Guidelines on Individual Accountability and Conduct
Categories : Customer and Users of Digital Payments, Customer needs and HCD
Financial institutions (FIs) play critical roles in safeguarding the interests of their customers, ensuring that markets operate in a fair, orderly, and transparent manner, and protecting the integrity of the financial system. The manner in which an FI conducts its business and deals with customers and other stakeholders is ultimately shaped by the culture in the organisation. The Monetary Authority of Singapore (MAS) has been focusing on culture and conduct in FIs to achieve two key outcomes: (i) ethical business practices that safeguard customers’ interests and ensure fair treatment; and (ii) prudent risk-taking behaviour and robust risk management that support FIs’ safety and soundness. Embedding a strong culture of responsibility and ethical behaviour in FIs requires individual accountability on the part of senior managers and a supportive governance framework. The Guidelines on Individual Accountability and Conduct (the Guidelines) focus on the measures FIs should put in place to promote the individual accountability of senior managers, strengthen oversight over material risk personnel, and reinforce standards of proper conduct among all employees. The objective of the Guidelines is to assist FIs by providing a framework and best practices for strengthening accountability and standards of conduct.