The compliance revolution : how compliance needs to change to survive

Content: Preface xi    Acknowledgments xiii    About the Author xv    PART ONE Theory    CHAPTER 1 New Compliance 3    The Challenge 3    Turning Point 4    Traditional Compliance 4    New Compliance 5    Shared Journey 5    CHAPTER 2 General Model of Regulatory and Compliance Development 7    Introduction to Development Models 7    General Model of Regulatory and Compliance Development 8    International Comparisons 11    Example of the UK 11    Using Regulatory Toolkits 13    Conclusion 14    Endnote 14    CHAPTER 3 Is Compliance Worth the Money? 15    An Unfortunate Unconformity 15    The 2008 Global Financial Crisis 16    Legacy of Failure 18    Post-2008 19    Increasing Compliance Spend 22    A Line in the Sand 22    Future Challenges 24    Conclusion 24    Endnotes 25    PART TWO Practice    CHAPTER 4 Ethics 29    Definitions 29    Ethics in Regulation and Compliance 29    An Ethical Framework for Financial Services 30    Ethics in Business 31    How Should a Compliance Practitioner Approach Ethics? 32    Ethics at Work versus Ethics at Home 33    Steps Towards Developing Ethics 33    Main Tools for Identifying and Applying Corporate Ethics 35    Three Critical Steps in Establishing Ethics 35    Ethics in Regulation 56    Principles and Ethics 57    Advantages and Disadvantages of Principles 58    Principles-Based Regulation 60    Conclusion 65    Endnotes 66    CHAPTER 5 Culture 67    Pro-Compliance Culture 68    What Is Culture? 69    What Is a Values-Led Mind-Set? 69    Changing and Embedding Culture 70    How to Change Culture 74    Creating Crucibles in Regulation   Examples 77    Regulatory Methodologies 80    UK Indicators 83    Fair Dealing in Singapore 88    Measuring Culture 89    Conclusion 93    Endnotes 93    CHAPTER 6 Good Governance 95    Why Does Governance Matter? 96    What Is Corporate Governance? 97    A Model of Good Governance 101    Ten Principles of Good Governance 102    Conclusion 131    Review: The State of Corporate Governance 131    Endnotes 138    CHAPTER 7 Outcomes 139    Why Is This Step Up So Significant? 139    What Is Outcome? 141    Why Is Outcome So Important? 142    Development Matrix 147    Outcomes in Singapore Regulation 149    Outcomes and Enforcement 150    Conclusion 151    Endnotes 152    PART THREE Purpose    CHAPTER 8 Community 155    Importance of Community 156    Role of Companies 156    Social Usefulness of Banks 158    Role of Compliance 159    Definition of Community 160    Community Principles 161    Sustainable Communities Principles   What Do They Mean? 162    Development Matrix 164    Corporate Social Responsibility 167    New Reporting Standards 167    Behavioural Economics 168    Vulnerable Consumers 171    Conclusion 174    Endnotes 174    CHAPTER 9 Corporate Faith 175    What Is Corporate Faith? 176    Managing Corporate Faith 177    The Value of Corporate Faith 177    Dimensions of Corporate Faith 179    How Faith Develops 183    Corporate Faith into Practice 184    Professionalism 184    Judgment-Based Compliance 186    Conclusion 186    CHAPTER 10 Corporate Maturity 187    What Is Maturity? 187    Maturity and a Direction of Travel 189    Unconditionality 194    The Underlying Process 195    Corporate Maturity Framework 197    Cavitation 198    Connecting the Five Stages of Development with the Five    Levels of Maturity 199    Conclusion 199    Index 201