Bad behaviour has destroyed USD 1.06trn in banking industry profits since the GFC, though RegTech solutions could save USD 10-15bn p.a. in industry fines
Risky woman Vippy Wong and Quinlan & Associates, an independent strategy consulting firm specialising in the financial services industry, brings you a thought leadership paper looking at risk culture deficiencies in the financial services industry.
The report, titled Fixing the Train(ing) Wreck, analyses the cost of misconduct to the global banking industry since the GFC, with poor risk culture being identified as a key contributing factor to the endless scandals that beset almost every major financial institution over the last decade. In the banking industry alone, we estimate USD 1.06 trillion in industry profits have been wiped out as a result of this bad behaviour.
In particular, the report focuses in detail on the deficiencies of existing compliance training programmes (particularly eLearning) in shaping employee behaviour and organisational risk culture, and looks at how new RegTech solutions can be appropriately leveraged to improve employee mindsets and reduce misconduct-related penalties in future.
Vippy is a Partner at Quinlan & Associates, a leading independent strategy consulting firm specialising in the financial services industry. She has extensive experience in financial services, having spent over 15 years in investment banks, management consultancies, technology vendors, and exchanges.
As a “risky woman”, Vippy has taken on a number of new challenges in her career, from being a founding member of a new exchange in Hong Kong to working with startups on growing and scaling their business. She is focused on helping clients (both large corporates and small startups or SMEs) achieve their goals and aspirations, through developing and executing an appropriate strategy and business plan, and by taking structured, well-calculated risks.