It may seem to bankers that they have been unfairly targeted by increasing compliance requirements recently. One directive after another has flowed down the pipe from regulators. But as firms have discovered, building and maintaining a culture of compliance and integrity brings with it many business rewards. What are the five best ways that financial institutions can weave compliance, business integrity and corporate social responsibility into all aspects of their operations?
Banks may see a benefit in political involvement, but it also brings risks of influencing political decisions, especially legislations and regulations that would affect their businesses, but this ideal may not line up with the reality. The public’s skepticism of banks’ integrity has not improved much recently—in large part due to their relative lack of transparency regarding their political engagement, as transparency studies show.