Discussion of firm culture is no longer limited to academic circles and gatherings of behavioral scientists. In the decade since the financial crisis, such conversations have entered the financial industry's mainstream dialogue, are debated in the corner offices of senior bankers, considered in bank boardrooms, and included in the supervisory assessments of regulators.
There is an increasingly shared recognition that firm culture effects employee conduct which, in turn, shapes stakeholder outcomes. With this, it is important to have some consensus around the defining aspects of culture and corresponding conduct risk.
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