Regulators & Banks Talk Culture & Conduct Risk


Recurring Theme:  Individual Accountability


Summary Analysis: 

Conduct risk remained a hot topic throughout all three days of the Securities Industry and Financial Markets Association’s (SIFMA) Compliance and Legal Society Annual Seminar.  Compliance executives from some of the largest financial institutions affirmed that they are doubling down on conduct risk, including culture, ethics, and conflicts of interest, this year. Financial institutions are approaching the issue from a variety of different angles, including hiring practices, training, compensation structure, incentives and internal messaging.

Regulators are equally focused on conduct risk. There are several new regulatory initiatives and supervisory developments facing the financial services industry, including the Department of Justice’s (DOJ) Yates Memo, the Financial Conduct Authority’s (FCA) Senior Managers Regime and the Financial Industry Regulatory Authority (FINRA) 2016 priorities letter. With these developments underway, financial institutions appear to be grappling with how to best manage everything from the “tone at the top” to “micro culture.”


SIFMA Compliance & Legal Annual Seminar Program:

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