How to spot if you have issues like Revolut

The problems with the culture at Revolut are not new, as the title of this February 2019 Wired article suggests: Revolut insiders reveal the human cost of a fintech unicorn’s wild rise.

And now, four years later, management is “calling in the psychologists” to deal with these costs. Prevention is always better than cure; so what can you do to ensure that your employees and your business are not paying the price of a toxic culture? And, how can you consciously develop a healthy culture, one that supports the achievement of your strategy and the development of your people?

Both prevention and cure start with diagnosis

Accurate diagnosis requires listening to the patient. A Barrett Cultural Values Assessment (CVA) is an ideal tool for this purpose as it is easy to administer in any size company and it provides insights that are otherwise difficult to obtain and easy to understand.

How useful would it be to know what:

  • values are important to your employees,
  • values and behaviours they are actually experiencing, and
  • is blocking and undermining your organisation’s success?

Best of all, a CVA begins the cure by accessing your employees’ solutions to the issues present in your culture. It is the starting point for a productive dialogue that involves everyone – a necessary step in prevention and cure.

Any successful culture change requires the participation of employees, slowing building trust by involving them from the beginning in diagnosing and addressing the issues.

Cultural change will not succeed if it feels to people that it is being done to them. The expertise and support of behavioural scientists and organisational psychologists, if properly deployed, will be invaluable. However, first begin by making sense of your culture. This is the foundation upon which all other interventions may succeed.

Judging from the current statement on Revolut’s website, they have got the message.

We believe that any success at Revolut comes from two things: our people and our culture. We believe that brilliant people operating in a great culture will produce the best outcome.

From revolut.com/our-culture/

For their sake, and the sake of their employees, I hope they mean what they say now. The change must come from within. You can make a difference in your culture, which will make a difference in your results if you draw on tools, frameworks and experience of those who have been there before you. Don’t ignore the warning signs in your own organisation. Don’t be Revolut.

Reach out if you would like to be confident that the culture of your organisation is driving success and fulfilment for all your stakeholders.

3 reasons to attend the 19th Annual UK Anti Money Laundering & Financial Crime Seminar

1) A true cross-industry event bringing together leading stakeholders to look at the latest strategies and solutions and their future development…

Held hybrid 24 – 25 April 2023 – Hosted by Herbert Smith Freehills, City of London

2) Key updates and answers from relevant high-level experts in a one-day session – including from…

  • Alex Brenig-Jones, Head of Financial Crime Insights, NatWest Group
  • Carol Smit, Executive Secretary, JMLSG (the Joint Money Laundering Steering Group)
  • Kurt Rowe, Group Head of Financial Crime & UK & Head of Data Protection, Intact
  • Lynsey Lauer, DP & Lead of the UK Economic Crime Plan, Home Office
  • Maria Hannan, DP & Lead of the Economic Crime & Corporate Finances Bill, Home Office
  • Paul Laffan, Head of Financial Crimes Compliance EMEA, State Street

And many more…

3) And lots of new topics for 2023, including…

  • The FCA’s financial crime priorities 2023 – a commitment to a more proactive approach
  • Companies House on building the integrity of the Public Register – a progress update
  • Addressing the greatest challenges in 2023 – the new drivers & how to flex your compliance programme while balancing effectiveness with efficiency
  • The evolving role of RegTech & data analytics in financial crime prevention
  • Shining a bright light on RBA, CDD, perpetual KYC, KYCC, UBOs and 3rd parties – navigating the current geopolitical risks, increasing regulatory demands & data privacy rules
  • Information sharing post-UK Economic Crime and Corporate Transparency Bill
  • Proliferation financing risks & compliance – meeting rising standards
  • ESG– what are the implications for your financial crime compliance?

Learn more and book on the AMLP event site

Cover image courtesy of AMLP

Pre-order: Humanizing Rules – Bringing Behavioural Science to Ethics and Compliance

Longtime friend of AretéWork and occasional webinar co-host Christian Hunt is topical with an exciting new book – which is now available for pre-order from Amazon, Bookshop.org – as well as directly from the publisher, Wiley.

