Barclays CEO Jes Staley has stepped down following an investigation into his ties with convicted sex offender Jeffrey Epstein. While the merits of the matter remain under investigation, Barclays provides a cautionary tale as to how a scandal can surround an institution when non-financial risks are overlooked — or perceived to have been. Mr. Staley’s departure is occurring at a time when regulators are sharpening their focus on such risks.
Canada’s leading banking regulator, for instance, the Office of the Superintendent of Financial Institutions (OSFI), is stepping up its examination of culture and conduct risks among the firms it oversees, to include risks stemming from human behavior and organizational social norms. They will publish a consultative document on this theme in early 2022.
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