Just days ahead of the introduction of the Senior Managers' Regime (SMR) and Certification Regime (CR), Standard Chartered appear to be as focused on Individual Accountability as the PRA & FCA.
How would you define culture? Many definitions include the words: attitudes, customs, beliefs, goals, values or behaviours, particular to a group of people or a community.
In the context of a firm, culture often gets segmented into different aspects depending on the topic in hand eg ‘customer service culture’, ‘quality culture’, ‘risk culture’, ‘reward culture’, ‘change culture’, ‘empowerment culture’… the list goes on.
If you are a Senior Manager in a bank you now have the added incentive of the Senior Managers Regime (SMR) to make sure your decisions are the best they can be.
In October last year the FCA changed its approach regarding the contentious ‘burden of proof’ but the new criminal offence relating to ‘a decision causing a financial institution to fail’ still became law.