Welcome to our Risky Women Transformation series where Lucy Pearman talks change, innovation, and what’s next in the world of governance, risk, and compliance. Lucy Pearman is the global leader for Protiviti’s TRANSFORM Risk and Compliance practice and focuses on innovating the field of risk management. She has more than 20 years of experience leading complex change initiatives across a variety of organisations to optimise their business performance through operational effectiveness, enhanced governance, process automation and emerging technologies. Click below to listen to the episodes.
Episode 1 – Compliance Priorities for 2022
Episode 2 – Compliance & Risk Challenges for Small Asset Management Firms: Amy Aubin
I think so. Since moving over to the smaller environment, maybe just over a year ago, in the middle of a pandemic, I no longer have to worry about multiple regulatory regimes. So I can focus on one country, one regulator, one type of client, one type of product, so that multidisciplinary complexity just isn’t something I need to worry about any more. That being said, now, I have a much broader role. So for me personally, there’s still interesting things to do. But in terms of risks of the firm it’s much smaller. I think one of the big things I noticed was project risk. So in larger firms, I used to be involved in a lot of projects. And one of the big areas of project management is getting buy in. So this adoption risk, how do I make sure change management happens throughout this huge organization? In a small firm, you know, there’s five people so you just don’t have to worry. You don’t have the huge spend on training and getting buy in posters and all that stuff. You can just be like, Okay, everybody, Do we all agree and you can really move so fast. So that speed of implementation is a totally different ballgame. And a small firm I would say some other things that are less risky is silo. You don’t have the silos that happened in a large firm. One of the things I really noticed was what I call the IT spaghetti. I’m sure there’s a better term for it than that. The picture that big firms always have of their IT systems and all of the linkages, and it just looks like a big ball of mass. And it’s the legacy. It’s the our old system. And then half of it got moved to this new system, you have a link here and a link there, in that the one thing I’m loving, and I’m feeling no risk about is have these clean datasets, there’s no massaging of data. It’s just nice, simple. Everything from scratch. And you know, I’m an accountant at heart. I have many of the stereotypical traits of an accountant, I like things just so, I like order, I like numbers. And creating a reporting structure from scratch is just like music to my ears. You know, I can just see, here’s my file, here’s my attachment and everything matches and I don’t have that spaghetti, and the burden of a long legacy and multiple system changes and everything. Nothing’s ever simple when you have that IT spaghetti as I call it. I think that’s probably some of the things that I’ve noticed or less risky.
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