Individual Accountability in the Financial Services Sector
Event Details
Free
Date and Time
Wed, 6 December 2023
12:30 - 14:00
Location
1 North Wall Quay
Dublin 1
D01 T8Y1
Ireland
Event Details
Free
Date and Time
Wed, 6 December 2023
12:30 - 14:00
Location
1 North Wall Quay
Dublin 1
D01 T8Y1
Ireland
Though individual accountability regimes (IARs) are often championed for ratcheting up accountability to tackle perceived impunity for wrongdoing, this discussion explores the limits of such regimes. While acknowledging the strengths and merits of individual accountability regimes, it troubles the expectations that such regimes are necessarily effective ways of priming certain anticipated behaviours. This inquiry is pursued through an analysis of the Senior Managers and Certification Regime (SMCR) and the Banking Executive Accountability Regime (BEAR), now the Financial Accountability Regime (FAR), in the financial services sectors in the UK and Australia respectively. Through an integration of experimental research in social and organisational psychology and practice, this discussion explores what behavioural effects could be expected from increasing individual accountability; how these behavioural effects may not be congruent with the aspired culture impact (what challenges may arise), and what conditions could be considered by regulators as well as firms when working with / implementing / executing the IAR’s in practice. In other words, we argue that increasing individual accountability can have the desired behavioural impact, if certain social psychological mechanisms are taken into account when implementing and executing the regimes. While IARs may never be a "holy grail" that fixes all problems, the discussion provides behavioural insights that can help to make IARs a vehicle for improving behaviour and culture, instead of a poisoned chalice for senior individuals.
Registration for this event will close at midnight the night prior to the event or when it reaches capacity.
There is 1.5 CPD available for the following designations:
-LCOI
-PB (Specialist Content)
-CB (Specialist Content)
-CBD
-CIFD
-FCOI Ethics
-FCOI Compliance
-AFP (Specialist Content)
Dr. Wieke Scholten
Owner of BR Insights and behavioural risk specialist
• Organizational and social psychologist with 20 years of experience in behavioural analysis in organizations, of which 12 years in financial services.
• PhD in social psychology: her research focused on preventing unethical behaviour (integrity or conduct issues) by revealing team climate perspectives in trading and sales businesses.
• Former Senior Supervisor of Behaviour & Culture at DNB – the Dutch Central Bank and prudential regulator: she was one of the first psychologists hired by the Central Bank after the 2008 financial crisis to build this supervisory expertise.
• Former Head of Behavioural Risk at NatWest group (London based) where she created a dedicated team within the Internal Audit function to conduct independent deep dive reviews across the Group to identify behavioural risk.
• Former Lead Partner of Behavioural Risk at &samhoud consultancy, a Dutch boutique consultancy with a global coverage, specialized in organizational change.
• Lecturer at the Irish Institute of Banking on executive program Leading Cultural Change and Ethical Behaviour and the Certified Banking Director program.
• Author of various publications such as: A Better Approach to Avoiding Misconduct (2022), Harvard Business Review Magazine; Banking on Team Ethics: a team climate perspective of root causes of misconduct in financial services (2018); Bad Apples or Corrupting Barrels: Preventing Traders’ Misconduct (2016), Journal of Financial Regulation & Compliance
Dr Joe McGrath
Lecturer/Assistant Professor School of Law
Joe is an Irish Research Council Scholar, a Fulbright Scholar, an Assistant Professor of Law at the Sutherland School of Law, and the Vice Principal for Equality, Diversity and Inclusion of the College of Social Sciences and Law. Joe completed his doctoral thesis on corporate and financial regulation at University College Cork in 2011. He also graduated with a first class honours Bachelor of Civil Law (BCL) from University College Cork in 2007 and subsequently completed a post-graduate teaching qualification in higher education at NUI Galway.
Prior to joining the Sutherland School of Law at University College Dublin in 2014, he lectured at the National University of Ireland, Galway for three years. He has also held visiting fellowships at Harvard Law School, the University of California, Berkeley, and New York University. His first book, 'Corporate and White Collar Crime in Ireland: A New Architecture of Regulatory Enforcement', was published by Manchester University Press. He also edited and co-authored 'White Collar Crime in Ireland: Law and Policy', published by Clarus Press. His third book, co-authored, "New Accountability in Financial Services: Changing Individual Behaviour and Culture", was published by Palgrave. He has also published in the leading peer reviewed journals in Ireland, Europe, and the USA. These include: Crime, Law and Social Change (twice); the Dublin University Law Journal; the European Journal of Criminology; the Irish Jurist (three times); the Irish Supreme Court Review; the Journal of Corporate Law Studies; Justice Quarterly; the Minnesota Journal of Law, Science and Technology; Punishment and Society; Regulation & Governance; the Seattle University Law Review; and the University of Chicago Law Review (Online), among others. Joe currently teaches banking law, corporate governance, white-collar crime, company law, and comparative corporate governance and financial regulation, across a variety of programmes at University College Dublin. He also coordinates the Advanced Diploma in Corporate, White-Collar and Regulatory Crime at the Honorable Society of King's Inns and is the module coordinator of Decision Making, Group Dynamics and Behaviour at the Institute of Banking in Ireland. Joe has served as an external examiner for the University of Limerick, Middlesex University London, and the Institutes of Technology at Athlone and Carlow. He was a Visiting Professor at the University of Minnesota School of Law in 2019 and the Inaugural Visiting Scholar at the Federal Reserve Bank of Minneapolis.
