April 20, 2018

FSB published a report that presents a toolkit for firms and supervisors to strengthen the governance frameworks to mitigate misconduct risk. Firms and supervisors can use this toolkit to tackle the causes and consequences of misconduct. The toolkit provides a set of options based on the shared experience and diversity of perspective of FSB members in dealing with misconduct issues.

The toolkit forms one of the building blocks of the work plan announced by FSB in 2015 to develop the measures to reduce misconduct risk. The toolkit identifies 19 tools that firms and supervisors could use to address the three overarching issues identified by FSB as part of its earlier work on misconduct: mitigating cultural drivers of misconduct, strengthening individual responsibility and accountability, and addressing the “rolling bad apples” phenomenon. The toolkit includes:

  • Standards and codes of behavior, such as the FX Global code, and reforms to benchmark-setting practices
  • Toolkit of measures related to wholesale market conduct, based on national approaches
  • Guidance on compensation practices in addressing misconduct

 

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Keywords: International, Banking, Insurance, Securities, Misconduct Risk, Governance, Certification, Accountability, FSB

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