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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

More pathways

Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Book a demo

Pricing

Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Pricing

Ready to get started?

Book a demo

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Introduction to Culture Audits

Introduction to Culture Audits

Roger Miles

25 years: Behavoural science & conduct

Conduct regulators are starting to request fresh evidence of good behaviour from regulated financial firms. Join Roger as he explains the benefits of businesses taking the new cultural reporting requirements on board.

Conduct regulators are starting to request fresh evidence of good behaviour from regulated financial firms. Join Roger as he explains the benefits of businesses taking the new cultural reporting requirements on board.

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Introduction to Culture Audits

9 mins 57 secs

Key learning objectives:

  • Outline the concept of a culture audit

  • Learn about external pressures driving regulatory agendas

  • Understand why firms should respond to the challenge of new culture reporting requirements

Overview:

Regulators are asking financial firms to produce new evidence that they are behaving well. They want all staff to actively take part in discussions about "what good behaviour looks like" and to stamp out misconduct in all its forms. This includes both behaviour relating to a firm's business operations, such as the mis-selling of financial products, and more interpersonal matters like abusive behaviours towards customers and colleagues. Observing this behaviour will take the form of a culture audit, which goes much further into how a firm operates than a conventional audit.

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Summary

What are some external pressures driving regulatory agendas?

  • Public pressure

    There's a rising public expectation that managers in financial firms need to be quicker to identify and remedy problems, so as to prevent any new occurrence of past misconduct. On this subject, you will no doubt be aware of the huge impact of movements such as #metoo and #blacklivesmatter in changing public attitudes towards diversity and inclusion.

  • More watchful regulators

    The early regime of "gentle influence" that regulators had on businesses has given way to strict oversight and enforcement. The front-line employees of financial firms will now be directly interviewed, surveyed, and observed by the conduct regulators' behavioural experts. These cultural evaluations could uncover problems that even a company's own management was not aware of, and no company wants to find itself in that situation.

  • The gig economy

    Employers' and employees' "assumed loyalty" is no longer a standard we can take for granted. Public concerns about employer behaviour have also been sparked by the shift toward less stable employment contracts brought on by the emergence of the "gig economy." Because of this, it is crucial that financial firms actively work to raise employee engagement as a part of a wider culture assessment.

  • Reputation risk rating

    There are now public web forums critiquing companies for their standards of service, behaviour and ethical conduct. DidTheyHelp.com and ViolationTracker host honest, frank, un-spun insights into a company's culture, conduct and history of infractions. As with any consumer review, these views may not be entirely accurate in all cases, but senior business leaders should never ignore such data.

  • Recruitment and retention

    The financial sector can no longer count on getting the first pick of the best and brightest and best candidates. Young job applicants are now quick to judge any firm on its ethical conduct and reputation. Firms need to respond positively by providing a better ethical account of themselves. That needs to start by carrying out a culture assessment which addresses all such problems.

 

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Roger Miles

Roger Miles

Roger researches behavioural risks in organisations, and advises senior leaders on how best to communicate risk and conduct matters. Previously, Roger ran risk communication programmes for professional bodies and the British Government. He now runs industry-level Academies for Conduct and Culture, and produces workshops with financial firms.

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