The ongoing challenge of conduct risk management

Rocky Hirst
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Rocky Hirst: Head of Commercial Bank Compliance for Europe, Middle East and Africa (EMEA), Citibank, UK

Journal of Financial Compliance, 2023, vol. 6, issue 4, 357-367

Abstract: This paper begins by discussing the foundations for conduct risk regulation, particularly in the UK and the challenges the financial sector has faced in implementing these requirements internally. There follows a discussion on typical conduct-related breaches seen in the commercial banking sector and the challenges of ensuring appropriate mitigation for such breaches. Hybrid/remote working since the COVID-19 pandemic has required a keener focus by banks on managing additional and exacerbated conduct risks, and in considering various theories of ethical decision making, parallels can be drawn with the difficulties relating to more contemporary, wider socio-political issues. However, there are practical steps that firms and employees can take to ensure decision making in this area continues to operate effectively, even in times where there seems to be little consensus of what is in fact the right decision to make.

Keywords: conduct; ethics; breach; framework; misconduct; mitigation (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2023:v:6:i:4:p:357-367

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