There is a pressure cooker analogy for driving business performance. That is, apply plenty of heat to the pot (which is your team) and keep the lid firmly shut. The team will push harder to reach their goals. As a safety mechanism, all pressure cookers have a relief valve and so the analogy goes, make
Mark Bouris of Yellow Brick Road Wealth Management and ex Wizard Home Loans, a renowned market disrupter, gave a speech at the Risk Management Institute of Australasia (RMIA) National Conference in Melbourne last week. He made an appeal to the audience of risk management professionals. Before the appeal, he gave a lesson on how financial
While regulators demand red tape (see Wage War on Regulator Imposed Red Tape), the business world at best sees it as a necessary evil and at worst as costly handcuffs. One of the comments a colleague made on that blog was that he thought I would be writing about the need to push back at regulators.
Regulators love red tape. They may not admit it, but they love it because it allows them to provide evidence that they are effective regulators. Have a think about what is driving regulators and the response by industry (and check out the industry dynamics figure below). The regulator wants you to deliver on your promises
In a 2014 Deloitte Access Economics report on red tape they reported: “…self-imposed rules cost $21 billion a year to administer, and generate a stunning $134 billion a year in compliance costs. When combined, the costs of administering and complying with public and private sector rules equate to a quarter of a trillion dollars a year.” Do