In the aftermath of the global financial crisis, the culture prevalent in the financial sector has received widespread attention. Bank executives and boards, regulators, academics, and the general public have begun to argue for the importance of firm culture, seeing it both to reflect, and to shape, the (mis-) behavior of employees. By extension, one cannot identify, mitigate, or supervise “conduct risk” effectively without paying close attention to the culture of an institution. Such arguments culminate in calls for “culture assessments” and “conduct risk audits.”
During the past few years, regulatory officials across all key banking centers, globally, have proffered a now substantial array of speeches, studies, and recommendations regarding the culture of banks and other financial firms. Collectively, these public resources provide the backbone of this report. While the available information on the “why, what and how” of bank culture reform is prolific, this material exists in a dispersed and unconsolidated fashion.
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