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GOVERNANCE & CULTURE REFORM

 * 
   Governance & Culture Reform
   
   
   PODCAST SERIES ON THE ROLE OF ACCOUNTABILITY IN PREVENTING MISCONDUCT
   
   

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   The Teller Window
   
   
   2024 GOVERNANCE AND CULTURE REFORM CONFERENCE: THE ELEMENTS OF ACCOUNTABILITY
   
   

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   TEN YEARS OF GOVERNANCE AND CULTURE REFORM: TAKING STOCK
   
   
   
   

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   Speeches
   
   
   HENNESSY: CULTURE AND CONDUCT IN 2024: AN UPDATE FROM THE NEW YORK FED
   
   

 * 
   The Teller Window
   
   
   THE NEW YORK FED’S GOVERNANCE AND CULTURE REFORM INITIATIVE: AN OVERVIEW
   
   

 * 
   Governance & Culture Reform
   
   
   FULL RESOURCE LIST
   
   


PreviousNext
New York Fed
Speeches
Hennessy: Culture and Conduct: Key Learnings and the Year Ahead from the New
York Fed
In remarks at 1LoD's Culture & Conduct Deep Dive event, Head of the Governance
and Culture Reform Initiative James Hennessy highlighted some key themes and
learnings from recent efforts and shared what's ahead for the Culture
Initiative.
(DATE: MARCH 7, 2023)
Hennessy: Emerging Trends in Culture Reform: The New York Fed’s Perspective
In remarks at 1LoD's Culture & Conduct Deep Dive event, Head of the Governance
and Culture Reform Initiative James Hennessy discussed three emerging factors
that have deepened the study and analysis of culture.
(DATE: MARCH 22, 2022)
See more speeches
Events
2023 Governance and Culture Reform Conference
The conference dove into what motivates behavior and how to foster a learning
culture within organizations, among other topics.
(DATE: June 20, 2023)
Culture and the New Workplace
This webinar considered a range of questions about the evolution of the
workplace and its influence on organizational culture.
(DATE: OCTOBER 4, 2022)
See more events
Podcast Series
Banking Culture Reform: Building Cultures of Curiosity and Learning
This four-episode series focuses on the techniques firms can use to cultivate
cultures that are inquisitive and surface the mistakes, motivations, and
behaviors that hinder optimal performance and progress towards stronger and
healthier organizational cultures.
(DATE: December 2023)
Banking Culture Reform: Trust, Technology, and The New Workplace
This three-episode series examines how trust, technology, and the dynamics of
the hybrid workplace affect the norms and mindsets that contribute to
organizational cultures through interviews with thought and industry leaders
across banking, data science, ethics, social psychology, and academia.
(DATE: December 2022)
Banking Culture Reform: Norms, Mindsets, and Decision-Making
This nine-episode series examines the norms and mindsets that contribute to the
spectrum of decision-making, from ethical to unethical, through interviews with
thought and industry leaders representing a broad range of experience across
banking, regulation, psychology, neuroscience, and aeronautics and space.
(DATE: November 2021)
Publications
Bank Culture and the Official Sector: A Spectrum of Options
Culture is a topic of growing interest in financial services. This article by
New York Fed senior leaders can prompt conversations with academics, regulators,
and bankers about how culture contributes to decisions and behaviors in the
financial services industry.
(DATE: February 2020)
The Economics of Why Companies Don’t Fix Their Toxic Cultures
In this Harvard Business Review article, Head of Supervision Kevin Stiroh
discusses the role culture plays in corporate misconduct and shares why he
thinks these problematic cultures persist.
(DATE: MARCH 22, 2018)
Misconduct Risk, Culture, and Supervision
In this white paper, the conceptual argument is made for why supervisors should
care about a financial institution's culture and how it is supports supervisors'
approach to risk management.
(DATE: DECEMBER 7, 2017)
See more official sector resources
Other Resources
Speeches
Elderson: Exchanging Views for Better Bank Governance and Risk Culture
Vice-Chair of the European Central Bank (ECB) Supervisory Board Frank Elderson
delivered remarks on the ECB’s guide which outlines its supervisory expectations
of firms on governance and risk culture issues.
(DATE: September 2024)
Bowman: Update on Economic Outlook, and Perspective on Bank Culture, M&A, and
Liquidity
Federal Reserve Governor Michelle W. Bowman discusses the role of culture at
banks and at supervisory and regulatory authorities.
(DATE: AUGUST 2024)
Shepperd: How Culture Must Change to Meet Expectations
Emily Shepperd, Chief Operating Officer and Executive Director of Authorizations
at the Financial Conduct Authority, discusses the importance of culture in
delivering good consumer outcomes and assessing fitness and propriety of staff.
(DATE: JUNE 26, 2023)
See more speeches
Industry Resources
Irish Banking Culture Board Annual Report (2023-2024)
The Irish Banking Culture Board published its annual report which highlights
progress made toward improving firm cultures and building public trust.
(DATE: NOVEMBER 2024)
ECIIA: Auditing Risk Culture
The European Confederation of Institutes of Internal Auditing’s Banking
Committee issued a paper on the risk culture landscape and various aspects of
risk culture audits, including possible audit approaches, regulatory
expectations, and the range of challenges culture auditors face.
(DATE: JULY 2024)
Financial Markets Standards Board: Spotlight Review on Conduct & Culture
Management Information
Research from the Financial Markets Standards Board (FMSB) examines the current
practice of 24 major financial firms around management information on conduct
and culture. The findings of their Spotlight Review paper suggest good progress
on reducing misconduct and a shift in attention to non-financial risks and
broader cultural change across firms.
(DATE: JULY 24, 2023)
See more industry resources
Academic Resources
City University of London: Understanding Best Practice in Industry
Self-Regulation
This interview-based study of the Financial Services Culture Board (FSCB)
informs discussions about the legacy of the organization by examining its most
impactful activities, the cultural changes taking place among member firms, and
its best practices and most valuable features.
(DATE: MAY 9, 2023)
Harvard University: Sociological Perspectives on the Bank Failures of 2023
Harvard University’s Department of History held a webinar which examined the
March bank failures through a social sciences lens.
(DATE: APRIL 19, 2023)
See more academic resources
 
