“For firms to be able to manage their culture, they must first understand it.”
So writes the head of the UK’s Financial Conduct Authority, remarking on a report released today by the Banking Standards Board. The BSB, which began its work in 2015, exists to help raise standards of behavior and competence across the UK banking sector, to the benefit of customers, clients, the economy and society as a whole. It is a private sector body funded by membership subscriptions and open to all banks and building societies operating in the UK.
This is the second year in which the BSB assessed behavioral and culture at its member firms. One key finding is that “a culture of fear and blame” leaves many employees unwilling to speak up when they witness illegal or unethical behavior. Equally important, though, was a perception that nothing would be done to address their concerns.
At Starling, we recognize that employees are much more likely to speak up and engage with those whom they trust internally. As such, understanding a firms internal “trust network” is an essential step in managing culture and conduct related risk.
Read the Full Review: 2017/2018 Annual Review