“Corporate culture refers to the norms and values that drive behaviors within an organization,” the US Office of the Comptroller of the Currency stated in its 2019 Comptroller’s Handbook.1“This starts with the board, which is responsible for setting the tone at the top and overseeing management’s role in fostering and maintaining a sound corporate culture and risk culture.” Such efforts to establish a new tone returns us to the topic of company purpose, values and culture.
“The FSCA at times observes a disconnect between the culture and values espoused publicly by banks and on-the-ground realities in terms of customer treatment and service,” writes Katherine Gibson, a member of the South African Financial Services Conduct Authority Transitional Management Committee. (Conduct regulation in a developing country: the case for change) “In short, professed cultural norms and values do not always align with the actual customer experience.”
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