Recent major prudential or conduct failings within financial institutions shared the common characteristic of underlying cultural failings, as a significant root cause.
The single most profound consequence has been the reputational damage suffered, not to mention the millions of pounds’ worth of fines paid; the reputational implications of highlighted cultural failings cannot be overstated.
Culture, conduct and governance are definitely linked. A culture that values appropriate conduct can reduce incidents of misconduct, including supporting and reinforcing governance frameworks.
I want you to imagine that your Firm is going to be subject to an FCA visit to discuss culture, conduct and governance arrangements.
Imagine if you where to be asked, "If culture is king, where do I fit in"?
Imagine for one minute that you do not know how to answer that question.
Imagine how that would look on your management? Has management not put you through any training, or shared with you, the Firms values and ethics?
Insisting on clarity in individual responsibilities reflects the priority that the Firm places on a culture of good conduct and the need for accountability.
Conduct and behaviour is very observable, values and ethics are typically not. Values and ethics profoundly influence conduct and behaviour.
Solution: My training session will take you through the steps required to be prepared.