Conduct-driven scandals continue to plague the banking sector, despite punitive fines in excess of $345 billion since the Financial Crisis, and attendant public outrage. Extensive regulation has been introduced in an attempt to prompt ethical behavior, and organizations have responded with reactive measures. What is needed instead is a proactive approach to the culture and conduct risk conundrum.
Misconduct and related scandals have been an unfortunate feature of the financial industry for decades, in every key financial market. Today, however, this challenge is receiving unprecedented attention: from customers, employees, shareholders, regulators, policy-makers, and society more broadly. Consider three prominent recent examples.
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