In a move to promote good culture and raise conduct standards among banks in Singapore, the Monetary Authority of Singapore and the Association of Banks in Singapore established a new group.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced on Wednesday the establishment of the Culture and Conduct Steering Group (CCSG) to promote sound culture and raise conduct standards among banks in Singapore. Chaired by Shee Tse Koon, Singapore country head of DBS Bank, CCSG serves to strengthen ethical business practices that safeguard customers’ interests and ensure fair treatment amongst banks.
CCSG will also ensure prudent risk-taking behavior and robust risk management can support the bank’s safety and soundness. «Banks understand the need to focus on culture as it drives the behavior of their employees and leads to positive outcomes for customers. This is a nascent area where there is potential to do more,» said Shee in a media statement by MAS
Key Ingredients to a Stronger Banking Industry
The recently published G30 report on banking conduct and culture highlighted that industry-wide dialogue and sharing of best practices are keys to a stronger and healthier banking industry, MAS notes. CCSG, which acts as such a platform, comprises members from 12 other banks in Singapore, together with the MAS.
The steering group will serve as a platform for industry participants to:
- Identify best practices in the area of culture and conduct and share them with the wider industry to facilitate adoption;
- Monitor trends and identify emerging conduct and culture issues within the industry; and
- Collaborate with MAS on initiatives to promote strong culture and conduct within the industry, including industry self-assessments
