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& EducationThe New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes sound financial and economic decisions through community development and education programs.
Governance & Culture Reform
New York Fed
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.
Detailed Summary
Detailed Summary
(DATE: OCTOBER 20, 2016)
This event convened industry leaders and regulators to discuss leading practices on improving culture and behavior that have emerged from firm-specific efforts, the challenges of them and the opportunities for future collaboration, as detailed in the event’s summary.
Detailed Summary | Webcast
Detailed Summary | Webcast
(DATE: NOVEMBER 5, 2015)
This workshop discussed the roots of cultural and behavioral failures in the industry and strategies to improve the status quo. Included in the event summary are highlights from speeches and panels on such topics as the role of compensation in incenting behavior, industry-driven reform and how law enforcement shapes culture and behavior.
Detailed Summary
Detailed Summary
(DATE: OCTOBER 20, 2014)
In his remarks at the New York Fed’s conference on Reforming Culture and Behavior in the Financial Services Industry, Norman Chan, Chief Executive, Hong Kong Monetary Authority, describes bank culture as a set of ethical values jointly pursued and observed by bank shareholders, board members and staff. Essentially, good corporate culture and ethics should be self-driven and adopted by all from top to bottom, inside out, without any external regulatory pressure.
(date: October 20, 2016 | Hong Kong Monetary Authority)
In his remarks at the New York Fed’s conference on Reforming Culture and Behavior in the Financial Services Industry, Preet Bharara, the U.S. Attorney for the Southern District of New York, discussed the culture of minimalism, the culture of formalism and the culture of silence.
(date: October 20, 2016 | United States Attroney's Office)
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)
The Australian Prudential Regulation Authority’s information paper that 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)
Behind every giant corporation are individual bankers, making everyday decisions. If you could find a way to nudge bankers towards better and safer choices, building a culture of integrity, you might avoid future financial trouble. Listen to the BBC World Service as "The Inquiry" looks for an answer to the question "Can you make bankers behave better?"
(date: JULY 2016 | source: BBC World Service)
The Banking Standards Board (BSB) published its first annual review, which sets out how the independently led, non-statutory body has used the last 11 months to both support and challenge U.K. banks and building societies as they work to rebuild trustworthiness in banking.
(date: March 2016 | source: Banking Standards Board)
William Rhodes shares his thoughts on the reforms recommended in the G30 Report, stressing his belief that when it comes to banking culture and conduct, the bar must be raised.
(date: November 2015 | source: William R. Rhodes)
While there is no single approach to good corporate governance, the Basel Committee's revised principles provide a framework within which banks and supervisors should operate to achieve robust and transparent risk management and decision-making and, in doing so, promote public confidence and uphold the safety and soundness of the banking system.
(date: July 2015 | Bank for International Settlements)
In an investigation of the capacity for change at five large banks and insurance companies, the DNB and AFM found a genuine willingness to change, combined with a shared sense of urgency. Still, the joint query cast doubt on firms’ ability to do so.
(date: October 21, 2014 | source: Netherlands Authority for the Financial Markets)
This paper identifies some foundational elements that add to the promotion of a sound risk culture within a financial institution. It also aims to help supervisors identify practices, behaviors and attitudes that may influence the firm’s risk culture.
(date: april 7, 2014 | source: financial stability board)
In 2011 and 2012, DNB examined behavior at 30 banks, insurers and pension funds. In this report, DNB summarizes the results of those conduct and culture assessments and includes examples of good behavior.
(date: march 2013 | source: de nederlandsche bank)
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About This Page
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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Disclaimer
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. |
