CCR2 Conduct Risk
Deciding upon, and promoting, core values
Setting a company culture means seeking out, and acting upon, feedback from all your stakeholders
Glen Walker Chief compliance officer and associate director, Ascent Performance Group
Glen.Walker@ascent.co.uk
The right culture can create an organisation’s greatest competitive advantage. However, creating that culture takes time and a clear understanding of what could be done better in the business, where strengths lie, and what journey needs to be undertaken to create a great workplace. Business culture, in its most simple form,
is really just the way that firms go about their day-to-day business, But feeding into this are factors, such as behaviours and ethics, and a business culture will encompass an organisation’s vision, values, working style, principles, and habits. Recent Financial Conduct Authority (FCA)
thought-leadership also highlights that a strong business culture emerges when leaders
start to question how to influence behaviours. Setting values and behaviours helps to bring cultures to life, but, when considering what the values should be, there are external factors to consider. Values should also represent external
relationships. For any partnership to prosper, both of the partners must share a common culture with common values. Consequently, when considering our own values, it was important that there was commonality in them, and that they were consistent with our group strategy. Whilst constructing ideas of what the
values should be, safeguard the interest of all parties by holding discussions that include your customers, clients, business partners,
management teams, and external consultants to reflect on every possible interpretation. When considering value and behaviours,
it is also useful to consider the value chain at three key stages: l Inputs. l Outputs. l Benefits. The inputs comprise of instilling the
company culture into individuals in order to create a great colleague experience. Where this colleague experience, in the business, is positive, then colleague behaviour will follow this positivity and deliver a good customer experience as an output. The positive customer experience will act
Figure 1: The keys to culture
to influence the behaviour (and actions) that we want from the customer, and this will, ultimately, deliver the intended business outcomes. Understanding this flow of events is crucial
to the success of any values and behaviours being created.
The positive customer experience will act to influence the behaviour (and actions) that we want from the customer, and this will, ultimately, deliver the intended business outcomes
28
www.CCRMagazine.co.uk
January 2018
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