The 10th anniversary of the failure of Lehman Brothers has inspired a lot of soul searching as to what went wrong and, more importantly, whehter we’ve done enough to prevent such a crisis from happening again.

In this article Michelle Scrimgeour, CEO of EMEA for Columbia Threadneedle Investments, argues that unless firms have addressed their culture, they can’t really be confident that they’ve addressed the fundamental problems that led up to the crisis in the first place. Regulators have taken some initial steps in this direction through initiatives like the UK Financial Conduct Authority’s conduct regime which applies personal liability to all employee for bank misconduct.

However, regulation, particularly top-down rules-based approaches, are not ideally suited to improving culture. Management must be committed to encouraging the right behaviors and to setting the correct priorities.

Read the article here (paywall): Lessons since Lehman about corporate culture