27/11/2018

Changing banking culture

From the Banking Royal Comission in Australia:

Orr was right when she said there were doubts as to whether it was appropriate or even possible to prescribe a particular culture for financial services entities”.

And as much as the community might demand that a board or a regulator can actually ensure” that risk controls are in place and working throughout an organisation, Henry is probably right when he says it is too strong a concept.

His underlying point was that like it or not, no amount of legislation or regulatory oversight will prevent misconduct.

To be clear, this is not a reason to stop the processes of strengthening the legislation, or increasing the powers and resources of regulators.

But what we are dealing with is a question of how to guide banks and other financial institutions to build, and then maintain, cultures that put customers first.


Previous post
global firms attitude
Next post
Challenge of interaction design With typefaces and chairs, the problems don’t change much over time. Having readable text and a place to sit, after all, are things that we’ve