the show. How are you today?S Ross: Im good, thank you. How are you?Legal IQ: Im very well, thanks. Delighted that you could join us. Now, today Id like to talkabout a few of the key topics within this area. So firstly, in this new heightened riskmanagement environment, what are you seeing as the most common concerns of financialservices companies when it comes to compliance?S Ross: I think the key issues of really the volume and pace of regulatory change, becausethe environment is changing so fast and from so many different angles and perceptions, justtrying to keep up and ensure that we are compliant in all of the right areas and in all of theright ways, is a challenge. It truly is a challenge. I think the other side of this is regulators areincreasingly focusing on the culture of compliance within the business, and its important thatyou get not just the tone from the top, but living and breathing it from within.Legal IQ: Yes, thats a very good point, Sam. What are some of the unique complianceschallenges of the financial services industry versus other industries?S Ross: I think the biggest one at the moment is perception. The financial services industryhas probably, for the last 20 or so years, gone through a challenging time. Its proven howimportant it is in the middle of the regulatory crisis when weve seen organisations wedeemed as so systemically important, theyre too big to fail, but what we haven’t considered inhere, for example, is the legacy of issues that have happened leading up to where we arenow, and the perception that has been created by those issues. So, for example, the variousmis-selling scandals such as pensions and endowments, the collapse of Barings, CCCE [?],and all these things led to the current regulatory structure and were about to move throughthat regulatory structure into a new model, and also coming back to the challenge point, italways comes back to the volume and pace of the regulation. There is so much regulationgoing on that trying to keep up is the challenge in and of itself, and I think you look at other 1
  • 2. industries, maybe they better self-regulate, maybe they have a simpler, leaner model, butfinancial services, because of its complexity, because of its touch points, because of itsimportance to truly the global economy, you end up finding that there is so much regulationthat theres regulation on top of regulation on top of regulation, its quite interesting. We weretalking to a government body back in May, and saying that because so many differentregulators are passing regulations, not at the same time but in overlapping areas, its nigh onimpossible to say how effective the regulations are because no sooner has one landed andembedded than youve got new regulation coming in. a prime example of that would be theUK landing RDR over the next 12 months, and then youve got missives coming in shortlyafterwards, and so youre no sooner going to get one model embedded then youll be makingtweaks and changes to it because of new regulations. So coming back to our comparisons toother industries, I dont know that other industries suffer that pace of change, that volume ofchange, and therefore they get time to embed changes that they are seeing and to makethem work for them commercially. And coming back to your first question, I think one of thekey challenges is to make that pace and volume of regulatory change work for the business.Compliance shouldnt just be about regulatory change. It has to be about driving commercialbenefit from it as well as being the voice of the customer, and the way I see it is a linkedtriangle. So you are the internal regulator, you are the voice of the customer, and youre thebusiness enabler from a commercial compliance point of view.Download the interview in full here: http://bit.ly/Mkt2lWFor more information on this subject you may be interested to attend the forthcomingInformation Governance & eDiscovery for Financial Services conference from 10 - 12September 2012 in London, UK. For details please visit: www.ediscoveryfinance.com Anyquestions? Contact us on 0800 652 2363 or +44 (0) 20 7368 9300 or emailenquire@iqpc.co.uk now!IQPCPlease note that we do all we can to ensure accuracy within the translation to word of audio interviews but that errors may stillunderstandably occur in some cases. If you believe that a serious inaccuracy has been made within the text, please contact +44(0) 207 368 9425 or email helen.winsor@iqpc.co.uk. 2

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