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Collaborative Insight 27 November 2014 - ISSUE 36

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Collaboration in Financial Services

Lord Evans
Lord Evans, ICW Chairman

The Banking Hall in the City of London, across the way from the Bank of England, provided and an apt setting for the ICW event Collaboration in Financial Services: Risk and Performance, our thanks to Xchanging for hosting the event.

ICW's Chairman Lord Evans welcomed the 120 guests and opened the event by focusing on the past challenges of the financial sector and the growing focus across the sector to integrate relationship management and collaboration across a spectrum of financial activities whether investment, mergers and acquisition, infrastructure insurance and the like.

Richard Anderson
Richard Anderson, IRM

Institute of Risk Management Chairman Richard Anderson's key note address set the scene looking at the broader implications of risk management through the development of IRM's recent publication on the Extended Enterprise, which ICW was pleased to contribute to.

The paper Extended Enterprise: Managing Risk in Complex 21st Century Organisations looking at joint endeavours within multiple economies in diverse societies which are full of interconnections . Richard reflected on the IRM definition of an extended enterprise "a structure where a number of organisations come together in a joint endeavour in order to achieve outcomes that none of them could have achieved on their own". He expanded this by highlighting;

  • A complex system is one in which even knowing everything there is to know about the system is not sufficient to predict precisely what will happen.
  • Complex systems cannot be controlled – only influenced.
  • Simple systems behave more like complex systems when under stress.

The key feature that underpins these challenges is the link between tasks & Ideas and Relationships & behaviours.

Sandra Paeston
Sandra Paeston, CIFAS

Sandra Paeston, Deputy Head of Financial Crime and Strategic Intelligence, CIFAS, outlined the role of CIFAS as a Not-for-profit membership association where organisations share information on confirmed frauds to prevent the same identities and addresses from being re-used for fraud. Fraud data is non-competitive promoting co-operation and communication in the interests of crime prevention for industry and consumer protection.

CIFAS promotes an environment where Larger sectors able to support smaller ones by understanding of other sectors' issues helps identify potential impact on your own. The presentation highlighted that recognition that often control of risk will lie outside of an organisation's domain. Not just about being collaborative, but also being seen to be collaborative to provide reassurance and deterrence recognising "that fraudsters collaborate - so should their targets!"

Guy Vincent
Guy Vincent, Bircham Dyson Bell

Guy Vincent, Bircham Dyson Bell, offered a perspective risk from the legal standpoint outlining the many statues and regulations which organisations encounter where the lawyers are often required to support when relationships break down. He promoted the perspective that the starting point was always to understand ones appetite for risk. Clearly the role of BS 11000 and collaborative working provided a platform on which to develop mutually agreed approaches. Guy pinpointed the 3 Defences in risk management:

  • Allocate responsibility for risk and control of that risk
  • Oversight of the first line of defence
  • Independent assurance of the first and second lines of defence
Tahir Adam
Tahir Adam, Xchanging

Tahir Adam, Executive, Xchanging, provided an overview of the role that Xchanging played in the financial sector and its backroom support for many differing technology solutions covering business systems, technology applications and procurement. He reinforced the position that from Xchanging's perspective that success was driven by building strong relationships highlighted by the example of SMMT;

"We were impressed that Xchanging offered a new approach to relationship management and collaborative working; it has set Xchanging apart from the competition and enabled both sides enthusiasm around the bid to continue to grow into a high quality relationship management process to execute the project." Seftton Samuels, Operations Director, SMMT

Jackie Jenks
Jackie Jenks, Lloyds Banking Group

Jackie Jenks, Lloyds Banking Group Small Business Mentoring, presented the work of the Enterprise Mentoring programme which commenced in 2011 following joint commitments made by the main banks, the British Bankers' Association and Government under the Business Finance Taskforce initiative to support SME. Lloyds agreed to act as lead bank for this work which has led to: Recruitment and training of enterprise mentors through the accredited scheme which then offers sponsored business support to new and established SMEs, charities and social enterprises. Partnerships creation with a number of key charities, not for profit organisations and government agencies and creation of the UK's Corporate Mentoring Network with open sourced toolkits developed with partners including BIS.

As part of the collaborative taskforce we all support Mentorsme which is the UK's first online gateway for small and medium-sized enterprises looking for mentoring services. Providing access for SMEs to a list of quality-assured mentoring organisations across the UK.

The Enterprise and Diversity Alliance (EDA) is an innovative network dedicated to the promotion of minority entrepreneurship. Their goal is to ‘make diversity and enterprise everyone's business'. A partnership that is transforming diversity, enterprise and community engagement by working with academics, corporates, third sector, public sector and diversity community entrepreneurs. Being a responsible business means building trusted and lasting relationships with the households, businesses and communities that we serve. Our Helping Britain Prosper plan shows how we engage with SMEs in local communities across the UK.

Katie Kiss
Katie Kiss, DST

Katie Kiss, DST, provided insight to the collaborative partnership between Xchanging and DST a subsidiary of DST Systems Inc., who are a leading provider of technology and processing solutions. How these two organisations combine expertise to provide and comprehensive service to the investment industry wishing to lower costs by outsourcing non-core activities continues to grow.

Adam Shaw
Adam Shaw, ACE Funding

Adam Shaw, ACE Funding, introduced the presentations from Naz Craft, Hypa Management, and Mike Buhl-Nielsen, Jupiter, with the theme "There is no expertise without collaboration" and this is a significant factor in the arena of fund management and venture capital investment.

Naz Craft
Naz Craft, Hypa Management
Mike Buhl-Nielsen
Mike Buhl-Nielsen, Jupiter
Nigel McGimpsey
Nigel McGimpsey, BSI

Nigel McGimpsey, BSI Business Development Director, offered an introduction to BSI and the links between Collaborative working and Financial Services and the work lead by BSI for Simple Financial Products. Mark Hoburn, financial secretary to The Treasury asked Carol Sergeant to chair an independent steering group to develop a suite of simple, transparent and easy to understand financial products.

Over a period of 15 months, more than 50 organisations worked together and contributed to the development of the recommendations contained in the review published in March 2013. As a result there was a recommendation that The British Standards Institution (BSI) should take on responsibility for the Simple Financial Product principles, for developing specific product standards and for the accreditation process.

BSI needed to engage widely to produce this. An industry pilot was developed to ensure it was fit for purpose. Working together to ensure the audit and test principles were both robust and practical. The challenges included;

  • Differing cultures of the organisations involved.
  • The Financial services are heavily regulated that can on occasion affect the views held.
  • Standards and Third part certification historically not really taken up by this industry.
  • Reliance on codes of practise as opposed to requirements standards.
  • Common language and terminology.

The panel session which followed the presentation raised a number of issues and the speakers responded with a variety of perspective but all recognise that collaborative working was a principle constituent for more effective risk management.

Panel Session
The panel session which followed the presentation raised a number of issues and the speakers responded with a variety of perspective but all recognise that collaborative working was a principle constituent for more effective risk management.

Certificate Awards

Panel SessionPanel SessionPanel Session
The formal event concluded with the presentation by Frank Lee, BSI, of three new certificates for BS 11000 these where the first certificates to be issued under the new ICW national certification scheme and carry the ICW logo alongside the BSI Kitemark.

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