The intensifying interconnectedness of countries around the world has its benefits but also leaves nations vulnerable to the potentially detrimental effects of not only financial meltdowns but also regulations imposed by foreign entities. The EU’s soon-to-come MiFID II is already causing consternation in the United States, especially as the new regulations relate to US investment firms.
As its name suggests, corruption is a contaminating influence on whatever it touches, financial businesses included. That’s why various international parties—business decision-makers, policymakers, regulators, police, journalists, consumers—are seeking collaboration, transparency and partnership as they hash out solutions to the blight of corruption at local and national levels.
A financial firm’s internal culture is a product of the culture of its individual employees, and the influence of senior management on developing desirable culture cannot be denied. Behavioural-measurement tools are indispensable in managing culture within a financial institution, addressing the goals and concerns of such initiatives as the FCA’s Senior Managers Regime.
Leading think tank Open Europe last month published an independent report investigating how valuable the ability to ‘passport’ financial services across Europe – as laid out in the single market directive – is to the UK’s economy following the country’s decision to leave the EU in June.