MAS Announces Establishment of Culture and Conduct Steering Group

A G30 report on banking conduct and culture had highlighted that industry-wide dialog and sharing of best practices are key to a stronger and healthier banking industry. The CCSG will provide a platform for such exchanges within the banking industry in Singapore. MAS, which is also a member of the CCSG, is intensifying its work with banks to strengthen ethical business practices, prudent risk-taking behavior, and risk management. The CCSG will serve as a platform for industry participants to:

• Identify best practices in the area of culture and conduct and share them with the wider industry to facilitate adoption
• Monitor trends and identify emerging conduct and culture issues in the industry
• Collaborate with MAS on initiatives to promote strong culture and conduct in the industry, including conducting industry self-assessments or updating industry codes of conduct, where necessary

Keywords: Asia Pacific, Singapore, Banking, Culture and Conduct Steering Group, Governance, Conduct Risk, Operational Risk, MAS