Outcomes Based Regulation – What Does It Really Mean?

How can it work in practise?

Why not find out by coming to our workshop "Applying Principles Based Regulation" or arrange a special half day event for your senior management group
.

Read articles about PBR

Whose idea was it anyway and why?

Current thinking and clues from TCF

HOW to make the shift to Principles based compliance

A logical step if you believe that focusing on principles will not do the job. Perhaps, if the catastrophe resulting from bankers "exuberance" had not caused the credit crunch we would have seen the FSA stick with Principles Based Regulation but the need to show that regulation actually delivers better outcomes is now the priority.

"We will therefore take in 2009/10 a clear commitment to embed fully outcomes-focused regulation in our supervisory processes , working in a proportionate and risk based way." Hector Sants, FSA CEO, FSA Business Plan 2009/10

We have already seen how outcomes were used in the TCF initiative and "Outcomes" are cropping up in most FSA initriatives, for example there are:-

Five Outcomes for Insurance Brokers to meet in dealing with commercial customers (FS07/7)
Five outcomes for the global banking regulatory and supervisory framework (DP09/2)

The responsibility for making OBR work rests squarely with senior management. For senior management to recognise this responsibility and understand how it fits with apparently conflicting demands such as maximise profit and minimise costs, requires a very focused message, supported by independent and objective facilitation to tease out how these demands can be reconciled.

Clarity concerning the role of compliance in this metamorphosis can also be difficult. It is a brave compliance officer who will “let go” of the rules and start from the outcomes to be achieved.

providing insight into what this change means for the organisation, senior managers and the compliance function
through case studies reflecting your business, teasing out the conflicts and generating ideas for resolving them
challenging the status quo and drawing out the opportunities and threats in changing your approach
Facilitating the development of an agreed way forward in both setting the principles for the way the business operates and a process for deciding how to evidence the outputs required.

How we can help

Talk to us about how to engage senior management in Outcomes Based Regulation. Ring 01327 858292.

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