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Towards a practical approach to responsible innovation in finance: New Product Committees revisited

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Author Info

  • Margaret Armstrong

    (CERNA - Centre d'économie industrielle - MINES ParisTech - École nationale supérieure des mines de Paris)

  • Guillaume Cornut

    (unknown - Unknown)

  • Stéphane Delacôte

    (FI3M - Fondation MINES ParisTech - Fondation MINES ParisTech)

  • Marc Lenglet

    ()
    (European Business School Paris - European Business School)

  • Yuval Millo

    (London School of Economics - London School of Economics)

  • Fabian Muniesa

    ()
    (CSI - Centre de sociologie de l'innovation - CNRS : UMR7185 - MINES ParisTech - École nationale supérieure des mines de Paris)

  • Alexandre Pointier

    (unknown - Unknown)

  • Yamina Tadjeddine

    (EconomiX - CNRS : UMR7166 - Université Paris X - Paris Ouest Nanterre La Défense)

Abstract

Purpose - The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations. Design/methodology/approach - The paper takes the form of collective, interdisciplinary reflection and experience within the industry. Findings - New Product Committees can serve a practical approach to responsible innovation in finance. Originality/value - The paper fills a gap in the empirical consideration of New Product Committees in the financial services industry and proposes original directions for policy orientations within organizations and at a regulatory level. Abstract - The paper first lists the multiple interpretations of responsibility that should be taken into account, then proceeds to an empirical description of New Products Committees and to an analysis of their potentials to meet the several interpretations of responsibility. The paper concludes with a series of policy implications. The role of New Product Committees could be better formalized in regulatory frameworks, but also more open to scrutiny and revision. They could also play a more central role within the internal culture of the investment bank.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00699985.

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Date of creation: 2012
Date of revision:
Publication status: Published, Journal of Financial Regulation and Compliance, 2012, 20, 2, 147-168
Handle: RePEc:hal:journl:halshs-00699985

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00699985
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Web page: http://hal.archives-ouvertes.fr/

Related research

Keywords: Financial innovation; Financial institutions; Financial services; New product committees; Product innovation; Regulation; Responsibility;

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  1. Rakesh Khurana, 2007. "Introduction to From Higher Aims to Hired Hands The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession
    [From Higher Aims to Hired Hands The
    ," Introductory Chapters, Princeton University Press, Princeton University Press.
  2. Merton, Robert C., 1995. "Financial innovation and the management and regulation of financial institutions," Journal of Banking & Finance, Elsevier, Elsevier, vol. 19(3-4), pages 461-481, June.
  3. Spencer, Peter D., 2000. "The Structure and Regulation of Financial Markets," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198776109, October.
  4. Alessandro Carretta & Vincenzo Farina & Paola Schwizer, 2010. "The “day after” Basel 2: do regulators comply with banking culture?," Journal of Financial Regulation and Compliance, Emerald Group Publishing, Emerald Group Publishing, vol. 18(4), pages 316-332, November.
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