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While U.S. regulators have done much to use their convening powers to further the discussion and thinking on conduct and culture, more needs to be done. As there is a natural hesitancy in prescribing rules, the author argues that the Federal Reserve should take the lead and require the largest U.S. banks—Global Systemically Important Banks (G-SIBS)—to develop internal behavioral risk teams. Taking a page from the RBS example, the banks should be allowed to develop such units as they see fit, but that the Fed and other regulators—possibly, the DNB—could work with banks in a collaborative process to help develop such groups. Evidence is cited of collaboration between the DNB and Irish Central Bank in conduct and culture reviews among retail banks. The author also highlights the growing importance of business school education on ethics and culture. A formalized program between the Federal Reserve Bank of New York, business schools and financial firms in 2019 is cited as a potential forum for further work on behavioral science.
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- U.S. Regulators: Requiring Behavioral Risk Teams
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