Regulation and pandemic spotlight people risk - Todd
24th February, 2021|Luke Jeffs
Todd's KRM22 said it has struck a partnership with leadership and culture specialist Kintail Consulting
Regulation and the COVID-19 pandemic have combined to focus attention for the first time on people and culture risk, according to KRM22 chief Keith Todd who has forged a partnership to help firms tackle the nascent risk class.
Todd, the executive chairman and chief exec of the London-based risk tech firm, said on Wednesday he has partnered with Kintail Consulting to combine Kintail’s leadership and culture expertise with KRM22’s enterprise risk platform.
The partners agree that, while people-related risk is not new to financial firms, people and culture risk has become more important over recent years due to post-financial crisis regulation and, more recently, the COVID-19 pandemic.
Todd, who founded KRM22 in 2017 promising deals and partnerships to build a holistic risk platform, said the oversight of individual staff members was one of the key messages to emerge from the 2008 banking and one that has influenced financial regulation since then.
He said: “We all remember what happened in 2008 and the great financial crisis but a common thread among regulators around the world was how people and culture were a common factor. So it’s a big topic for businesses in driving their normal day-to-day objectives and performance but, even more critical, because of the regulatory environment created post-2008.”
Yet Todd believes the challenge of managing people and culture risk has become further complicated by the COVID-19 pandemic and, specifically, the fact that most staff have spent most of the past year working from home.
He said: “The last 12 months have exacerbated the challenges of building a culture, helping the culture evolve and retaining and motivating teams in managing business objectives. People have always been important but, given what we have been through in 2020, the problems are even more challenging than they were before.”
Todd said this explains why KRM22 has reached a partnership agreement with Kintail Consulting, a specialist in leadership and culture led by Chris Cherrington.
He said: “People and culture risk has always been there, it’s not a new thing, but the terminology has come to the fore over the past year. The environment we’ve been in and the environment we are going into is more complicated and volatile.”
KRM22 and Kintail said they will work together to provide Human Resources managers within financial firms with “a holistic view of all people and culture objectives, initiatives, operational processes and risk including oversight across compliance obligations”.
Todd, who founded FfastFill in 2002 before selling it to ION Trading in 2013, set-up KRM22 in October 2017 and pledged to buy smaller risk technology firms and combine these into a holistic risk management offering.
To read more about the KRM22 partnership with Kintail Consulting, click here.
To listen to the full interview with Keith Todd and Chris Cherrington, click here: https://youtu.be/CODXDozeoJc
