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employee trainings on new values and culture.
One of the largest banks signifi- cantly improved public disclosures by adopting new policies and processes on ethics, and publicly committing to high-quality prac- tices to ensure financial stability and economic opportunity.” At the core of these efforts was the goal to be client-oriented, with accountability to stakeholders and regulators alike.
It was in the areas of risk man- agement and board oversight that banks made the most visible changes. They created risk com- mittees at the board level and implemented company-wide risk management programs. For ex- ample, we saw how a leading bank in the U.S. also established a new position of Chief Risk Officer reporting to the board and tasked with ensuring that incentive pro- grams in the organization do not encourage excessive or unneces- sary risk-taking.”
One of the largest banks also showed corporate leadership by publicly acknowledging responsi- bility for unethical practices and recognizing past mistakes.” They shifted their focus to identify and monitor “material risk-tak- ing” in their organization and increased managerial oversight. Other banks publicly committed to seeking responsible business growth and to conduct their busi- ness in a more transparent way.”
ACTIVE STEWARDSHIP IN FINANCIAL SERVICES
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