Rebuilding trust in banks : the role of leadership and governance
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A great deal of thought has gone into crafting that question:. As well as helping to attract new participants our meetings are already proving highly valuable as a means through which we can evolve and stress-test our thinking. At each meeting we articulate the latest iteration of our plan but far more importantly we attentively, actively and authentically listen to the open discussion and debate that we facilitate; encouraging consensus-building as we go.
We are truly delighted by the quality of the input already provided and how our solution-orientated collective consciousness is taking shape; our meetings are working very well. Defining and reaching out to the 1, most influential people around the world that in effect govern the way the financial system works;. They are key actors in the change management process that we are driving; they hold the keys to the door through which the financial services industry needs to pass.
Transparency Task Force - Rebuilding Trust & Confidence in Financial Services
Without their active engagement and support the change we want to see cannot happen. The 1, will include politicians, policymakers, regulators, the leaders of the major trade bodies, the leaders of the professional associations and the leaders of the major commercial organisations be they banks, asset managers, insurers and so on. The book is a clarion call for engagement to that group. We will be personally reaching out to each and every one of them to invite them into dialogue - this is happening already, and it is working. We are applying that principle in the belief that:.
As explained later, the individuals within the 1, will be updated year by year as part of a systematic approach to ensure we harness the full potential power of "those who have the power and position. The 1, will include leaders of organisations such as these in the UK:. Professional Associations such as -. Trade Bodies such as -. Civil Society Groups such as -.
The 1, will also include UK Parliamentarians with a known interest in the financial services sector such as:. Furthermore, we will also be reaching out to leaders of major international organisations such as:. By doing so we are building an international community of all types of stakeholders willing and able to work on the trust deficit in a planned and coordinated manner. Chapter 4 - The Problem Statement. The characteristics of the financial services sector and the behaviour within it that leads to distrust include:. Clearly, there are many causes to the trust deficit and the causes are complex and interconnected.
Chapter 5 - The Vision Statement. In this chapter we will articulate a deliberately utopian view that will help us envision what it will mean for society if trust and confidence in financial services was fully restored; we think it would make a profoundly positive difference. By showing the comparison and contrast between the Problem Statement in Chapter 4 and the Vision Statement in Chapter 5 will give the book and the project as a whole a natural sense of direction and momentum. Chapters 6 to 17 - The FDGs and the. Formal Recommendations for Change. The project as a whole is about creating a framework for finance reform; and at the heart of that framework for finance reform are the Finance Development Goals FDGs.
Each of Chapters 6 to 17 will be dedicated to a Finance Development Goal and within each of those chapters there will also be Formal Recommendations for Change.
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Each FDG is to be developed by the subject-matter experts from around the world that we are recruiting into the project; there will be a separate group of subject-matter experts for each FDG and there will be some subject-matter experts involved in more than one FDG. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office. This FDG covers topics such as:. They can only give you answers. Dormant forces, faculties and talents become alive and you discover yourself to be a greater person by far than you ever dreamed yourself to be.
No, me neither. Each of these FDG Chapters will be a collection of thought-leadership essays written by relevent subject-matter experts. Their essays will be a response to a tailored FDG-specific question. Here are some examples, showing that the stem of the question is the same for each FDG, but the ending is adapted according to which FDG is being dealt with:. The Formal Recommendations will be addressed to the Special 1, and they will be invited to respond to the recommendations i. Through the reporting back process, we will be able to shine a bright light on who has done what in response to the formal recommendations made by the Scientific Committee; and thereby create a sense of transparency, responsibility and accountability amongst the 1, It is this process of engagement that will mean the Formal Recommendations are much more than just sterile suggestions; they will be fertile dialogue that will yield fruit in the form of change.
The Scientific Committee will have technical and governance oversight of the book and the project as a whole. Chapter Conclusions and Next Steps. The outputs that we expect to achieve by the end of are summarised here:. The background and the build-up:. About our Special Events at the. House of Commons.
Our international project is very ambitious. We are very confident of its success in the UK because we have unusually high levels of connectivity and engagement with all the key stakeholders including regulators, politicians and the main financial services trade bodies and professional associations. They are being explained here to show that we have managed to convene successful meetings in the past:. We had approximately 50 people in attendance; here is a picture of some of them; and beneath that some pictures of the inquiry it led to:. Overview of the TTF. What is the Transparency Task Force all about?
