Disruption, risk and reward
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8 November 2016 Disruption, risk and reward © 2016 Willis Towers Watson. All rights reserved. Jagdev Kenth
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Transcript of Disruption, risk and reward
8 November 2016
Disruption, risk and reward
© 2016 Willis Towers Watson. All rights reserved.
Jagdev Kenth
Megatrends
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2
Megatrends are shaping our world, industries and our lives
Amplifying existing risks -
Risk of talent, retention
and recruitment
Long term drivers
of change
Creating new risks
– Cyber
Law &
Regulation
Macroeconomic,
Capital &
Investment Technology &
Digitalisation
Demographics
& Talent
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Wells' Risk Management Tools Should Have Caught This Sooner
“What's interesting about Wells Fargo is that they have historically managed risk well. But unlike credit or market risk, which both can be measured and monitored fairly well, the bank
clearly was unableto identify the degree to which employee business practices were creating extensive operational, reputational and regulatory risk for the firm.”
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Risk culture interventions fall into four areas
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HR
Talent acquisition / sourcing
Leadership and capability development
Performance management systems
Succession planning
Rewards and incentives
GOVERNANCE
Organisational structure
Individual responsibilities and supervision
Decision making and authority
Staffing and workload
Contractor / temp control
COMPLIANCE & CONTROLS
Regulatory reporting – varies by sector
FRC / corporate governance code reporting
Controls process improvement – policies and management (risk maturity framework)
Benchmarking the business
Quantity, level and Intrusiveness of controls
TARGETED PROCESSES
Safety - behavioural safety programme
Claims data – correlation with employee survey and other HR data, to reduce incident frequency / severity
Procedures and systems maintenance programmes
Employee communications
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers W atson client use only. 5
Speaker details
Jagdev KenthDirector of Risk and Regulatory Strategy,
Financial Institutions Group
Phone: +44 (0) 20 3124 8560
