Essay on Managing Culture in Banking by Outgoing New York Fed President Bill Dudley

Starling Team

Bill Dudley, the outgoing President of the New York Federal Reserve, offers an expansive and candid assessment of the topic of Culture. This essay coincides with a conference on “Reforming Culture and Behavior in the Financial Services Industry” sponsored by the New York Fed on June 18th.

Mr. Dudley addresses many of the concerns raised around how to address the management of culture by pointing to recent advances in behavioral science and how those can be applied within organizations. Key to this is recognizing the role that social norms play in behavior and how employees behavioral cues from peers. With this understanding it is increasingly possible to leverage data science and quantitative approaches to measure the “cultural conditions” that work to prompt behavior in ways that are predictable and to better align incentives to achieve those outcomes.

Read the full essay: Coda: Candid Reflections on the Culture Conversation


Executive Director of the Group of Thirty on Culture and Conduct Reform

Starling Team

Stuart Mackintosh, Executive Director of the Group of Thirty, posted a review of progress made around culture and conduct reform in banking in conjunction with the New York Fed Conference Reforming Culture and Behavior in the Financial Services Industry to be held on June 18th.

Mr Mackintosh points to the need for both sustained leadership as well as strong processes in place to foster and encourage the behaviors that sustain culture. These are particularly important in order to enable firms to stay current with evolving cultural norms such as around diversity, the role of business, or even as relates to technology advances.

Read the full article: Culture and Conduct Reform: A Permanent Mindset Change


Why Compliance Programs Fail – And How to Fix Them | HBR

Starling Team

Despite hundreds of millions of dollars in spend and huge hiring increases, firms have yet to figure out how to manage compliance effectively. In this article from the Harvard Business Review, the authors argue that the problem lies not with the compliance tools being deployed but rather with the lack of effective measurement tools. Firms simply lack the necessary tools to know what works and what does not.

Certainly firm leaders attempt to signal commitment to compliance through pronouncements from above. Efforts to establish a ‘tone from the top’ will only go so far – particularly when the tone from the middle is that general employees lack trust in senior management and are reluctant to speak out from a belief that whistle-blowers face retaliation.

With greater and greater scrutiny place on compliance programs, those that can not show meaningful results will fail to meet the stronger regulatory standards being applied today.

Read the article: Why Compliance Programs Fail


Milken Institute: A First Inning, Cutting Edge Way of Looking at Risk Management

Starling Team

Starling Founder and CEO Stephen Scott was featured on a panel at the Milken Institute’s 2018 Global Conference on the subject of “Big Data: The Next Frontier in Risk Management”.

Starling was joined by executives and founders from other innovative companies that are bringing innovative new technologies to the field of Risk Management. Panelists discussed new opportunities that these technologies offer as well as how they are working to make algorithms more transparent and resistant to biases that can impact outcomes.

More than 4,000 international leaders in business, government, science, philanthropy, academia, arts, and culture attended the 21st Milken Institute Global Conference in Los Angeles earlier this month. The program featured candid conversations about trade, technology, national security and the opioid crisis, among other issues. At the same time, CEOs, philanthropists, investors, innovators, and medical researchers discussed topics ranging from artificial intelligence to blockchain, financial regulations, global markets and breakthroughs in health.

A recording of the panel is available: Big Data: The Next Frontier in Risk Management


MAVA Selects Starling for 20th Edition of TechBUZZ

Starling Team

Starling is proud to be one of 10 startups selected to present at the 20th edition of the Mid-Atlantic Venture Association’s TechBUZZ conference. The event will feature the hottest up-and-coming technology companies from up and down the East Coast. “MAVA piloted its TechBUZZ program in 2010 as a response to the pull-back in capital deployment post-recession. Our Board saw the need to support the earliest of market-ready and backable innovative companies hitting the market, and at that time there was no regional platform these companies could to turn to for this type of support,” said Julia Spicer, Executive Director of MAVA. Firms were selected based on their innovative technology and approach to solving critical problems.

Each company will describe their respective business, vision, and product or service within a tightly-timed, four- to five- minute window. The event will take place on June 6th from 1:00 – 7:30pm at Oath’s Serriff Auditorium in Dulles, Virginia.

About TechBUZZ and MAVA: Piloted in Baltimore in 2010, TechBUZZ is hosted by the Mid-Atlantic Venture Association (MAVA), an independent, member-owned organization representing the full spectrum of private equity, corporate strategic, industry and venture capital investment interests across the Mid-Atlantic, nationally, and internationally. As a member-owned organization, MAVA brings together capital sources, entrepreneurs, C-Level executives, company builders, and world-class professional partners to encourage the thoughtful exchange of ideas; foster solid business relationships; and provide information on industry trends to help companies gain competitive advantage.

The Press Release is Available: MAVA to Celebrate its 20th Edition of TechBUZZ

For information and registration details please visit: TechBUZZ Summer 2018