ERM A View from Compliance
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- Gabriella Lyons
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1 ERM A View from Compliance
2 ERM A view from Compliance Compliance risk Regulatory & ERM context Compliance function Compliance risk quantification Practitioner s toolkit Areas to watch Questions
3 Scandals cost JPMorgan $1 billion in fines Thu Sep 19, :02pm EDT "The compliance function is a critical component of how we manage risk across our firm," JP Morgan Chase & Co, Sept 2013 JP Morgan was warned about risk controls," NY Times June 2012
4 Compliance risk Impairment to business model, reputation or financial condition from failure to meet laws and regulations Main focus conduct of regulated activities Key control function under Solvency II Significant source of reputational risk
5 Regulatory context Significant weight of regulation Local and international Principles > principles + rules Themes Governance structures Pro consumer: disclosure & transparency Accountability Keeping pace is a challenge
6 Where on the risk spectrum? Factor Impact Likelihood Ability to quantify/model Mitigation Compliance Risk Measurement High Low/Medium Increasing Low High (cost) Increasing Correlation with tail losses Medium/High Tolerance Zero
7 ERM context Significant enterprise wide risk Core part of risk management framework Holistic response Integrated part of business activities & planning Integration with other control functions Consistent approach required governance, language, tools, controls ORSA Define upside (value adding) as well as downside Essential part of business strategy planning
8 ERM framework approach Compliance function Compliance policy & framework Risk assessment Risk appetite Risk based focus Governance Quantification Monitoring & Reporting
9 Compliance function Core control function Dual Identity Business support, Independent assurance Centralised or devolved? Visibility Clarify the control lines Keeping pace with your stakeholders
10 Three lines of defence Board of Directors 1 st line: Management Own Operate 2 nd line: Control functions Design, Support Challenge, Oversight, Assurance 3 rd line: Internal Audit Assurance on 1 st & 2nd
11 Compliance risk quantification
12 Compliance risk quantification No data? Actual fines, Potential fines, Near misses Loss register (past) Key Risk Indicators for Compliance (current) Risk assessment (future) Assessment: Qualitative approach Significant compliance risks: What could hurt us? Management validation of scenarios & outcomes Range of possible impacts Internal factors e.g. risk appetite, controls, business activities & plans External factors e.g. PRISM rating, current & upstream regulation
13 Compliance effectiveness Know your business Communicating with your stakeholders Proportionate risk based focus Personal and formal network Pro active & forward looking Strong & visible support from top down Stakeholder trust showing you care! Mix of expertise The ability to say stop
14 Practitioner s toolkit Integrated Tone/Culture Communication Publicity Roles Message Representation on key committees Sign off role on projects & key business initiatives Clear lines with other control functions Top team support/representation Share of CEO voice Newsletter; Intranet; Compliance day On line training; Top team training; Business champions Successes and breaches Visibility at staff briefings Publicise your plans Report on tone/culture Clarity on 1 st line / 2 nd lines of defence Consistent interpretation of regulatory principles Substance over form Consistent process for implementation of regulations
15 Practitioner s toolkit Personal responsibility Framework Cycle of control Reporting MIS Compliance declarations 1 st line of defence responsibilities Managers with specific compliance objectives Fitness & Probity Policy and framework Plans Policies and controls Closed loop Risk based assessments Identify, monitor, report, action Tangible KRIs Scenario testing Regular State of Compliance Scorecard Follow the money inflows and outflows See key 1 st line and 3 rd line reports
16 Some key areas to watch Remuneration Segregation of duties Understanding what your customers see Understanding the tail of the distribution Multiple parties in the product chain who s got the risk? Specialist products or business units Maintaining standards in a tough environment Be wary of herding and relativism these are not mitigants
17 QUESTIONS?
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