Speaker Q&A FCA
Tim Parkes, Chair, Regulatory Decisions Committee, Financial Conduct Authority (FCA)
What are you most excited about for the future and what can the next generation of operational risk managers look forward to?
Seeing the impact of the new Senior Managers and Certification regime, as it is rolled out across all financial services firms regulated by the FCA from the end of this year. It is a really important part of the drive to effect cultural change in the industry following the Global Financial Crisis. Operational Risk Managers can look forward to an increasing focus from regulators generally on senior manager accountability, which I hope will support them in the discharge of their own responsibilities.
What in your opinion is going to be the biggest challenge for the operational risk industry as we move forward?
It’s difficult to pick out one, but I can see the challenges in a volatile and uncertain business world of dealing at one end of the spectrum with fraud, money-laundering and cyber-crime and at the other end with the ever-increasing complexity of business as usual.
Please can you give us a glimpse into what you will be discussing in your keynote address?
I will be looking at what happens when a firm finds itself the subject of proposed regulatory action by the FCA and needs to decide whether or not to contest it – and, if it decides to fight, what it can expect to happen.
Speaking of sessions, which of the other sessions at OpRisk Europe are you looking forward to?
Difficult to choose, but I’d say Financial Stability after Brexit!