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The Role Of The Board Of Financial Services Firms In Improving Their Firm's Culture, Ciaran Walker
The Role Of The Board Of Financial Services Firms In Improving Their Firm's Culture, Ciaran Walker
Seattle University Law Review
In this Article, we look at the role the board is expected to play under regulatory requirements and guidance; we then look specifically at the failings of boards in a number of the recent “scandals.” Finally, we offer a number of suggestions on ways in which the board can have a more effective role in improving firms’ culture. In this latter regard, we specifically focus on industry (rather than firm-specific) initiatives that could enable the board to have a more effective role, particularly in light of the setting up of the industry-funded Banking Standards Board in the U.K. and the …
Regulating Banking Ethics: A Toolkit, David Zaring
Regulating Banking Ethics: A Toolkit, David Zaring
Seattle University Law Review
There is little doubt that culture matters for institutions—entities ranging from economics departments to soccer teams spend plenty of time thinking about the cultures they hope to foster—and that culture is also exceedingly hard to measure or define. Regulators now have had a decade since the financial crisis to operationalize their approach to guiding and improving the ethics and culture of the banks they oversee. Understanding what they have chosen to do makes it easier to assess the value of the effort to make cultural transformation an important part of a regulatory program. It also offers lessons to the broader …