Changing the compliance narrative

How do we get our commercial teams to work closely with player protection? How do we build it into the core of our business rather than simply seeing it as an annoying box to tick?
This will be discussed by a panel at our forthcoming Player Protection Forum. So we hand over to one of the panellists, Perrin Carey, to give his views on changing the compliance narrative.

Player Protection Forum from KnowNow Limited

About Perrin Carey.  

Perrin is a highly experienced, professionally qualified and Fellow of the International Compliance Association (FICA) who has worked at executive level in compliance, risk management and governance for over 15 years. This has involved financial services, eGaming, UK Higher Education and regulatory authorities.

Perrin Carey. Changing the compliance narrative.

Perrin’s work focuses on the integration of governance, risk and compliance and how by doing this, businesses can generate better outcomes, such as, long-term growth, shareholder value, sustainability, consumer confidence and of course regulatory compliance.

As both an experienced professional and researcher, he has a pragmatic but evidence-based approach to this most challenging area and is passionate about changing the compliance narrative.

Perrin Carey - re thinking complaince

Changing the compliance narrative.

My heart begins to race. Adrenaline and cortisol, activating and heightening my senses. I’m ready.

This happens each time I am asked to speak to the value of this thing we call ‘compliance’. Not out of anxiety, but because I am hugely passionate about and protective of my profession, my colleagues and what we represent.

I’ve had a huge number of conversations over the last few months since leaving my role as Chief Compliance Officer at Stride Gaming Plc, and these have provided me with a fascinating insight into how ‘compliance’ is viewed and understood; across this sector, but also much wider.

There’s still a long way to travel, there is an urgency, but the path has been trodden before.

Disconnection instead of connection.

There is a disconnect; a cultural chasm that pervades many organisations that operate in a regulated space. There is a perception, a misappropriated view and it’s not only jeopardising regulatory compliance, it’s stunting an organisation’s growth.

Compliance is perceived as a cost centre, prohibitor and often business social outcast by other factions within their businesses, even if they don’t want to admit it.

They want compliance to just do its job and interfere as little as possible.

Compliance sees itself as a facilitator, protector and general ‘goody’, supporting and guiding the business away from regulatory tragedy.

They want to be involved more widely and contribute to growth.

It’s not unique to this sector, of course. You will find it in financial services, healthcare, international education and almost any industry that has become heavily influenced by regulatory pressure.

This narrative held by business, however, that surrounds compliance is a false truth.

The board is seeking assurance, confidence and clear messages from its compliance function on where it is placed along this continuum between non-compliance and compliance.

Marketing teams want freedom and the ability to be creative, develop pipelines of new business and retain precious customers.

Operational departments need clear and detailed guidance in order to design robust and effective, risk mitigating procedures and controls.

The real truth is…

Everyone wants to feel safe, to be able to do their job, their role, their ‘bit’ for the organisation because if you look at the common theme, it’s safety, surety, easy to understand boundaries that afford creativity, sustainability and growth.

So, what to do?

The solution to this problem is known.

It’s been reported for decades.

Research overwhelmingly supports it.

It’s this beautiful, intangible but critical thing called ‘culture’.

Mission is not culture.

Vision is not culture.

Values are not culture.

Policies are not culture.

Perks are not culture…

How we behave, that’s culture.

How we treat others, that’s culture.

How we collaborate, that’s culture.

How we lead, that’s culture.

So, if we behave and treat others according to our values, collaborate around our mission and vision and lead others with kindness, respect and challenge, we will engender a culture which aligns in the direction we hope to go.

Culture is the founding stone of a governance framework.

It’s not an add on.

It’s not an after thought

It’s not a nice to have.

The culture we want doesn’t simply emerge. We have to work hard to create it.

Our culture should be the central, core theme that defines everything else.

Furthermore our decisions, our products, our strategies, our customer service, our creativity…our compliance. This culture of compliance.

Regulatory compliance, its integration with governance and robust risk management has never been more important in this sector as the risks of operating continue to increase.

Boards desperately need to seek clear assurances of the effectiveness of their frameworks, policies, procedures and controls, as well as ensure they take due consideration of the three licensing objectives.

Above all, operators need to look long and hard at their culture, strip it back, seek innovative ways of measuring it and feed it often so it grows.

Want expert, evidence-based and pragmatic solutions to changing your compliance culture and assuring your current levels of compliance, please feel free to connect.

Let’s start a conversation. Let’s change the compliance narrative.

Click to connect to Perrin.

Perrin Carey

Financial Reporting Council, 2016. Corporate Culture and the Role of Boards.

Nordberg, D., 2010.Corporate governance: Principles and issues. Sage.

PwC Consulting, 2020. Compliance on the forefront; setting the pace for innovation. State of Compliance 2019.

Deloitte, 2013. Developing an effective governance operating model; A guide for financial services boards and management teams.

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