Banks Work to Measure Culture as Well as Numbers - The Minute

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Banks Work to Measure Culture as Well as Numbers - The Minute

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Monday, February 2, 2015 - 4:00pm

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Last fall, New York Federal Reserve President William Dudley used the word “culture” forty-four times in a speech warning bank executives that regulators would break up the big banks if they didn’t change their practices. Today, culture has become the new buzzword of the moment in the financial sector. Banks are now focusing on employee attitudes and values to head off the bad behaviors that led to the 2008 financial crisis. But how are banks to measure such a qualitative factor as culture when they have historically scored their worth by quantitative number and data crunching?

Some consultants are working to provide answers. The Better Banking Project has developed culture assessment tools, including an analytical survey for bank employees that examines beliefs that could turn into problems, such as that salary is the best measure of success. Promontory Financial Group is proposing methods to measure the response time by management to audit challenges and drafting action plans to track internal communications about regulators’ challenges to make sure they reach senior officials. The bottom line? Banks are working to measure their ethics as well as their profits.

I’m John Howell for 3BL Media.

Video Source: Banks Work to Measure Culture as Well as Numbers 

Keywords: 3bl media llc | Responsible Business & Employee Engagement | Better Banking Project | CSR Minute | Culture | Innovation & Technology | Research, Reports & Publications | banking | business ethics

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