London – 10 May 2023 – We were delighted to attend the Building Societies 2023 Annual Conference at the ACC in Liverpool for the first time, in the company of over 600 chairpersons, chief executives and directors from BSA member organisations and as a joint exhibitor with LexisNexis, our inaugural partner of Protecht’s newly launched EMEA Partner Programme.
Over the course of two days, we showcased our Protecht ERM software and spoke to more than 40 building societies, all of which were upping their game to digitise their risk and operational resilience processes. There was a clear understanding of the potential improved outcomes and regulatory necessity of moving from a traditional manual approach to digitalising and streamlining all components of risk in an interconnected way.
We were thrilled to be on hand to offer guidance and to host a table to eight building society members at the conference dinner on Thursday 4 May held at the magnificent Liverpool Cathedral.
A big thanks to all that attended this event, and a special thanks to Keith McCloud, Non-Executive Director & Chair of Risk Committee at Mansfield Building Society, who as a Protecht customer spoke highly about the value our ERM software to streamline and automate risk, compliance and operational resilience processes and to manage all their regulatory obligations consistently.
Top three takeaways from the event
- The PRA non-financial risk priorities - Rob Pheasey, Building Societies Association Chair 2023-2025 & Chief Executive, Marsden Building Society delivered a keynote speech outlining the PRA challenges and opportunities for the year ahead. Whilst financial risk in the current economic risk is a top priority, do not overlook non-financial risk. A holistic business-orientated risk management process that ensures the two disciplines of operational risk and enterprise risk management are interconnected is essential for survival and growth.
- A lesson on the dangers of poor risk management– In the aftermath of the Silicon Valley Bank (SVB) collapse the financial services industry must prioritise better risk management, better governance, better supervision, and tighter alignment with regulation.
- Consumer Duty - With the FCA Consumer Duty immediate deadline of 30 April fast approaching, building society firms were keen to know how best to establish new routines and complete their review of existing products. The key takeaway here is to prepare for every eventuality and gain a deeper understanding of the interconnected nature of risks.
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