Amongst other things you’ll find an overview of the…

  • Right Tools For The Job
  • The Traditional Toolkit

As well as an introduction to Behavioural Science – and a deep dive into some of the drivers:

  1. Our Experience and Knowledge
  2. Other People
  3. Context

A volume to look forward to…

Post Cover Photo by 🇸🇮 Janko Ferlič on Unsplash

Fresh OECD Public Integrity Indicators

New evidence on how well countries manage corruption risks has been released on the OECD Public Integrity Indicators portal. The “Accountability of policy making” indicators cover both regulations and practice on lobbying, conflict of interest, political finance, access to information, open government, open data, and public consultation. Makes for super-interesting reading – and #EthicalBusinessPractice & #EthicalBusinessRegulation relies on solid accountability in policy making.

oecd-public-integrity-indicators.org/

Join #IACC2022 online

One of the key events in the anti-corruption calendar this year – and attended by the good people from Basel Institute, Accountability Lab – and many more.

In the words of IACC:

5 global plenaries. 60+ workshops. 140 nationalities.

This year’s IACC will be held under the theme: Uprooting Corruption, Defending Democratic Values.

Years of insufficient action against corruption by governments have led us to a critical juncture: while we continue to grapple with the vast and unprecedented consequences of the pandemic, kleptocratic regimes are endangering the global order. Corruption fuels these threats, hinders responses and endangers every person’s right to live in peace and security.

This makes our global movement against corruption more important than ever. Together, we can build on our achievements and accelerate our momentum in the fight for the future we want.

Learn more and register to attend online

Save the date: 2023 OECD Global Anti-Corruption and Integrity Forum

The 2023 Global Anti-Corruption and Integrity Forum will be held under the theme Action to impact: Working together to strengthen integrity and fight corruption. The Forum will take place at the OECD Conference Centre in Paris, France. Registration for the Forum will open in December.

Save the date: the week starting 27 March 2023

Previous Forums

Leading an Effective Ethics & Compliance Ambassadors Program

Whether you call yours an “Ambassadors Program”, “Champions Program”, or “Liaison Program”, they all do the same thing—spread awareness and broaden the reach of your compliance and ethics program by using businesspeople as extra arms, legs, and ears.

Join us on December 8, 2022 for this one-day virtual conference, Leading an Effective Ethics & Compliance Ambassadors Program. Through sessions led by industry leaders with deep experience leading Ambassador Programs, you’ll examine different state-of-the-art efforts and ways to improve (or even launch) your own program.

LEARN MORE AND REGISTER HERE

Hot topics

  • Successfully navigating the changing landscape for ambassador programs
  • Optimizing the structure of your program to maximize effectiveness
  • Recruiting and training your ambassadors: It’s all about the people
  • Inspiring, sustaining, and expanding the network in the medium and long term and building in continuous improvement
  • Communicating with the wider workforce
  • Metrics and assessing your program’s effectiveness

Speakers

  • Julia Bailey – Chief Compliance Counsel, SVP, Global Ethics & Compliance – Maximus Inc
  • Rebekah Coleman – Group Chief Compliance & Ethics Officer – Nuclear Decommissioning Authority
  • Lisa Fine – Senior Counsel and Director, Compliance – Pearson
  • Tobias Heine – Chief Integrity Officer – Volkswagen AG
  • Rhenu Jha – Ex-Regional Compliance Head APAC – CBRE
  • Toni-Lynne Langeveld – Senior Advisor, Ethics & Compliance – Southern California Edison
  • Daniel Lopez – Ethics Advisor – Northrop Grumman Inc.
  • Duncan Milne – Associate General Counsel – Global Benefits Group
  • Cristina Potter – Vice President, Chief Ethics and Privacy Officer – SAIC
  • Jennifer Selliers – Director, Senior Consultant – Renaissance Regulatory Services
  • Matt Silverman – Trade Director & Senior Counsel – VIAVI Solutions
  • Ruth Steinholtz – Values Based Business Ethics Advisor – AretéWork LLP

The EU Whistleblowing Directive – does it matter to me?

The good people at the Institute of Business Ethics are putting on a timely discussion on the EU Whistleblowing Directive:

The EU Whistleblowing Directive, adopted by the European Parliament in October 2019, is gradually being implemented across EU member states but this is lagging well beyond the original deadline of December 2021. Is the approach it takes helpful, and what relevance does it have for companies not domiciled in an EU country – such as a post-Brexit UK? In this webinar, we will be joined by Liz Gardiner, CEO of Protect, and Steve Pegg, International Ethics Manager with Lockheed Martin, who will discuss the public policy and practical corporate implications of the Directive.

BOOK YOUR SPOT HERE
The panel includes

And here’s a data point worth sharing from Protect: