Reinforcing ethics in financial services

An essay was recently published in the New York Fed by guest writers as part of Reforming Culture and Behaviour in the Financial Services Industry: Progress, challenges, and the next generation of leaders.

An extract is contained below (and a link to the essay here):

‘Reputational risk has become top of mind for many companies around the world in recent years. Stories of unethical corporate actions and behaviour have affected public trust in firms in a range of industries, including pharmaceutical companies, banks, car manufacturers, airlines, internet providers, and software companies.

In financial services specifically, we believe addressing the issue of ethics starts with us — the business schools who educate the next generation of corporate leaders, and the firms who hire and employ them.

While firms are ultimately responsible for the behaviour of their employees, business schools and financial services companies are uniquely positioned to effect broad-based change together. Our core focus is ensuring that ethics and integrity are inherently tied to success in the corporate environment. This goes beyond simply demonstrating compliance with policies and regulations … ’