Driving Culture Change
Engaging Employees Is the Key to Bringing Back Integrity to Financial Services
Preventing further scandals in financial services doesn’t require more regulation, it’s about a change of culture, say Jeannette Lichner, Head of Governance, Risk and Regulation and Charles Palmer of Strategic Communications, both Senior Managing Directors at FTI Consulting.
The financial services sector has been hit by one scandal after another over the last few years. Saying you work in “banking” is now often whispered. Issues such as Libor rigging and product miss-selling have prompted government, regulators and industry leadership to ask what can be done to bring back integrity and re-establish trust in what is, after all, a very important profession.
While some call for more regulation, evidence from a wide range of financial services firms suggests that far reaching and sustainable change is achievable only through stronger employee engagement.
When staff are truly engaged they care about their firm and its reputation. they don’t do things ‘because the regulator says to’; they do the right things because it is good for the customer and their firm.