Bank Culture Reform in Hong Kong

Subscriber Content
Bank Culture Reform in Hong Kong
Jeffery Naquin, Protiviti Director, and Carol Beaumier, Protiviti Senior Managing Director
The Evolution and Overhaul of Banking Practices in Hong Kong

On December 19, 2018, the Hong Kong Monetary Authority (HKMA) issued a circular titled “Supervision for Bank Culture.” The new guidance introduced supervisory measures to Authorized Institutions (AIs), including self-assessments and site visits. While a strong bank culture is not a paint-by-numbers exercise, several vital components must be carefully aligned – namely, ethical behavior, tone at the top, mood in the middle and attitude at the base.

This article identifies several practices that reflect a sound bank culture and offers steps AIs should use for establishing and maintaining a strong governance framework.

Free Trial

Sign up for a free, no-obligation trial to start exploring our timesaving, valuable resources.