The PRA and the FCA are taking a closer look at culture in the insurance industry in an unprecedented way. The focus of the regulators has broadened to now include non-financial misconduct, such as bullying, sexual harassment and discrimination. How a firm deals with these behaviours in its organisation can be an indication of poor corporate governance. Both regulators have recently issued "Dear CEO" letters setting out their expectations for firms and senior managers to embed healthy cultures. Over the coming weeks, Dentons UKME will be releasing a series of podcasts and articles, aimed at helping firms focus on the key regulatory issues on the horizon and some of the steps they should be taking now.
Our first Corporate Insurance podcast, Culture and corporate governance - How do you know if your firm has a healthy culture?, looks at:
- Why the UK regulators are focused on this;
- Whether you can measure culture;
- What tools are available to help you do so; and
- How your firm can bring about changes to its culture.
Over the coming weeks, we will be discussing the following:
- The risks for insurers around climate change
- Cyber risk and operational resilience for insurers
- Outsourcing and third party risk management"
Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.
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