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The Gordon Gekko effect: the role of culture in the financial industry
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the 2007-09 financial crisis. This article presents a brief overview of the role of culture as it is seen by psychologists, sociologists, and economists, and then describes a specific framework for analyzing culture in the context of financial practices and institutions. Using this framework, the author addresses three questions: (1) what is culture? (2) does it matter? and (3) can it be changed? He illustrates the utility of this framework by ...
Shelter from the Storm: Psychological Safety and Workplace Culture during the Coronavirus Pandemic
Keynote Address for the 6th Annual Culture and Conduct Forum for the Financial Services Industry – 'Culture, Conduct and COVID-19'.
Reforming culture and conduct in the financial services industry: how can lawyers help?: remarks at Yale Law School's Chirelstein Colloquium, New Haven, Connecticut
Remarks at Yale Law School's Chirelstein Colloquium, New Haven, Connecticut.
Compliance – some thoughts about reaching the next level
Remarks at the Fordham Journal of Corporate Counsel & Financial Law Symposium, Fordham Law School, New York City.
Getting to the Core of Culture
Remarks at Working Together; An Interdisciplinary Approach to Organisational Culture, London School of Economics and Political Science, London, U.K.
Remarks at the Culture Imperative – an Interbank Symposium
Remarks at the Culture Imperative ? An Interbank Symposium at the Convene Conference Center, New York City.
Risk management, governance, culture, and risk taking in banks
This article examines how governance, culture, and risk management affect risk taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a standalone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount of risk that maximizes shareholder wealth, subject to constraints imposed by laws and regulators. In general, this involves eliminating or mitigating all bad risks to the extent that it is cost effective to do so. The role of risk management in such a bank is not to reduce the bank?s total ...
The Impact of the Pandemic on Cultural Capital in the Finance Industry
Remarks at the Risk USA Conference (delivered via videoconference).
Operating global, acting local
Remarks at Institute of International Bankers Seminar on Risk Management and Regulatory/Examinations Compliance Issues, New York City.