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Jerome Lussan CEO of Laven Partners participated on a panel alongside Janaya Moscony (President of SEC3/CCO3 Compliance Services), Barry Champney (CCO at Vanderbilt Securities), Michael Isaac (CCO at Stadion Money Management) and moderator David Nash (Vice-President of Compliance Science) on the management of a crisis. With the increase in regulations the advent of a crisis that may be devastating for a financial service provider are ever more present. Jerome questioned the level of preparedness and what could go into a crisis management strategy.

Preliminary thoughts

A crisis will happen at some point. Humans are notoriously poor at preparing for a crisis.

For example – generally 25% of CFO’s claim that they are insufficiently prepared for cyber or malicious attacks (terrorism and tampering). 10% only state that they are well prepared. However 50% of financial services’ CFO’s said they were under prepared for a cyber-attack and 30% state insufficient preparedness for a malicious attack (Deloitte’s second quarter 2015 CFO Signals survey ).

A crisis can be thought about, and prepared for.

Various crisis have 'killed’ businesses from Arthur Andersen to Carl Linderum. Crisis simulation should be conducted or prepared for. This will reveal an organisation’s blind spots and will stress-test existing protocols.

To illustrate the potential for preparation Jerome used a simple case of insider trading accusation in which although the accused were innocent and a......................

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