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Governance & Culture Reform

Speeches
Stiroh: The Complexity of Culture Reform in Finance
Events
Reforming Culture and Behavior in the Financial Services Industry: Progress, Challenges, & the Next Generation of Leaders
Speeches
Williams: Now Is the Time for Banking Culture Reform
Industry Publications
FMSB publishes new financial markets misconduct research
Official Sector Publications
Australian Prudential Regulation Authority: Final Report on Inquiry into the Commonwealth Bank of Australia (CBA)
Governance & Culture Reform
Full Resource List

New York Fed

Speeches

Held: The Evolving First Line of Defense

In keynote remarks at the 1LoD Summit, Michael Held, General Counsel, focused on the role of the first line of defense: discussing the risk of silos in the three lines of defense mode; encouraging a more creative and inclusive approach; and offering thoughts on the development of professional attributes.

(DATE: APRIL 17, 2018)

Dudley: The Importance of Incentives in Ensuring a Resilient and Robust Financial System

In remarks at the U.S. Chamber of Commerce, President William C. Dudley discussed financial regulation and the ways in which proper incentives help ensure resiliency in the financial system.

(DATE: MARCH 26, 2018)

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Publications

The Economics of Why Companies Don’t Fix Their Toxic Cultures

In this Harvard Business Review article, Executive Vice President Kevin Stiroh discusses the role culture plays in corporate misconduct, and shares his perspective on why these problematic cultures persist.

(DATE: MARCH 22, 2018)

Misconduct Risk, Culture, and Supervision

In this white paper, the conceptual argument is made for why supervisors should care about a financial institution's culture and how it is supports supervisors' approach to risk management.

(DATE: DECEMBER 7, 2017)

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Events

Workshop on Culture Measurment and Assesment

The New York Fed hosted a workshop for industry practitioners focused on measuring and assessing culture and behavior within and across financial firms.

(DATE: JUNE 21, 2017)

Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue

The New York Fed hosted a one-day workshop examining culture and behavior in the financial services industry, expanding the dialogue to include the perspectives of institutional investors and financial institution supervisors, discuss methods of culture assessment, and explore the influence of technology on culture.

(DATE: OCTOBER 20, 2016)

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Other Resources

Speeches

Clayton: Observations on Culture at Financial Institutions and the SEC

In a speech at Reforming Culture and Behavior in the Financial Services Industry: Progress, Challenges, and the Next Generation of Leaders, Jay Clayton, SEC Chairman, spoke on the importance of developing, improving and reinforcing positive culture in financial institutions.

(DATE: JUNE 18, 2018 | SOURCE: U.S. SECURITIES AND EXCHANGE COMMISSION)

Byres: The Incentive to Fly Safely

In his regulatory address at the AFR Banking & Wealth Summit in Sydney, Wayne Byres, APRA Chairman, focused on incentives and accountability in the financial sector.

(DATE: APRIL 4, 2018 | SOURCE: AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY)

Bailey: Transforming Culture in Financial Services

In a speech in London, Andrew Bailey, Chief Executive, Financial Conduct Authority, focused his remarks on understanding the drivers of poor conduct, developments of recent years, and the importance of good diversity in the workplace.

(DATE: MARCH 19, 2018 | SOURCE: FINANCIAL CONDUCT AUTHORITY)

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Industry Publications

FMSB publishes new financial markets misconduct research

The FICC Markets Standards Board (FMSB) published a Behavioural Cluster Analysis study that reviewed the behavioural patterns in 390 cases of misconduct over an extended period of time, covering 26 countries and multiple asset classes.

(DATE: JULY 2018 | SOURCE: FMSB)

U.K. Banking Standards Board: 2017/2018 Annual Review

The Banking Standards Board (BSB) published its 2017/2018 Annual Review, which is a result of the largest ever survey of behavior, competence and culture in U.K. banking. The report paints a picture of the banking sector based on the views of more than 36,000 people working in 25 banks and building societies and gives an overview of the BSB's work over the past 12 months.

(Date: March 2018 | Source: Banking Standards Board)

U.K. Banking Standard Board: Annual Review 2016/2017

The Banking Standards Board (BSB) annual review paints a picture of the banking sector based on the views of more than 28,000 people working in banks and building societies across the U.K. The BSB welcomed the engagement of a diverse range of firms, all keen to learn more about managing their own organizational culture.

(DATE: MARCH 2017 | SOURCE: BANKING STANDARDS BOARD)

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OFFICIAL SECTOR PUBLICATIONS

Financial Conduct Authority: Transforming Culture in Financial Services Discussion Paper

The FCA published a discussion paper that includes a set of essays that discuss what a good culture might look like, the role of regulation and regulators, how firms might go beyond incentives, and how to change behaviour for the better.

(DATE: MARCH 12, 2018 | SOURCE: FINANCIAL CONDUCT AUTHORITY)

Financial Stability Board: Stocktake of Efforts to Strengthen Governance Frameworks

The Financial Stability Board (FSB) published a report on efforts being undertaken by international bodies, national regulators, industry associations and firms on developing the use of governance frameworks to address misconduct risk.

(DATE: MAY 2017 | SOURCE: FINANCIAL STABILITY BOARD)

Australian Prudential Regulation Authority: Risk Culture Information Paper

The information paper provides a snapshot of current practice in risk culture in a range of banking, insurance and superannuation businesses. The paper notes that while there has clearly been a stronger focus on risk culture in recent years amongst APRA-regulated institutions, continued effort and ongoing attention is required by institutions to better understand and manage their risk cultures.

(DATE: OCTOBER 2016 | SOURCE: AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY)

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This page is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.

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Except where expressly indicated, none of these materials necessarily represent the views of the New York Fed or any other part of the Federal Reserve System.

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