May 2022 Culture & Conduct Risk in the Banking Sector

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Starling is pleased to offer the fifth edition in its annual Compendium series for 2022: a comprehensive report detailing the priorities and activities of bank regulators regarding firm culture and conduct risk management. Over the years, regulatory officials across all all key banking centers have proffered a now substantial array of speeches, studies, and recommendations regarding the culture of banks and other financial firms. Collectively, these public resources provide the backbone of this report. While the available information on the "why, what, and how" of bank culture reform is prolific, this material exists in a dispersed and unconsolidated fashion. This "Compendium" aims to provide those working on, or otherwise interested in, this topic with a one-stop resource that highlights recent developments in the financial sector on the culture and conduct issue. The goal is to provide a comprehensive summary of the substantive work underway regarding the nexus between firm culture, employee behavior, business performance outcomes, and social consequences. This year's report features contributions from more than 60 senior banking industry executives, regulators and central bankers, international standard-setters, and academics. We made a concerted effort to include voices that were not as well-heard in our earlier reports as we would have liked. We are delighted that this year's report includes contributions from Canada, The Bahamas and Dubai, for instance. And we are particularly proud to have had contributions from so many women. We hope that this 2022 update to our annual report will help to prompt further informed discussion among banking industry executives, regulators and supervisors, central bankers and international standard setters, among other stakeholders. We are proud that so many of them have trusted us with the curation of this important dialogue and our sincerest thanks go to all those who have taken the time to offer views for inclusion here to the benefit of their peers.