Details

<p>Preface xi</p> <p>Acknowledgments xiii</p> <p>About the Author xv</p> <p><b>PART ONE Theory</b></p> <p><b>CHAPTER 1 New Compliance 3</b></p> <p>The Challenge 3</p> <p>Turning Point 4</p> <p>Traditional Compliance 4</p> <p>New Compliance 5</p> <p>Shared Journey 5</p> <p><b>CHAPTER 2 General Model of Regulatory and Compliance Development 7</b></p> <p>Introduction to Development Models 7</p> <p>General Model of Regulatory and Compliance Development 8</p> <p>International Comparisons 11</p> <p>Example of the UK 11</p> <p>Using Regulatory Toolkits 13</p> <p>Conclusion 14</p> <p>Endnote 14</p> <p><b>CHAPTER 3 Is Compliance Worth the Money? 15</b></p> <p>An Unfortunate Unconformity 15</p> <p>The 2008 Global Financial Crisis 16</p> <p>Legacy of Failure 18</p> <p>Post-2008 19</p> <p>Increasing Compliance Spend 22</p> <p>A Line in the Sand 22</p> <p>Future Challenges 24</p> <p>Conclusion 24</p> <p>Endnotes 25</p> <p><b>PART TWO Practice</b></p> <p><b>CHAPTER 4 Ethics 29</b></p> <p>Definitions 29</p> <p>Ethics in Regulation and Compliance 29</p> <p>An Ethical Framework for Financial Services 30</p> <p>Ethics in Business 31</p> <p>How Should a Compliance Practitioner Approach Ethics? 32</p> <p>Ethics at Work versus Ethics at Home 33</p> <p>Steps Towards Developing Ethics 33</p> <p>Main Tools for Identifying and Applying Corporate Ethics 35</p> <p>Three Critical Steps in Establishing Ethics 35</p> <p>Ethics in Regulation 56</p> <p>Principles and Ethics 57</p> <p>Advantages and Disadvantages of Principles 58</p> <p>Principles-Based Regulation 60</p> <p>Conclusion 65</p> <p>Endnotes 66</p> <p><b>CHAPTER 5 Culture 67</b></p> <p>Pro-Compliance Culture 68</p> <p>What Is Culture? 69</p> <p>What Is a Values-Led Mind-Set? 69</p> <p>Changing and Embedding Culture 70</p> <p>How to Change Culture 74</p> <p>Creating Crucibles in Regulation—Examples 77</p> <p>Regulatory Methodologies 80</p> <p>UK Indicators 83</p> <p>Fair Dealing in Singapore 88</p> <p>Measuring Culture 89</p> <p>Conclusion 93</p> <p>Endnotes 93</p> <p><b>CHAPTER 6 Good Governance 95</b></p> <p>Why Does Governance Matter? 96</p> <p>What Is Corporate Governance? 97</p> <p>A Model of Good Governance 101</p> <p>Ten Principles of Good Governance 102</p> <p>Conclusion 131</p> <p>Review: The State of Corporate Governance 131</p> <p>Endnotes 138</p> <p><b>CHAPTER 7 Outcomes 139</b></p> <p>Why Is This Step Up So Significant? 139</p> <p>What Is Outcome? 141</p> <p>Why Is Outcome So Important? 142</p> <p>Development Matrix 147</p> <p>Outcomes in Singapore Regulation 149</p> <p>Outcomes and Enforcement 150</p> <p>Conclusion 151</p> <p>Endnotes 152</p> <p><b>PART THREE Purpose</b></p> <p><b>CHAPTER 8 Community 155</b></p> <p>Importance of Community 156</p> <p>Role of Companies 156</p> <p>Social Usefulness of Banks 158</p> <p>Role of Compliance 159</p> <p>Definition of Community 160</p> <p>Community Principles 161</p> <p>Sustainable Communities Principles—What Do They Mean? 162</p> <p>Development Matrix 164</p> <p>Corporate Social Responsibility 167</p> <p>New Reporting Standards 167</p> <p>Behavioural Economics 168</p> <p>Vulnerable Consumers 171</p> <p>Conclusion 174</p> <p>Endnotes 174</p> <p><b>CHAPTER 9 Corporate Faith 175</b></p> <p>What Is Corporate Faith? 176</p> <p>Managing Corporate Faith 177</p> <p>The Value of Corporate Faith 177</p> <p>Dimensions of Corporate Faith 179</p> <p>How Faith Develops 183</p> <p>Corporate Faith into Practice 184</p> <p>Professionalism 184</p> <p>Judgment-Based Compliance 186</p> <p>Conclusion 186</p> <p><b>CHAPTER 10 Corporate Maturity 187</b></p> <p>What Is Maturity? 187</p> <p>Maturity and a Direction of Travel 189</p> <p>Unconditionality 194</p> <p>The Underlying Process 195</p> <p>Corporate Maturity Framework 197</p> <p>Cavitation 198</p> <p>Connecting the Five Stages of Development with the Five</p> <p>Levels of Maturity 199</p> <p>Conclusion 199</p> <p>Index 201</p>

