Culture in the Financial Sector - Why is it important?
Risk Powers Performance
Why is culture important?
The concept of culture in the financial sector has been on the radar for international regulators for many years and continues to be a focus area on the supervisory agenda for the Central Bank of Ireland (“CBI”).
Culture can be viewed as complex as it involves behaviours and attitudes however it can also be viewed as simply doing the right thing that can maximise the best out of people individually and collectively – it can be one of the most rewarding investments an organisation can make.
There is no one size fits all definition for culture and it is not specifically defined by the CBI or any other regulator - it is defined by an organisation’s leadership. Efforts have and are being made by financial institutions in Ireland to further understand and enhance their cultures. The journey however is only beginning!
What influences culture?
Contributing factors: Conduct; values, behaviours and norms; strategy and purpose; risk appetite, awareness and management.
Outputs: Positive customer outcomes; employee and stakeholder satisfaction; reputation and trust; capital and profitability.
Underpinned by: Solid foundations and origins.
Download the full brochure to learn more about why Culture in the Financial Sector is important.