Accountability in Financial Services

Since the financial crisis of 2008 regulators worldwide have been introducing reforms to improve individual accountability within firms.  Regulators were criticised for their lack of action and not preventing the crisis.  Further criticism was aimed at firms’ failings with the public feeling that some senior managers were richly rewarded despite mismanagement.

Whilst different jurisdictions have their own regulatory frameworks, there are some common approaches to improving accountability.  Luckily for us the UK regulators are seen as setting the standards in regulation.

For example, regulators look to the UK’s implementation of SM&CR, its standards and lessons learned to inform their own regimes.  That’s great news for any international firms looking for efficiencies in their processes.

Several supervisory bodies have either implemented, or are consulting, on how to achieve greater accountability from senior managers and other risk takers within firms.

To read more  click here.

How Axiom HQ can help you:

AxiomHQ is an industry-leading software platform designed to help regulated firms manage the burden of evidencing and monitoring compliance.  It has a range of tools to help firms fulfil their obligations across the UK, Europe and APAC regions.

Get in touch with the Axiom HQ team to learn more on: 020 3965 2166 or

Priscilla Gaudoin, FICA, ACISI

Head of Client Regulation
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