Banks increasingly focus on horizon scanning and scrutinizing their clients and commercial partners' cultures to mitigate reputational risks. This comes in the wake of several banks severing ties with disgraced hedge fund manager Crispin Odey and former politician Nigel Farage, largely due to concerns about their reputations.
The trend of horizon scanning has grown as banks realize the high costs associated with being linked to bad actors and seek to mitigate possible risk-by-association. According to Lorraine Johnston, a partner in the financial services team at law firm Ashurst, the Odey scandal will cause banks to look at clients and partners in a different light, with more focus on culture.
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