An FSB working group has published a stocktake of efforts by financial institutions (from all sectors), industry associations and national authorities to mitigate misconduct risk through improved governance.
Three sections of the report (PDF 1.63 MB) are worth highlighting.
First, a summary of the responses from 53 firms (from across all sectors) on what they are doing on governance and misconduct. There is nothing new or surprising here but useful to have the usual suspects confirmed:
Second, a review of the academic literature on culture. Again nothing new here, but the various strands of the literature do provide a good organising framework that firms might find useful for assessing their own policies and procedures, including values and beliefs, social norms, leadership, decision-making, speaking-up and incentive structures.
Third, the working group proposed three areas which it wants to pursue further, all of which resonate in the UK in particular:
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