Studied under David Jackman for the Diploma in Anti money-laundering (Module 4). See more about him at the end of this article.
It is my belief that a viable culture is vital for successful compliance/regulation. Hence, I am following up on his teachings on regulatory maturity (for possible further research). He states 4 stages/levels from the document Ethics for Regulators. (2016). https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/553826/David_Jackman_-_Ethics_for_regulators.pdf [UK government site].
I quote here the middle two stages and highlight a tiny bit of the final stage.
- Question: What do we have to do?
- Unthinking, mechanical compliance
- Dispersed decision-making /decision-sharing
- By the book – black or white answers, ticking boxes
- Bureaucratic and costly
- Jobs-worth, inflexible application of principles
- Culture of dependency on ppolicies and procedures
- Outsourcing ‘conscience’
- Question: How can we be more effective?
- Making the business case
- Reputational repair or building trust
- Helps in delivering on objectives, no just a cost
- Part of decision-making at all levels
- Staff give space to grow and trusted to make decisions
- Judgment led
- Public accountability and kpis
- Long-term planning of developing principles
4. Values-led would involve:
- Question: What do we want to do?
- Good habit not audit driven
[from the main source article] “Regulatory Maturity:
1. Effectiveness of the regulatory body in delivering its stated objectives,
including the sophistication of the regulatory tools and techniques used
2. Maturity of the relationship between regulator and regulated, and other
3. Integrity of the internal regulatory culture, including the degree to which
the seven principles are embedded“
David Jackman. Company Overview of Jersey International Business School. https://www.bloomberg.com/research/stocks/private/person.asp?personId=61166528&privcapId=102276049. Bloomberg.
Read an article written by him in 2012. David Jackman: Business won’t be ethical until it shares society’s values again. http://www.independent.co.uk/voices/commentators/david-jackman-business-wont-be-ethical-until-it-shares-societys-values-again-7965044.html. The Independent. UK.
David Jackman. Strategic Advisor. Meet the ICA Advisory Committee. https://www.int-comp.org/ica-advisory-committee/meet-the-ica-advisory-committee/. International Compliance Association. International Compliance Association. London.