Innovation In Compliance With Tom Fox

Tom Fox welcomes back Vera Cherepanova on this episode of the Innovation in Compliance Podcast. Vera is an ethics advocate, consultant, author and speaker. She joins Tom to talk about behavioral risks, the steps behavioral scientists take to analyze risk, and strategies from financial institutions that other industries can use. Behavioral Risk in The Banking Sector Behavioral risk is more or less the same across every industry. What is specific to the financial industry however, and banking in particular, is that the individuals work with money. This creates higher risk as the outcomes can be more immediately seen and felt by the customers.  The Regulator's Role "The regulator has a very limited role in mandating culture because no regulator can mandate what kind of a culture and organization needs to have," Vera begins. The compliance regulator can mandate what the culture is, but how that corporate culture is going to be in reality will not be up to them. Speaking specifically of the UK and the Netherland