Problem Gambling Series: Part 4 with Perrin Carey

Introduction

• Host: Tim
• Guest: Perrin Carey
• Overview: Focus on problem gambling, organizational culture, compliance, and governance

Background:

• Perrin Carey’s Experience:
  • Previously with Stride Gaming PLC, now Rank Group.
  • Recruited to resolve financial sanctions from the UK Gambling Commission.
  • 20 years in regulatory compliance, governance, and risk management (including financial services and international education).
  • Currently runs a startup focusing on governance, risk, and compliance, using research to interrogate these concepts.
• Previous Discussion: Responsible gambling issues, compliance, and governance.

Key Topics Discussed:

Governance and Compliance:

• Definition and Relationship: Governance & Compliance
  • Governance: Steering organizations via rules, committees, and frameworks; should be dynamic like a murmuration of birds.
  • Compliance: Often idealistic and doesn't truly exist as a state; focus should be on reducing non-compliance.
• Govandisia:
  • Developed a technology to measure governance in organizations using human data outcomes

Compliance Challenges:

• Compliance does not exist as an absolute state; non-compliance mitigation is key.
• Organizations should focus on reducing non-compliance through effective systems, not just policies and procedures.

Organizational Culture:

• Compliance and governance rely heavily on organizational culture. Culture integrates human factors into compliance and governance.
• Culture:
  • Described as "people like us do things like this" (Seth Godin).
  • Importance of values- and purpose-based decision making alongside process-based decision making.
• Policies and Procedures vs. Values and Purpose
  • Policy-driven approaches can be rigid; values-driven approaches allow more fluid and dynamic decision making.
  • Integrating values and purpose creates a sustainable and flexible environment, especially in uncertain times.

Future of Regulation and Compliance:

• Future of Regulation:
  • Regulators are focusing more on culture and accountability.
  • Emphasizing accountability, not just at the board level but across the organization.
  • Inspiration from the Financial Conduct Authority (FCA) regarding cultural and accountability measures.
• Future of Compliance (if new ideas are adopted):
  • More dynamic and empathetic organizations that see customers as human beings, aligning with values-based decision making.
• Future if organizations stick to the old ways:
  • Risk of regulatory sanctions and unsustainable business models due to a lack of adaptability.

Practical Applications and Advice:

• Risk Mitigation:
  • Implement both processes and values-based approaches.
  • Use research and technology (like Govandisia) to measure governance effectiveness.
  • Focus on long-term sustainability and customer relationships.
• Humanizing Decisions:
  • Decisions should consider the emotional and human aspects, improving compliance through better decision making.

Conclusion:

• Organizational culture and values-driven decision making are crucial for enhancing compliance.
• Regulators are moving toward a focus on culture and accountability.
• Sustainable business practices require seeing customers as human beings and building long-term relationships.
• Technology and research are key tools in improving governance and reducing non-compliance.

For more insights: Visit gamblingdecided.com for articles and updates on responsible gambling and industry news.

Emoji: 🌱

Note: The guest thanks the audience and wishes them well.

Host Reminder: Follow the series for further insights into the gambling industry and responsible practices.

Acknowledgment: Thanks to viewers for tuning into the Problem Gambling Series. Topics covered: US regulatory affairs, psychological impact, women in gambling clinics, and compliance and governance today with Perrin Carey. For more, visit gamblingdecided.com.