<p><b>DAVID JACKMAN</b> is a non-executive director, writer, lecturer and TV and radio commentator and has his own consultancy, intotheclearing.com, specialising in helping firms to work 'Beyond Compliance'. He also founded the Ethics Foundation and the 'Ethics Mark^®' for value-led businesses, which he is launching in Singapore.

<p><b>Praise for The Compliance Revolution</b> <p>"Staying ahead of the change curve is essential for maintaining a successful and viable business. With the paradigm shifts we are experiencing in regulatory regimes and resultant systems of governance, this book is timely and offers highly perceptive road maps for organisations and their compliance functions to respond in a sustainable manner that engenders trust and confidence. David writes with honesty and directness that is refreshing and consistent with the standards of ethical practices he advocates."</br> <b>—Vicky Kubitscheck, CRO and Compliance Director, Police Mutual (insurance) Group; author of <i>Integrated Assurance: Risk Governance Beyond Boundaries</i></b> <p>" David Jackman was in the forefront of the movement to introduce an ethical dimension into the compliance sphere. Many a corporate failure would have been prevented if boards and senior management weighed the ethical implications of their decisions. <i>The Compliance Revolution</i> makes an important contribution by explaining how ethics, regulation and compliance can co-exist. The book breaks new ground by offering practical guidance, tools and examples to ensure that boards are driven by ethical considerations as well. It is a much-needed publication for board directors, compliance and ethics professionals, senior managers and even regulators."</br> <b>—Dayanath Jayasuriya, President's Counsel; former Chairman, Securities and Exchange Commission and Insurance Board of Sri Lanka</b> <p>"This is a brave attempt to posit a theory of change for the compliance function. The scene is financial services, and compliance with regulation, but the theory and practice will apply to any sector and to the additional tasks of a compliance function. Whether you wholly agree with the over-arching thesis or not, this book will help you develop your own theory of compliance, its role, and how it must change or evolve to succeed."</br> <b>—Robin Ford, Regulatory consultant; former Executive Commissioner British Columbia Securities Commission; former Chief Counsel, Insurance UK Financial Services Authority</b> <p>"David has made the abstract concepts simple and easy to grasp. It's both thought provoking and inspirational for those intending to or are pursuing a career in compliance. There are fundamental truths which I fully agree – 'when ethics are real and effective, the quality of compliance will be high.' The power of a right compliance culture cannot be underestimated. David highlighted succinctly the pitfalls to avoid and how important continuous stakeholder engagement is for an organisation to maintain the right compliance mindset. And, for the compliance professionals, how necessary it is to be clued in to the operations."</br> <b>—Adeline Koh, Head of Regulatory & Compliance for Asia Pacific region of a global insurance group</b>

SG