Ethics Matter
If the messages from Governor Bies at the Federal Reserve aren't enough, Julie Williams, Acting Comptroller of the Currency, is sending her message. Using reputation risk as the keystone, Williams stressed that what she termed ethical and compliance embarrassments can be damaging to the entity. It all comes down to ethics and priorities. The OCC does not directly regulate ethics, but she warned banks that examiners will notice and comment on the program and structure of an organization, including whether this supports or undermines ethical practices. This cannot be delegated. The tone is set at the top and that is where examiners will be looking.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 6, 5/05
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