WiRC founder Rupal Patel led a discussion with Emma Parry on Dynamic risk management for the future, and gained insight on:

  • Why is conduct, culture and behavioural risk so important?
  • Interconnected risk management – why a connected workforce matters
  • Having the right people at the table

Event Takeaways

Embedding conduct and behavioual risk into the risk management culture of an organization is an important aspect of effective risk management. This involves creating a culture that is open to speaking up about concerns or challenges to the status quo, and that encourages diversity of thought. It is essential to regularly assess the effectiveness of this culture, as a toxic or retaliatory environment can undermine risk management efforts. The panellist suggested one way to do this is by “walking the floor” and talking to people on the ground to get a sense of what is happening in the organization.

It is also important to seek feedback from the board on risk management efforts, and to be concerned if there is a lack of engagement or questioning from board members. This may indicate that there is work to be done to make sure the board is effectively fulfilling its risk oversight role.

Finally, it is important to recognize that culture is something that needs to be continuously nurtured and improved upon. This may involve implementing additional due diligence or risk mitigation measures when things go wrong and taking the time to celebrate diversity and encourage open communication. By doing so, organizations can more effectively address conduct and behavioual risks and create a strong risk management culture.

Written by Daniel Barnham, summer intern at Acin and student at the University of Edinburgh

Chair & Speakers

Rupal Patel

Founder, WiRC; Head of Data Insights & Risk Intelligence, Acin


Mirea Raaijmakers

Ever since the financial crisis in 2008, Dr Mirea Raaijmakers has been at the forefront of applying behavioural science in the financial industry. She was the first psychologist ever appointed by a central bank to use her specific skillset in supervision. She led the Dutch central bank’s (DNB) supervision on Behaviour & Culture for 6,5 years. What began as an experiment became successful – The Dutch Approach. Globally DNB’s supervision of Behaviour & Culture is known as one of the most successful post-financial crisis innovations in supervision. She has worked with regulators across the globe including the ECB, NY FED, MAS and APRA in embedding behavioural insights. After DNB, Mirea worked as Global Head of Behavioural Risk Management at ING for 5 years. At ING, she was responsible for the identification and assessment of behavioural risks and steer the business towards effective mitigation of these risks. She built this capability which is now an integrated part of ING’s risk function and strategic decision-making.


Emma Parry

Emma Parry is a senior advisor focused on conduct and culture, with a client base comprising international wholesale and digital banks, RegTechs, FinTechs and law firms. Emma draws upon 20+ years of industry experience, and a track record of successful delivery in a broad range of roles across investment and wholesale banking.  Emma led Product Governance and Conduct at HSBC in a role that spanned Global Banking and Markets.  She’s held programme management roles (HSBC, JPMorgan Chase, Citibank, Deloitte Consulting), COO roles (HSBC), and led global client service (HSBC). Emma was recently instructed as an expert witness on a UK High Court case involving alleged breaches of conduct risk regulations, giving her further direct exposure to the ways in which regulatory breaches can occur and the legal consequences. Having witnessed firsthand the impact of misconduct in the industry – and the detrimental consequences to customers, employees, and firms – has led Emma to her passion for partnering with clients to help tackle conduct and culture issues.

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