We’re super excited to announce that former FCA culture specialist Olivia Fahy has joined TCC to lead the charge as our Head of Culture.
Misconduct alone is estimated to have cost UK banks £86.9bn over the past decade, according to the Centre for Banking1. As compliance takes an increasingly hands-on role in business culture, solving the culture conundrum will be fundamental to a successful long-term business strategy.
But despite the FCA’s consistent focus on organisational culture, many businesses still struggle to monitor and evidence theirs satisfactorily. This is where Olivia can bring her experience to bear helping businesses unlock their cultural DNA.
Olivia joins TCC from the FCA where she worked in the regulator’s Culture Team within Supervision for five years, during which she developed and led the FCA’s Transforming Culture initiative. Here she worked directly with the industry, helping to solve the practical challenges involved with assessing and transforming culture. Alongside this, she led on activities such as CultureSprints, webinars and roundtables, and the publication of the FCA’s Transforming Culture Discussion Papers.
Prior to joining the FCA, Olivia worked for the Financial Ombudsman Service, liaising with stakeholders to resolve high-profile policy issues.
Addressing the challenge of culture transformation head-on, TCC Group recently launched its new Hemisphere proposition, a culture analytics platform powered by cutting-edge AI and machine learning. Designed to help financial services businesses improve their culture, Hemisphere automatically collates and analyses complex datasets from across the business, giving business leaders access to real-time culture intelligence on a wider scale than ever before.
Mike Park, TCC’s CEO, comments: “Like the rest of the UK economy, the financial services sector has an opportunity to build back better and bolder after the pandemic. The FCA has been increasingly vocal about how important organisational culture is to that process, with a heightened focus on ESG as well as DE&I. Forward-looking businesses recognise the significant value – in client outcomes, staff engagement and retention, and risk mitigation – that is driven by strong cultures. As the only compliance consultancy with such an overarching focus on culture, TCC is well placed to help businesses not only objectively assess their culture, but also drive better outcomes.
Olivia will be a huge contributor to our clients as we continue to help them achieve healthy, sustainable cultures. Her work at the FCA means she has a unique understanding of the real-world challenges that businesses are facing when delivering culture programmes, along with an ability to translate FCA theory into tangible action plans.”
1 The Centre for Banking, 2020 https://cognitiveview.com/2020/10/cost-of-conduct-according-to-the-centre-for-banking-research-cbr/