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In recent years, the Monetary Authority of Singapore has placed greater emphasis on firm culture in the context of its supervisory agenda, has working to elevate financial industry standards on culture and the employee conduct it drives. Financial institutions operating in Singapore have been working to elevate organizational standards for ethical behavior, including by enhancing performance management, risk governance, and incentive structures. Some banks have also taken steps towards establishing real-time behavioral monitoring tools to help them assess conduct risk levels within their organizations. In a webinar, a panel of industry experts discussed the legal, regulatory, and business costs of complacency, as well as the new capabilities firms, are looking to achieve. Speakers also covered the technology and data challenges that come with developing the tools needed to monitor behavior, measure conduct risk, and evaluate success. Stephen Scott, Founder & CEO of Starling, was delighted to join a conversation regarding these topics, led by Manesh Samtani, Moderator & Editor of Regulation Asia, with Kok Seong Chan, Group Chief Risk Officer of United Overseas Bank, Nizam Ismail, Founder & CEO of Ethikom, and Paul Cottee, Director of Regulatory Compliance at NICE Actimize. Some of the key learning outcomes were:
Watch the replay here. |