Welcome to the final episode of this series of the BIBA Pod, in which we are very pleased to be speaking with Leon Carford, Head of Risk and Compliance at Atlanta Group! In conversation with Sarah Myerscough, he explains why risk and compliance need not be considered a hindrance to doing good business, and how a reframing of the way in which we understand them can bolster better decision-making. For Leon, we should always be asking ourselves how we can get the most out of our risk and compliance function, be it internal or external. He argues that it should not be cornered as a box-ticking exercise, and should inform everything a business does. This is particularly key with regard to consumer duty, which for Leon has neatly synthesised the core objective of delivering a good outcome for customers at the heart of everything we do. Risk and compliance is not a separate function in and of itself, and can help to drive innovation. Similarly, in discussing his involvement with iCAN and raising diversity and inclusion awareness, Leon suggests that there is a business case for implementing this often-siloed topic at the strategic business level.

Quotes of the Episode

“I don't see risk and compliance as a sort of business prevention function, I think it's a real key part of being a good commercial business. In a competitive environment, you want to equip yourself with the best tools that you can to give yourself an advantage. Risk and compliance is really something that you should have in your toolkit. You should be sharpening the tools that you've got there… Risk isn't really about risk registers, or heat maps. It's about actually supporting the business to make really good and strong informed decisions. I think if we reframe risk slightly, it gives it that that real sense of importance and really helps to show why it’s important.”

“It's really, really important that brokers involve risk and compliance early in projects. I can be working with finance, and then an hour later, I'm with ops. That holistic view really helps to support a project, so you're not just thinking in that vertical of ‘what's this product trying to deliver?’, but ‘what's the knock-on effects on a in a wider sense?’”

Key Takeaways

Risk and compliance are key tools in your armoury for ensuring you are driving your business forward

As risk is ultimately about managing uncertainties, it can and should inform everything a business does at a strategic level

Risk should not be seen as a separate policing function, but an integral part of a business’ strategic decision-making

There is a direct positive bottom line profit impact if you have a diverse business

About the Guest

Based in Manchester, Leon Carford has worked in insurance for around ten years. He initially worked in various internal audit teams before joining the Ardonagh Group. He now works as Head of Risk and Compliance at the Atlanta Group, a subsidiary of Ardonagh Retail.

Leon’s LinkedIn Profile: https://www.linkedin.com/in/leon-carford/

About the Host

Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.

Resources

BIBA Conference 2024: https://thebibaconference.org.uk