The Compliance Revolution–Practical, Powerful Changes for Strategic Organizational Value
Compliance is absolutely critical in creating a robust and resilient organization, one which is trusted by clients and contributes to market stability. Firms must approach compliance differently in order to meet these standards. Written for compliance staff, regulatory organizations, and senior management, The Compliance Revolution explains how key changes in compliance affect underlying principles, practices, roles, expectations and values. This valuable resource for global practitioners assists in navigating compliance requirements and implementing solid protection for a sound organization.
Author David Jackman presents a coherent model for understanding and applying key developments in regulation and compliance. While the model is based on financial services, it can be applied to any sector and industry. It identifies five critical compliance components: Start-up, crises, expansion, sustainability, and outcomes-led focus.
You will also discover:
* Why compliance is worth spending money on
* What your firm could and should be doing differently
* The importance of ethics in compliance and regulatory challenges
* How to create a pro-compliance culture
* Ten principles of good governance and why good governance matters
* How to employ judgment-based compliance
* The features and benefits of corporate maturity
The Compliance Revolution is a crucial asset for all those with stakes in compliance–board members, compliance managers, and employees. David Jackman outlines key compliance challenges and reveals the practical tools and techniques required for successful practice. The insight, examples, and strategies in this comprehensive guidebook will help you and your organization achieve increasingly efficient, substantially more effective compliance procedures and practices.
Mục lục
Preface xi
Acknowledgments xiii
About the Author xv
PART ONE Theory
CHAPTER 1 New Compliance 3
The Challenge 3
Turning Point 4
Traditional Compliance 4
New Compliance 5
Shared Journey 5
CHAPTER 2 General Model of Regulatory and Compliance Development 7
Introduction to Development Models 7
General Model of Regulatory and Compliance Development 8
International Comparisons 11
Example of the UK 11
Using Regulatory Toolkits 13
Conclusion 14
Endnote 14
CHAPTER 3 Is Compliance Worth the Money? 15
An Unfortunate Unconformity 15
The 2008 Global Financial Crisis 16
Legacy of Failure 18
Post-2008 19
Increasing Compliance Spend 22
A Line in the Sand 22
Future Challenges 24
Conclusion 24
Endnotes 25
PART TWO Practice
CHAPTER 4 Ethics 29
Definitions 29
Ethics in Regulation and Compliance 29
An Ethical Framework for Financial Services 30
Ethics in Business 31
How Should a Compliance Practitioner Approach Ethics? 32
Ethics at Work versus Ethics at Home 33
Steps Towards Developing Ethics 33
Main Tools for Identifying and Applying Corporate Ethics 35
Three Critical Steps in Establishing Ethics 35
Ethics in Regulation 56
Principles and Ethics 57
Advantages and Disadvantages of Principles 58
Principles-Based Regulation 60
Conclusion 65
Endnotes 66
CHAPTER 5 Culture 67
Pro-Compliance Culture 68
What Is Culture? 69
What Is a Values-Led Mind-Set? 69
Changing and Embedding Culture 70
How to Change Culture 74
Creating Crucibles in Regulation–Examples 77
Regulatory Methodologies 80
UK Indicators 83
Fair Dealing in Singapore 88
Measuring Culture 89
Conclusion 93
Endnotes 93
CHAPTER 6 Good Governance 95
Why Does Governance Matter? 96
What Is Corporate Governance? 97
A Model of Good Governance 101
Ten Principles of Good Governance 102
Conclusion 131
Review: The State of Corporate Governance 131
Endnotes 138
CHAPTER 7 Outcomes 139
Why Is This Step Up So Significant? 139
What Is Outcome? 141
Why Is Outcome So Important? 142
Development Matrix 147
Outcomes in Singapore Regulation 149
Outcomes and Enforcement 150
Conclusion 151
Endnotes 152
PART THREE Purpose
CHAPTER 8 Community 155
Importance of Community 156
Role of Companies 156
Social Usefulness of Banks 158
Role of Compliance 159
Definition of Community 160
Community Principles 161
Sustainable Communities Principles–What Do They Mean? 162
Development Matrix 164
Corporate Social Responsibility 167
New Reporting Standards 167
Behavioural Economics 168
Vulnerable Consumers 171
Conclusion 174
Endnotes 174
CHAPTER 9 Corporate Faith 175
What Is Corporate Faith? 176
Managing Corporate Faith 177
The Value of Corporate Faith 177
Dimensions of Corporate Faith 179
How Faith Develops 183
Corporate Faith into Practice 184
Professionalism 184
Judgment-Based Compliance 186
Conclusion 186
CHAPTER 10 Corporate Maturity 187
What Is Maturity? 187
Maturity and a Direction of Travel 189
Unconditionality 194
The Underlying Process 195
Corporate Maturity Framework 197
Cavitation 198
Connecting the Five Stages of Development with the Five
Levels of Maturity 199
Conclusion 199
Index 201
Giới thiệu về tác giả
DAVID JACKMAN is a non-executive director, writer, lecturer and TV and radio commentator and has his own consultancy, intotheclearing.com, specialising in helping firms to work ‘Beyond Compliance’. He also founded the Ethics Foundation and the ‘Ethics Mark¯®’ for value-led businesses, which he is launching in Singapore.
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