The Transparency Task Force is unique. We seek to operate in a collaborative, collegiate and consensus-building way; focusing on solutions not blame. We seek to effect the change the financial services sector needs and the consumer deserves. The Transparency Task Force View. At the Transparency Task Force, we believe that:. In many ways, a key success factor for the overall project is whether we can bring key stakeholders together. We believe we can do that very well, and one reason for that is we already have a good working relationship with a very extensive network of key people.
But in addition, the other roles he holds now or has held in the past also help to provide a large, natural network of interested parties, enabling the bringing together of many people including the key stakeholders who can drive positive, progressive and purposeful finance reform.
The other relevent roles are:. Who should be included in this initiative? It is therefore very important to have representation from as wide a cross-section of stakeholders at each of our meetings as we possibly can; and we are particularly interested in having representation and input from:. If it is physically impossible for you to take part, at the very least make sure your organisation is represented — you are welcome to forward a link to this information to your colleagues and contacts. The Scientific Committee. Scientific Committee have technical and governance oversight responsibility for "The book that is much more than just a book" and this pioneering project as a whole.
Note, we have many more members in the Scientific Committee than those shown below; other photos and bios are being added. By the time it is complete, The Scientific Committee will be a mighty reform engine with significant intellectual horsepower. As individuals, each member of our Scientific Committee has thought leadership that is highly compelling; and collectively they are too credible for their Formal Recommendations to be ignored. We are extremely grateful to our Scientific Committee who will be providing priceless input to a breakthrough initiative of undeniable importance.
Anna has an emerging record of publications in top tier academic journals. Andreas Hoepner,. Professor of Operational Risk, Banking and Finance,. University College Dublin. Professor Andreas G. Hoepner, Ph.
He sits on predominantly technical advisory boards for various organizations including Bank J. Andreas received his PhD from St. He is co-founder and chair of two socially motivated enterprises: ReFine Research Project which gives social reporting awards to pension funds and Sociovestix Labs SVL. Co-founded with Prof. Borth, Dr. Hees and Dr. US B1. More generally, Prof. Andreas is most proud, however, about his record as Ph. Besides these academic honours, Prof.
Selected content of Prof. An extensive record of Prof. When interpreting academic behaviour, Andreas follows the credo: evidence is discovered, theories are promoted. Professsor John Wilson,. Pro Vice-Chancellor for the. Professor Wilson has been researching British business history for almost forty years and has published fifteen books and over seventy journal articles and chapters, which offer a range of insights into the way British business has evolved over the last years.
Krzysztof Grabowski Ph. Securities Broker. Retired, but still active professionally. Expert witness in the field of trading in securities. He has worked for several market institutions: brokerage houses, Stock Exchange, Securities and Exchange Commission, Polish Financial Supervision Authority, self-governed organization of financial institutions. Participant in the legislative works on capital market and company law at national and EU levels. Professor Andreas G. Hoepner, Ph. He sits on predominantly technical advisory boards for various organizations including Bank J.
Andreas received his PhD from St. He is co-founder and chair of two socially motivated enterprises: ReFine Research Project which gives social reporting awards to pension funds and Sociovestix Labs SVL. Co-founded with Prof. Borth, Dr. Hees and Dr. US B1. More generally, Prof.
Andreas is most proud, however, about his record as Ph. Besides these academic honours, Prof. Selected content of Prof. An extensive record of Prof. When interpreting academic behaviour, Andreas follows the credo: evidence is discovered, theories are promoted. Professsor John Wilson,. Pro Vice-Chancellor for the. Professor Wilson has been researching British business history for almost forty years and has published fifteen books and over seventy journal articles and chapters, which offer a range of insights into the way British business has evolved over the last years.
Krzysztof Grabowski Ph. Securities Broker. Retired, but still active professionally. Expert witness in the field of trading in securities. He has worked for several market institutions: brokerage houses, Stock Exchange, Securities and Exchange Commission, Polish Financial Supervision Authority, self-governed organization of financial institutions. Participant in the legislative works on capital market and company law at national and EU levels.
