III.1.1 Conducta y cultura bancaria - Asociación de Supervisores Bancarios de las Américas

Creating a Culture of Risk Management

(Anónimo) — Wed, 18 Nov 2015 16:46:07 +0000

After the rash of corporate and accounting scandals leading up to the Sarbanes Oxley Act in 2002, a “Culture of Compliance” emerged to foster ethical behavior and decision-making. The culture of compliance goes beyond having good policies and procedures, a dedicated compliance staff, sufficient compliance resources or electronic exception reports. It articulates a sense of responsibility for compliance at every level of the organization.
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G30-New Paradigm Boards and Supervisors

(Anónimo) — Tue, 30 Jun 2015 08:10:56 +0000

In 2012, the Group of Thirty (G30) published Toward Effective Governance of Financial Institutions, which showed how weak and ineffective governance in systemically important financial institutions (SIFIs) contributed to what the report called “the massive failure of financial sector decision making that led to the global financial crisis” (p. 5). In reaction to that report, the supervisory and Financial Stability Board community urged the G30 to provide additional insights into how interactions between boards and supervisors could be enhanced, and how the issue of strengthening and assessing risk culture could be tackled, particularly for SIFIs. This publication provides that information.
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The Rewards of an Ethical Culture

(Anónimo) — Mon, 19 Jan 2015 10:17:28 +0000

Let me begin by thanking Sir William Blair and the Bank of England for inviting me to participate in this Project and at this Conference1. At the New York Fed, we have made ethical culture a priority for financial services. We have done this not as a formal part of a supervisory program, but more as a call for reform. In the short time that I have this afternoon, I will speak about the reasons why I believe reform is necessary, highlight some of the important practical features of a strong ethical culture, and conclude by setting out a few of the rewards that might result from it.
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Good Compliance, Not Mere Compliance

(Anónimo) — Sun, 19 Oct 2014 08:02:43 +0000

In the aftermath of the financial crisis, ongoing increases in capital buffers, reductions in funding vulnerabilities, improvements in risk management, and attention to orderly resolution are producing a substantially more resilient financial system. Yet even as the financial position of firms has been strengthened, headlines describing misconduct in financial firms have appeared with disturbing regularity. For a time, these stories were the legacy of pre-crisis errors and misdeeds, with a focus on the mortgages and mortgage-related products that lay at the heart of the crisis. But soon they were accompanied by allegations of post-crisis actions: rigging of LIBOR (London interbank offered rate) and foreign exchange rates, facilitation of tax evasion, inadequate controls on money laundering, and front running through dark pools, among others.
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Guidance on Supervisory Interaction with Financial Institutions on Risk Culture

(Anónimo) — Sun, 06 Apr 2014 14:08:00 +0000

Increasing the intensity and effectiveness of supervision is a key component of the Financial Stability Board’s (FSB’s) efforts to reduce the moral hazard posed by systemically important financial institutions (the SIFI Framework), along with requiring added capital loss absorbency and facilitating the orderly resolution of financial institutions. The FSB issued its first recommendations for enhanced supervision of financial institutions, in particular SIFIs, in October 2010, which underscored the key preconditions for effective supervision, including the need for (i) strong and unambiguous mandates; (ii) independence to act; (iii) sufficient quality and quantity of resources; and (iv) supervisors having a full suite of powers to execute on their mandate. Subsequent recommendations in 2011 and 2012 strengthened the supervisory expectations for financial institutions’ risk governance, internal controls and risk management functions, as well as risk data aggregation and risk reporting capabilities.
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Modelling integrity through culture

(Anónimo) — Mon, 18 Nov 2013 10:00:39 +0000

Speech by Martin Wheatley, Chief Executive of the FCA, at the FCA Markets Conference 2013. This is the text of the speech as drafted, which may differ from the delivered version.
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Principles for An Effective Risk Appetite Framework

(Anónimo) — Sun, 17 Nov 2013 03:06:01 +0000

Increasing the intensity and effectiveness of supervision is a key component of the Financial Stability Board’s (FSB’s) framework, endorsed by G20 Leaders, to reduce the moral hazard of systemically important financial institutions (SIFIs). As such, supervisory expectations for risk management particularly at SIFIs are increasing. The October 2011 FSB progress report on enhanced supervision noted that effective risk appetite frameworks (RAFs) that are actionable and measurable by both financial institutions and supervisors have not yet been widely adopted. It concluded that the development of an effective RAF is important for financial institutions and supervisors, and needs attention by both. The report recommended that supervisors discuss expectations for what a “good” risk appetite framework entails and how to supervise against these expectations.
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BANKING CONDUCT and CULTURE: A Call for Sustained and Comprehensive Reform

(Anónimo) — Mon, 30 Sep 2013 14:15:37 +0000

Banks and banking rely on trust. And while trust takes years to establish, it can be lost in a moment through failures caused by problematic ethics, values, and behaviors. Events that precipitated the global financial crisis and the subsequent issues that have emerged have revealed a multitude of cultural failures. This report recognizes that problematic cultural norms, and subcultures within large banks, have caused widespread reputational damage and loss of public trust. These events have been economically costly to firms in terms of fines, litigation, and regulatory action.

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The importance of culture in driving behaviours of firms and how the FCA will assess this

(Anónimo) — Wed, 17 Jul 2013 01:38:29 +0000

Speech by Clive Adamson, Director of Supervision, the FCA, at the CFA Society - UK Professionalism Conference, London. This is the text of the speech as drafted, which may differ from the delivered version.(Texto en inglés)

UK Financial Regulation & Ethics

(Anónimo) — Thu, 31 Mar 2005 09:56:18 +0000

It is a requirement that candidates are examined in their ability to COMBINE AND APPLY knowledge and understanding of the content of the four Standards to the circumstances of advising on investments which are packaged products. This will require an overarching assessment of the candidate’s knowledge and understanding.
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