What next for finance firm culture?

“Organisational culture in financial services, as elsewhere, is continually evolving and managing culture is an ongoing challenge, not a box to be ticked”. The parting words of the Financial Standards Conduct Board (FSCB) as it announces it is closing, in 2023.   

Originally launched 2015 with the remit to raise standards of behaviour and competence across the banking sector, then the wider UK financial services sector, FSCB has announced publicly it is closing, because it does not expect to be a going concern.

Does that leave financial services firms high and dry, on culture direction?

Various financial centres around the world recognise the ongoing relevance of corporate culture awareness, and improvement.

Interestingly, a number of leading finance jurisdictions, put ‘risk management’ at the heart of culture improvement. 

(We agree).

And yet, the word ‘risk’ was by no means prominent on FSCB website.

(An opportunity missed). 

How does risk relate to corporate culture?

1. manage risk of failing to meet stakeholder expectation, risk to reputation, risk of breaking laws, risk of infringing norms, of conflicting public commitments, of not managing change fatigue etc….
2. hold standards steady in a storm, if you’re spotting risk on the horizon

Board Originator prompts and stores your culture journey – and brings you automated risk management – ready for anything.

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