Professor of Corporate Governance,. London South Bank University. Paul is an acknowledged expert in corporate governance and risk management and for 13 years led ACCA's the Association of Chartered Certified Accountants global thought leadership on these subjects. He now works with boards and executive teams in assessing and improving their culture and governance and risk management practices to improve organisational performance and resilience. He also writes and trains boards and others on governance, board effectiveness, risk, business ethics and corporate culture and recently wrote a text book on corporate governance for ICSA.
He is a trustee of a sailing club and has been chairman of a small housing charity, and started and sold a successful small retail and printing business. Paul is a chartered accountant and a chartered secretary and earlier in his career was a company secretary and group financial controller of a small UK listed company and then a larger unlisted company with 5, staff. Incentivising ethics Risk and Reward Tempering the Pursuit of Profit. Corporate Governance and the Credit Crunch. Tamar Joulia-Paris. TJ Capital. She left banking mid to focus on her academic pursuits in enterprise risk and in credit portfolio management, as well as on senior risk advisory work to bank, insurance, asset management and fintech companies.
A step further
She recently took an independent Board Member position at the Board of Directors of a bank in orderly resolution. Martin Rich,. Future-Fit Foundation. Piotr Konwicki. Senior Lecturer,. University of Hertfordshire. Piotr has a combination of academic and business experience.
He specializes in corporate finance, valuation and alternative investments — having taught and worked in England, USA, Scandinavia and Poland. He is passionate about economics and finance, has a Ph. David Webber,. Professor of Law,. Boston University School of Law.
David H. Dr Ashby Monk,. Senior Research Associate, University of Oxford,. Senior Advisor to the CIO,. Monk has a strong track record of academic and industry publications. He was named by aiCIO magazine as one of the most influential academics in the institutional investing world.
Interview — Dr John Laker AO — Rebuilding trust
His current research focus is on the design and governance of institutional investors, with particular specialization on pension and sovereign wealth funds. Laurence Wormald,. Investment Manager,. Random Performance. Since , Laurence Wormald has held positions at several central banks, investment banks and financial technology firms.
He is now working as an independent consultant in investment risk management. Laurence started his career as a university lecturer in theoretical physics, before joining an investment team at the Bank for International Settlements in Basle in He went on to work at the European Central Bank in Frankfurt and the at the Bank of England Monetary Analysis Division until , supporting the economic research and monetary policy committees at those central banks.
Risk management underpins all modern finance as the essential discipline for practitioners and financial product development. The integrity of the models which are used in risk management is critical to transparency and policy-making across banking, investment management and trading. Laurence has served on the councils of academic institutions such as the Centre for Computational Finance at Essex University, and with professional societies such as Inquire UK, to try to develop the most intuitive and rigorous models for pricing and risk management. Nicholas Morris,. Adjunct Professor,.
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University of New South Wales,. Raphael Douady. He earned his PhD in Hamiltonian dynamics and has more than 20 years of experience in the financial industry. He has particular interest in researching portfolio risks, for which he has developed especially suited powerful nonlinear statistical and data science models, as well as macroeconomics and systemic risk. If you like the idea of becoming "part of the solution" and being included in this breakthrough initiative, please connect.
The way that we work is to establish the easiest and best way for people to become part of the global network of like-minded people that we are creating. We believe that teams work best when people get the chance to play to their strengths and contribute in whichever way they would most like to. Thank you! The Great Divide. The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it. Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:.
Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.
For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. I am sure many of you have heard those messages too. If you need to read another piece first, here it is:. Trust did not butter our parsnips and nor did it enter our production functions. Recently, however, that orthodoxy has changed and the importance of trust has become clearer. Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation.
At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity. At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.
Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. So a lack of trust in finance potentially hobbles both economic growth and financial stability. That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.
The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being. Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:.
The significance of these findings is not the precise percentages, as striking as these are. Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:. Today, bank workers, corporate leaders, and diplomats held an urgent discussion on how bank workforces can be an active part of changing our financial institutions to avoid the catastrophic mistakes of the past.
From being the executors of ethical and transparent policies, to restoring trust between customers and institutions, to regulating the industry from below, panelists in two consecutive events considered how bank workers are critical to steering society away from the worst consequences of financialization. There has been a return of strong risks to financial stability.
Stakeholders must create a dialogue and work toward solutions — this includes unions representing workers. There is a need for a specific kind of social dialogue for this sector and special attention to whistleblowing. A top discussion point was lifting the voice of bank workers, especially in the United States, where standards for labor representation have fallen behind.