Safety in numbers...
Being in with the in-crowd can be a wonderful thing.
Just ask a lone bee if he’d instead prefer to be in the hive with a group of his colleagues, each performing a role which helps to ensure not only the survival of their species, but also the continuing deliciousness of my breakfast crumpets. Ask a wildebeest if it would prefer to be wandering the African plains solo, or whether they’d prefer to join the herd and massively reduce their chances of becoming an hors d’oeuvre at the local lion buffet that day. If you’re still in any doubt, ask a member of the ‘Star Trek: Borg’; while creating colonies across the universe and assimilating anyone in your way into your collective of clones isn’t an admirable goal, one has to admire the way in which the Borg build-up information, and therefore power. Once a piece of knowledge is gained by an individual member, it is immediately shared among the entire group.
You may wonder how bees, beasts and Borgs are applicable to your situation and the answer is simple: strength in numbers. For example, we’ve been talking a lot about the way in which the FCA might supervise your firm and the type of information it may want to view. When firms work in isolation, we have the FCA’s guidelines of what it wants from the firms authorised through it, but it’s much more difficult to know whether or not you are interpreting those guidelines into a practical process which will meet the regulator’s standards.
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