Brain Training: 10 things you need to know about... conduct risk

2. Conduct risk cannot be treated as an afterthought - just adding it to board meeting agendas will not impress the regulator

3. You need to assess the implications of your entire business model on customers, business partners, employees, shareholders and the market

4. You need to be able to show how you are managing conduct risk (including treating customers fairly) at every stage in your business process

5. It's that far-reaching, but also it's that simple - there really isn't any rocket science or brain surgery involved

6. A lot of the commentary on conduct risk needlessly over-engineers the concept, when getting back to business model basics is all that is required

7. The recent miss-selling scandals came about because no one was asking the right questions and profit targets blinded firms to ethics

8. Simply ask: how does X or Y or Z affect the parties named in point three above, and conduct risk almost takes care of itself

9. What the regulator needs to see is that you have processes embedded in the business that ensure these questions always get asked and answered

10. So, don't get bogged down in theory or identifying new categories of risk - forget the fancy language and focus on your business practice fundamentals.