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The ongoing challenge of conduct risk management

Author

Listed:
  • Hirst, Rocky

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

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.

Suggested Citation

  • Hirst, Rocky, 2023. "The ongoing challenge of conduct risk management," Journal of Financial Compliance, Henry Stewart Publications, vol. 6(4), pages 357-367, June.
    • Handle: RePEc:aza:jfc000:y:2023:v:6:i:4:p:357-367
    as

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    More about this item

    Keywords

    conduct; ethics; breach; framework; misconduct; mitigation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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