OFFICIAL SECTOR RESOURCES
Office of the Superintendent of Financial Institutions: Regulatory
Notice-Culture Risk Management
Canada’s Office of the Superintendent of Financial Institutions released a new
regulatory notice outlining supervisory expectations for managing culture risk.
(DATE: November 2024)
European Central Bank: Draft Guide on Governance and Risk Culture
The European Central Bank published draft guidance clarifying supervisors’
expectations and outlining good observed practices regarding the composition and
functioning of management bodies and committees, roles and responsibilities of
internal control functions, risk appetite frameworks, and the importance of
assessing and reporting on risk culture.
(DATE: JULY 2024)
NYS Dept. of Financial Services: Guidance on Character and Fitness Assessments
The New York State Department of Financial Services issued an industry letter
providing guidance on its expectations for firms’ frameworks for reviewing and
assessing the character and fitness of their directors, senior officers, and
managers.
(DATE: JANUARY 2024)
European Central Bank: Effective Management Bodies–The Bedrock of Well-Run Banks
In this blog post, European Central Bank Executive Board Member Frank Elderson
discusses management body effectiveness, and the crucial role a firm’s board
plays in constructively challenging existing perspectives.
(DATE: JULY 20, 2023)
Office of the Comptroller of the Currency: Proposed Consumer Trust in Banking
Survey
The Office of the Comptroller of the Currency (OCC) is requesting information
and public comment on a proposed annual survey that would track and assess
consumer trust in banks and banking supervision over time.
(DATE: JUNE 9, 2023)
Department of Justice: Pilot Program on Compensation Incentives and Clawbacks
The Department of Justice launched a three-year pilot program on compensation
incentives and clawbacks designed to shift the burden of corporate wrongdoing
away from shareholders and onto those directly responsible.
(DATE: MARCH 3, 2023)
Department of Justice: U.S. Attorney’s Offices’ Voluntary Self-Disclosure Policy
The Department of Justice implemented a new Voluntary Self-Disclosure Policy
which details the circumstances under which a company will be considered to have
made a voluntary self-disclosure of misconduct to a United States Attorney’s
Office.
(DATE: FEBRUARY 22, 2023)
See more official sector resources
About This Initiative

The New York Fed's Governance & Culture Reform initiative is designed to foster
discussion about corporate governance and encourage the continued improvement of
culture and conduct in the financial services industry.


The Path Ahead

“The journey toward reforming culture in the banking and financial services
industry is a long one. And there’s no single action that a regulator or a bank
can take to make it happen. Getting it right is going to require the will and
expertise of regulators, financial services firms, academics, and practitioners.
And while changing organizational culture is a long-term, complex, and
challenging task, I’m optimistic that we can and we will make progress. And the
Federal Reserve Bank of New York is committed to being a partner on that
journey.”

-- New York Fed President and CEO John C. Williams, “Banking Culture: The Path
Ahead” (June 2019)


Disclaimer

Except where expressly indicated, none of these materials necessarily represent
the views of the New York Fed or any other part of the Federal Reserve System.


 The Teller Window
For additional information on the New York Fed’s Governance & Culture Reform
initiative, see The Teller Window.


 The Education and Industry Forum
The New York Fed’s Education and Industry Forum (EIF) brings together
representatives from business schools and senior industry professionals to
integrate ethical decision-making into the education of the next generation of
the financial services workforce.

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Contacts

Contact for General Inquiries
NY.FRB.Culture.Events@ny.frb.org

Contact for Media Inquiries
Shelley Pitterson
shelley.pitterson@ny.frb.org

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