Corporate Culture Flashcards
1
Q
What is corporate culture?
A
It is thought that breaches in practice are the fault of cultural issues
Particular ways of acting can become prevalent - pursuing short term profit or revenue even at the cost of customers being misled
Shapes judgement, ethics and behaviour
2
Q
Drivers of culture
A
Setting the tone from the top - setting values and transferring them into behaviours
Translating it into easy to understand practices - how decisions are made, events are responded to, individual behaviour and response to issues
Supporting the right behaviours - performance management, employee development, reward programmes and recruitment and promotion policies
3
Q
FCA and culture/What is observed about a firm
A
How they deal with regulatory issues Experience of front line staff Running of product approval processes Manner of decision taking & escalation purposes Firm's behaviour in a market Remuneration structures
