Regulators’ expectations on corporate culture for financial institutions
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Regulators’ expectations on corporate culture
Given the increasing public concerns over financial institutions’ misconduct behaviours, regulators, in particular the Hong Kong Monetary Authority, are raising their requirements on financial institutions’ development of a sound corporate culture that supports prudent risk management and incentivises proper staff behaviour for positive customer outcomes and high ethical standards.
This publication summarises the key elements of a sound corporate culture for financial institutions. While the framework described were formulated for banks in Hong Kong, most of the elements are equally applicable to other non-bank financial institutions such as brokers, insurance companies or asset managers.
With our in-depth experience and understanding of the regulatory landscapes in Hong Kong, Mazars in Hong Kong can support you to remain compliant on the regulators’ expectations in maintaining a sound corporate culture framework to achieve your business goals.
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