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2019 CONCLUSION | What's Next

2019 CONCLUSION | What's Next

by Starling Insights

Starling Insights Editorial Board

Mar 26, 2019


Since the global financial crisis, there’s been a steady movement towards addressing culture in financial institutions through formal supervisory activities. This movement has been global in nature and shows no signs of abating. NY Fed President John Williams sums up the current consensus view: “Strong culture and robust corporate governance are our first lines of defense.” Over the last year, however, the tenor and scope of the attendant dialogue has shifted. 

As noted in our 2018 Compendium, regulatory priorities immediately following the financial crisis were targeted at macro- and micro-prudential measures. However, despite considerable new regulation, misconduct continued to bedevil the financial sector. Having decided that restoring trust in the sector was a necessary policy priority, attention then shifted to misconduct, which was appropriately seen to have eroded trust in the industry further. Some began to posit that firm culture was the key driver of this misconduct and so, in the last few years, we have seen increasing attention to this culture-conduct nexus from bank regulators and multilateral groups, along with greater related academic inquiry and advisory offerings from consultancies and law firms. 

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