The Risk and Control Community of Practice had its inception meeting in Q1 2016 by presenting the community during the GABV Annual Meeting in March 2016 in Amsterdam, The Netherlands. This is a vibrant community with close to 30 participants registered by December 2016. In 2016, the CofP organized 5 conference call meetings.
The main objectives of the community are:
- To improve the performance of those functions in values-based banking by exchanging knowledge, getting common materials and supporting each other with peer-to-peer advice;
- To develop common materials, evidences and positions to face relationships with regulators;
- To develop content that can be widely used for advocacy purposes and to engage policy makers and regulators; and
- To help GABV CEOs in achieving a broader view of the R&C functions and to develop strategies for the future in those areas.
Long-term goals include exchanging knowledge and experience, offering training, developing content, performing research, understanding the differentiators in controls of values-based versus mainstream banks, incorporating good conduct, culture and trust in control and audit work, and engaging with prestigious academic institutions in knowledge-related activities.
The Risk and Control CofP will focus on storytelling aspects to convey what the group is doing and to build trust – drawing the line between the values-based business model and risk, finance and control. During 2016, four topics were selected based on a survey, which will be further detailed and investigated during 2017. These topics include:
- Controls to ensure achievement of social impact objectives
- The manifestation and maintenance of an auditable control structure regarding the mission-driven culture
- Social impact considerations in pricing
- What does a values-based bank reputation management control structure looks like?
Risk framework in values-based banking compared to mainstream banks, and why it makes values-based banks more resilient.