Regulatory Alerts2020-05-22
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Report on Review of Self-assessments on Bank Culture
The Hong Kong Monetary Authority issued this report following a 2019 self-assessment exercise by 30 banks to evaluate their corporate culture enhancement efforts. The document outlines a range of best practices across governance, incentive systems, and assessment mechanisms to guide authorized institutions in fostering sound banking culture. It further identifies common themes requiring sustained attention, including the alignment of remuneration with behavioral standards, the establishment of psychological safety for staff, and stronger integration with global headquarters' cultural initiatives.
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