2019-03-21: Regulatory Visits – Training to the Test

Overview

Many firms and individuals fail to come over as effectively as they could or should in regulatory visits and meetings.  Often they don’t fully appreciate the specialised “exam technique” needed to come over well, and regulatory impressions once created are hard to shift. This is important as regulators are increasingly carrying out visits focused on various aspects of operational risk.

In these meetings, regulators would not be doing their job properly if they accepted everything they hear at face value; they have to maintain a certain degree of healthy skepticism. They also have a limited view into a firm, so if they see a potential issue in one area, it is reasonable for them to assume there may be similar problems in areas they haven’t examined.

This makes the impressions formed in the series of short interviews so critical. It also makes it crucial that firms and individuals can convey powerfully and consistently how a firm manages and controls various aspects of operational risk in its business.

In this webinar, Lydia Bailey and Jimi Hinchliffe focused on regulatory meetings and highlighted useful “exam” tips and techniques. They shared guidance on following topics: –

  • the regulatory context
  • preparation
  • questioning
  • do’s and don’ts
  • the regulators’ perspective

The webinar was illustrated with extracts of the online course https://www.unicorntraining.com/successful-regulatory-meetings

About the speakers

Lydia Bailey has experienced regulatory meetings and visits from all perspectives.  She was a risk specialist at the Bank of England / FSA, leading over ninety regulatory visits to firms in UK, US and Asia.  As BP Head of Compliance for UK and Europe she was regularly interviewed herself by the regulator.  Through her work at JPMorgan heading the EMEA Regulatory Management team, and most recently as Managing Director of Metidian, she has prepared many people for regulatory visits and meetings. In this webinar she shares some of her experience and insights.

Dr. Jimi Hinchliffe has over 20 years’ experience in operational risk and regulation. After completing his Ph.D. on financial regulation and public choice economics in 2000, he joined the UK Financial Services Authority where he held a number of positions including in operational risk policy, bank supervision and as a Basel 2 specialist/ lead.  Jimi then joined the GSIFI MUFG in 2008 to be head of Policy, Risk and Regulatory Affairs for the bank. Jimi left MUFG to form NJ Risk and Regulatory Consulting in 2016 to provide professional services, training, interim management cover, and practical support on operational risk and regulatory affairs. Jimi has been a long-time member, supporter and former Board member of the Institute of Operational Risk, and in 2016 Jimi was made a Fellow of the IOR and in 2017 became Chairman of the IOR in England & Wales. Jimi is a regular speaker on operational risk and regulatory affairs at conferences and has published numerous journal articles, including on operational risk capital in the Journal of Operational Risk and on conduct and culture in Risk Universe.

About the host

This session was hosted by Manoj Kulwal. He is passionate about utilising risk management as a business management tool for designing effective business strategy and successfully implementing the selected strategy. He has been involved in development of the international risk management standard ‘ISO 31000’ and in development of ‘Certificate of Operational Risk Management’ offered by The Institute of Operational Risk. He has trained more than 1,000+ operational risk management practitioners from financial services firms globally over the last 5 years. He is currently the Co-Founder and Chief Risk Officer at RiskSpotlight. At RiskSpotlight, he leads the team that developed the world’s first forward-looking operational risk news service – RiskSpotlight Portal.

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