As the year comes to an end, it’s a good time to reflect on the events of the past 12 months, both the good and the not-so-good. For both the Financial Services industry and Aveni, it’s been a year of growth and resilience, with Consumer Duty as a key focus of our journey. We’ve been working hard to help more companies maximise the opportunities that Consumer Duty presents. Our platform Aveni Detect has rapidly evolved to provide regulatory and risk efficacy to organisations looking to place data-driven technologies at the heart of their operating models. We commissioned a Consumer Duty Chief Risk Officer survey, held webinars, and created a raft of other resources to support Consumer Duty understanding and insight.
Here is a curated list of some of our must-read Consumer Duty resources from 2022:
CHIEF RISK OFFICER SURVEY
We commissioned a survey of 80+ CROs and Senior Risk and Compliance Executives across the UK Financial Services sector. They shared their top priorities and investment plans for meeting Consumer Duty requirements and challenges in meeting the tightening data-driven expectations of the FCA. Interestingly, only 35% of the Chief Risk Officers are very clear on the impact of the new Consumer Duty regulations on their organisation. However, the majority of CROs show a preference for technology (78%) and staff training (89%) to meet the regulations rather than hiring more people (41%).
Download the full survey result here.
We launched a ‘Consumer Duty Solutions Series’ to help firms understand the practical implications of the regulations, the regulator’s expectations, and specific actions and strategies firms need to take to comply. We’re privileged to have been joined by some of the leading voices within the financial services industry, ex-FCA executives and Consumer Duty experts as hosts and panellists.
Watch the replays below:
- 3 risks you need to address to comply with the FCA’s Consumer Duty requirements. Watch replay
- What a data-driven regulator expects from you. Watch replay
- Consumer Duty: The Chief Risk Officer Survey Results. Watch replay
However, we also held other webinars beyond this series. Dr. Lexi Birch, Head of Aveni Labs, consistently ranked as one of the top 100 NLP engineers in the world, hosted a webinar and shared her unique insights into what Artificial Intelligence (AI) is and the importance of board-level understanding of it in Financial Services as firms increasingly investing in Ai-driven tech.
- AI: Why an executive understanding is so important. Watch reply
WHITEPAPERS & REPORTS
Aveni has created a range of reports and whitepapers this year covering everything from setting out the approach to adopt machine learning and other data-driven technologies in human-centred advice to the critical role of technology to meet increasingly data-driven Consumer Duty demands of the regulator.
- Human+: Adoption of Machine Learning in human-centred advice. Download
- Consumer Duty: Why turning to technology is the only way to meet duty obligations. Download
These brochures provide a more detailed explanation of the synergy between technology and Consumer Duty compliance. It explores the best ways to merge technology in human-centred operating models to gain competitive advantage, business improvement and regulatory compliance.
- Consumer Outcome Index: Automated Assessment of Consumer Duty KPIs. Download
- The central nervous system of a sociable advice process. Download.
Need a quick fix of information? These flyers contain a short but rich guide on everything, including adopting a machine line of defence, powering agent performance, improving the quality assurance process and agent performance.
- Consumer Duty: Managing Customer Vulnerability. Download
- Consumer Duty: A machine line of defence with auto QA. Download
- Consumer Duty: Agency Performance and Coaching. Download
- Improve Quality Assurance process. Download
- How to ensure the fair treatment of vulnerable customers. Download
- Elevate contact centre efficacy and boost agent performance. Download