Bill Dudley, the outgoing President of the New York Federal Reserve, offers an expansive and candid assessment of the topic of Culture. This essay coincides with a conference on “Reforming Culture and Behavior in the Financial Services Industry” sponsored by the New York Fed on June 18th at which Starling was invited to participate.
Mr. Dudley addresses many of the concerns raised around how to address the management of culture by pointing to recent advances in behavioral science and how those can be applied within organizations. Key to this is recognizing the role that social norms play in behavior and how employees behavioral cues from peers. With this understanding it is increasingly possible to leverage data science and quantitative approaches to measure the “cultural conditions” that work to prompt behavior in ways that are predictable and to better align incentives to achieve those outcomes.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion
Sign in and be the first to comment.