Conduct Risk - CognitiveView

Sources of Conduct Risk

There are three inherent factors which are: * Information asymmetries: The situation occurs when one of the two, i.e., sellers and customers, have more or less knowledge regarding the product. Mostly the sellers try to hide information in front of the customers, which results in a lack of symmetry. * Biases,

Cost of Conduct according to the Centre for Banking Research (CBR)

Below are some of the highlights of the Conduct costs project launched by the Centre for Banking Research. You can find the full report here https://www.city.ac.uk/news/2020/september/centre-for-banking-research-launches-conduct-costs-project The CBR Conduct Costs Project aims to foster transparency in financial activity and to deliver a

OECD Global Blockchain Policy Centre invited Cognitive view to showcase it's distributed ledger technology addressing public policy issues

The OECD Global Blockchain Policy Centre has recently invited Cognitive view to showcase its distributed ledger technology addressing public policy issues. Cognitive view analyzes customer communication data to automate compliance, customer experience and conduct risk monitoring. It’s Regtech essentially helps firms improve consumer fairness, public trust in our financial

Customer vulnerability requirements for GI Code of practise

One of the great things about GI Code of practice (GICOP) is that the code, which is written in plain English, sets out the standards that general insurers must meet when providing services to their customers, such as being open, fair and honest. On 7 May 2020, the Insurance Council

Embedding active risk culture: supporting a bottom-up approach

Sound risk culture is an attitude or an amalgamation of behaviors that build organizational immunity and achieves specific business goals. The key to building a “good risk culture” is first to understand and articulate the cultural outcomes that will drive the right performance and support an organization’s strategy delivery.

How AI can monitor and prevent workplace abuse

What is Abuse? Abuse of any form or nature is an act of unjustified oppression, blaming, or dehumanization using manipulative, discriminatory, or bullying behavior that may cause the recipient profound emotional distress that may have life-altering negative manifestations. Some of the common forms of abuse include Ethnicity Abuse, Community Abuse,

Continuous Auditing for Compliance & Conduct Risk

Making the shift, from a function most commonly associated with compliance-based work to a forward-looking partner and strategic advisor, require a change in underlying tasks and processes currently performed. Automation and AI make continuous auditing and attestation a possibility. Audit professionals need to adjust the attest and verification process to

Five Reasons Why you need to Automate Conduct Risk

It is no secret that the Australian banking and insurance sector is taking a beating for gross misconduct and malpractices recorded and reported by customers across financial platforms, amounting to significant losses on the consumer’s side. In the wake of the investigation by the Royal Commission into Misconduct in

How Balanced Scorecard and Conduct Gateways can be used to improve the culture

All is not well with the Australian Finance Sector. The recent Interim Report by the Royal Commission has lashed out at banks and mortgage-home loan agencies for gross malpractices accruing from sales-based incentives for all banking staff. This has led employees to ‘put profits before people’ and the “pursuit of

Steps in Developing a Conduct Risk Framework

Many financial services firms are now working to embed conduct risk management practices within their wider risk management frameworks, with a view to taking a consistent approach across their business units. Here are some of the key steps in developing a Conduct risk framework. Effective management of conduct risk is