Singapore MONETARY Authority of Singapore (MAS) managing director Ravi Menon has urged the financial industry to build a culture of responsibility and ethics to regain the publics trust. Speaking at the MAS-Singapore Academy of Law conference on Friday, he announced that MAS would conduct more detailed supervision of financial firms compensation and risk practices, but that the industry should come up with a way to hold firms accountable to standards on behaviour and conduct regular surveys to detect blind spots. Reform of the financial industry will not be complete until this issue of trust and ethics is addressed, he said. This requires getting the culture right. And by culture, I mean shared values, attitudes and norms that guide actions. Mr Menon said that MAS has adopted an intensive supervisory approach to risk governance instead of a prescriptive model, in which regulators acquire a detailed understanding of each firms practices on the ground. We intend to conduct deeper-dive reviews, to examine how a firm makes compensation decisions in practice, as well as the extent to which the firms board and management deal with issues relating to compensation and risk culture.
Posted on: Mon, 26 Jan 2015 03:25:11 +0000
Trending Topics
Recently Viewed Topics
© 2015