This conference continued the discussion of reforming culture in the financial services industry. Building on previous conferences, most recently in 2018, this event provided a multi-disciplinary view on persistent misconduct in the financial industry and highlighted the effects of societal changes and new technologies on culture within firms.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Building Cultural Capital in the Financial Services Industry:
Emerging Practices, Risks and Opportunities
Emerging Practices, Risks and Opportunities
The New York Fed hosted a one-day conference discussing reforming culture in the financial services industry. Learn more from the key themes and summary below.
Key Themes
Here are the key themes discussed at the conference:
- Organizational culture is not the sole province of just CEOs or boards of directors. Instead, an optimal approach is both “bottom-up” and “top-down” and must involve influencing the social dynamics within a workplace.
- Human beings often behave based on subjective perceptions, personal motivations, and blindness to objective consequences. One recurring “blind spot” is the failure to consider the ethical dimensions of decisions. These oversights may have more to do with automatic responses than morality—reactions rather than choices. Organizations need to take account of behavioral phenomena when creating systems to generate reliable outcomes.
- New technologies, especially social media, contribute to a workforce with different ethical values and experiences, as well as new ethical challenges. While technology can potentially be useful in ascertaining misconduct, organizations must avoid overreliance on technology as a convenient way to avoid questions of ethics.
Event Details
Date and Time
Tuesday, June 4, 2019
Location
Federal Reserve Bank of New York
33 Liberty Street
Conference Center, 12th Floor
New York, NY 10045
33 Liberty Street
Conference Center, 12th Floor
New York, NY 10045
Audience
By invitation only.
Download the attendee list.
Download the attendee list.
Contact
Please address any questions to NY.FRB.Culture.Events@ny.frb.org.
Agenda
| 8:30am | Opening Remarks John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks |
| 8:50am | Persistent Cultural Capital Breakdowns – Misconduct Case Studies Moderator: Richard Lyons, Former Dean, Haas School of Business, University of California, Berkeley Session One: Ireland and Australia – Supervisory and Industry Responses Gráinne McEvoy, Director of Consumer Protection, Central Bank of Ireland Stuart Bingham, General Manager, Governance, Operational & Insurance Risk, Australian Prudential Regulation Authority (APRA) |
| 9:45am | Break |
| 10:00am | Session Two: Persistent Misconduct – Beyond Traditional Approaches Ann Tenbrunsel, David E. Gallo, Professor of Business Ethics, University of Notre Dame Celia Moore, Associate Professor, Department of Management and Technology, Bocconi University Todd Haugh, Assistant Professor of Business Law and Ethics, Kelley School of Business, Indiana University |
| 11:15am | Table Discussions | Case Study |
| 11:45am | Audience Readout/Facilitated Discussion |
| 12:15pm | Lunch |
| 1:30pm |
Building Cultural Capital – Addressing New Challenges Moderator: Jonathan Haidt, Professor of Ethical Leadership, New York University-Stern School of Business; Founder, Ethical Systems Session Three: Impact of New Technologies and the 21st Century Workforce on Culture Damon Horowitz, Philosophy Professor, Columbia University Vanessa Colella, Chief Innovation Officer and Head of Citi Ventures, Citigroup Stephen Scott, Founder and CEO, Starling Trust Sciences |
| 3:15pm | Break |
| 3:30pm | Fireside Chat Paul Volcker, Former Chairman of the Federal Reserve Interviewed by Jack Gutt, Executive Vice President, Federal Reserve Bank of New York |
| 4:00pm | Closing Michael Strine, First Vice President, Federal Reserve Bank of New York |
| 4:15pm | Reception |
Video: Comments from Paul Volcker
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