How We Do It: Conduct & Ethics

The Conduct & Ethics Committee, jointly chaired by Gareth Murphy and Alison Higgins, examines conduct matters covering behaviour, controls, oversight functions and methodologies across wholesale markets. The Committee has recently published a Statement of Good Practice on Unauthorised trading and also re-examined front-office supervision in the light of developments in how supervision is conducted. Other areas of recent focus include how firms collect and use conduct and culture management information, and how the 3 Lines Model can be applied more widely in risk management.

“FMSB is a highly effective forum for bringing together senior practitioners from across wholesale markets to develop industry standards and guidance. Cross-industry collaboration on conduct and ethics continues to be of vital importance as markets evolve and is often a better approach than additional regulation.”

Gareth Murphy, FMSB Advisory Council Member, Co-Chair of the FMSB Conduct & Ethics Committee and Group Chief Risk Officer at Aberdeen Group plc

“I am delighted to be co-chairing FMSB’s Conduct & Ethics Committee with Gareth. The issue of unauthorised trading is particularly pertinent amid rapid developments in technology and our working group on this topic is already developing good practice guidance to support firms in managing these risks.”

Alison Higgins, Co-Chair of the FMSB Conduct & Ethics Committee and Global Head of Control, Financial Markets Head, Markets (UK, Europe and America) at Standard Chartered

Work in Progress

Non-financial risk

Non-financial risk describes the set of enterprise-wide risks that remain after separating out financial risk. The key value of the NFR lens is the ability to consider these risks holistically, understand how they interact, and support coherent decision-making and accountability across the organisation. This Spotlight Review examines how NFR is managed in practice, where common challenges remain, and the characteristics associated with more effective approaches.

Topics under consideration

TBA

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Latest Publications

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