If you’re the senior leader of a regulated firm, you’ll know how intense this time of year can be, so before you get too deeply ingrained in a new project this Autumn, pause for a moment.
Even if you’re overseeing every detail right now, your memory will fade and the rationale behind a decision you make or a key conversation you have that has an impact on outcomes can easily become a blur.
So consider this.
Further down the line, if the Regulator were to ask about the part you played, what will you remember?
I’ve worked with senior leaders who were completely immersed in complex or high-stake projects and believed they’d never forget the detail. But they did. And in a regulated environment, that’s a risk you really don’t want to carry.
Don’t forget, Regulators won’t ask what you ‘think’ happened, they’ll want to see the evidence.
That’s why I always advise documenting your input as you go. File notes, meeting notes and anything that records what you did, how you did it, who you liaised with, how you were alerted to issues and how quickly you acted when something went wrong.
Clear records and decision logs don’t just show that work was done, they demonstrate that it was done responsibly and in line with regulatory expectations.
So now‘s the time to get your ducks in a row. Demonstrate that you’re taking reasonable steps. It’s not just compliance, it’s good business practice.