Causes And Solutions For Misconduct In The Financial Services Industry
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Causes And Solutions For Misconduct In The Financial Services Industry
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Author : Shann Turnbull
language : en
Publisher:
Release Date : 2019
Causes And Solutions For Misconduct In The Financial Services Industry written by Shann Turnbull and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper reviews the efficacy of the Australian government's 2018 initiatives to counter widespread misconduct identified by its Royal Commission into misconduct in the banking, superannuation, insurance, and financial services industry. As regulators exist to protect stakeholders, there is a need for: (i) regulators to become accountable to them and (ii) the ability of stakeholders to appoint representative bodies to direct and control qualified stakeholder advocates who could also become co-regulators. The role, size, cost and intrusiveness of regulators could be reduced. Regulators could require firms to: (a) remove current unethical conflicts inherent in Anglophone corporate constitutions; (b) establish constructive management of other conflicts; (c) provide independent voice to stakeholders for improving operations, reporting misconduct, harms, risks and/or unsatisfactory service. These changes could provide the means to achieve the outcomes specified in 2018 by the largest global fund manager who has identified the need for “A new model of corporate governance”. The appointment of various classes of stakeholder advocates for the different stakeholder constituencies of each firm offers the prospect of competitive advantages with continuous, more economic, comprehensive, nuanced and reliable control of mismanagement, misconduct and malfeasance than the practice of embedding regulators within a firm.
Powering The Digital Economy Opportunities And Risks Of Artificial Intelligence In Finance
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Author : El Bachir Boukherouaa
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-22
Powering The Digital Economy Opportunities And Risks Of Artificial Intelligence In Finance written by El Bachir Boukherouaa and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-22 with Business & Economics categories.
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Ethics Misconduct And The Financial Services Industry
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Author : Barbara Fryzel
language : en
Publisher: Routledge
Release Date : 2020-12-28
Ethics Misconduct And The Financial Services Industry written by Barbara Fryzel and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-28 with Business & Economics categories.
This book explores how ethics and the moral context of business have evolved historically in inf luential management theories and concepts. It looks at how managerial thought accommodates morality, values, and ethics and demonstrates the emerging patterns of ethical conduct to illustrate how moral aspects of management and organizational practice can become peripheral. The author examines a diverse range of data sources such as the most seminal books in management and academic papers published in the mainstream academic literature. The readings selected in the process are subject to critical analysis and are complemented by an exploratory study of the financial services industry, based on semistructured in-depth interviews. The uniqueness of the proposed approach comes first from the consolidation of many perspectives such as management, organization studies, and business anthropology rather than focusing on one particular subdiscipline; second, from using a mixed methodology, combining literature reviews with empirical, exploratory research based on interviews; and third from including a narrative context in the analysis and proposed future theory framework. This book will appeal to students, researchers, and scholars who teach ethics in the fields of economics or business. It is useful for advancing theory and research on moral management and as a resource for management practitioners looking to create business practices fostering moral sensitivity. Those interested in setting future development directions may also find the proposed consolidation of theoretical and empirical evidence valuable for the design of future policies.
Corruption And Fraud In Financial Markets
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Author : Carol Alexander
language : en
Publisher: John Wiley & Sons
Release Date : 2020-06-22
Corruption And Fraud In Financial Markets written by Carol Alexander and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-22 with Business & Economics categories.
Identifying malpractice and misconduct should be top priority for financial risk managers today Corruption and Fraud in Financial Markets identifies potential issues surrounding all types of fraud, misconduct, price/volume manipulation and other forms of malpractice. Chapters cover detection, prevention and regulation of corruption and fraud within different financial markets. Written by experts at the forefront of finance and risk management, this book details the many practices that bring potentially devastating consequences, including insider trading, bribery, false disclosure, frontrunning, options backdating, and improper execution or broker-agency relationships. Informed but corrupt traders manipulate prices in dark pools run by investment banks, using anonymous deals to move prices in their own favour, extracting value from ordinary investors time and time again. Strategies such as wash, ladder and spoofing trades are rife, even on regulated exchanges – and in unregulated cryptocurrency exchanges one can even see these manipulative quotes happening real-time in the limit order book. More generally, financial market misconduct and fraud affects about 15 percent of publicly listed companies each year and the resulting fines can devastate an organisation's budget and initiate a tailspin from which it may never recover. This book gives you a deeper understanding of all these issues to help prevent you and your company from falling victim to unethical practices. Learn about the different types of corruption and fraud and where they may be hiding in your organisation Identify improper relationships and conflicts of interest before they become a problem Understand the regulations surrounding market misconduct, and how they affect your firm Prevent budget-breaking fines and other potentially catastrophic consequences Since the LIBOR scandal, many major banks have been fined billions of dollars for manipulation of prices, exchange rates and interest rates. Headline cases aside, misconduct and fraud is uncomfortably prevalent in a large number of financial firms; it can exist in a wide variety of forms, with practices in multiple departments, making self-governance complex. Corruption and Fraud in Financial Markets is a comprehensive guide to identifying and stopping potential problems before they reach the level of finable misconduct.
New Accountability In Financial Services
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Author : Joe McGrath
language : en
Publisher: Springer Nature
Release Date : 2022-01-01
New Accountability In Financial Services written by Joe McGrath and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-01 with Social Science categories.
This book is a critical examination of recently introduced individual accountability regimes that apply to the financial services industry in the UK (SMCR) and Australia (BEAR and the forthcoming FAR), together with a forthcoming new individual accountability regime ( in particular, SEAR) in Ireland. It provides a framework for analysing whether these regimes will achieve behavioural change in the financial services industry. This book argues that, whilst sanctioning individuals to deter future misconduct is an important part of any successful regulatory strategy, the focus should be on ensuring that individuals in the financial services industry internalise the norms of behaviour expected under the new regimes. In this regard, the analysis in this book is informed by criminological theory, regulatory theory and behavioural science. The work also argues for a “trajectory towards professionalisation” of financial services, and banking in particular, as an important means of positively influencing industry-wide norms of behaviour, which have a key influence on firms’ and individuals’ behaviours.
Trust Accountability And Purpose
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Author : Justin O'Brien
language : en
Publisher:
Release Date : 2019-08-15
Trust Accountability And Purpose written by Justin O'Brien and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-15 with Business & Economics categories.
Explores how corporations can rebuild trust through organisational and regulatory design across interlocking themes.
Conflicts Of Interest In The Financial Services Industry
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Author : Andrew Crockett
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2003
Conflicts Of Interest In The Financial Services Industry written by Andrew Crockett and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Conflict of interests categories.
The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates. But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.
A History Of The Amp 1848 1998
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Author : Geoffrey Blainey
language : en
Publisher: Allen & Unwin
Release Date : 1999
A History Of The Amp 1848 1998 written by Geoffrey Blainey and has been published by Allen & Unwin this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
A comprehensive history of the AMP, one of Australia's leading financial institutions
Lessons From The Financial Crisis
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Author : Rob Quail
language : en
Publisher: John Wiley & Sons
Release Date : 2010-09-09
Lessons From The Financial Crisis written by Rob Quail and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-09 with Business & Economics categories.
The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.
Managing The Risk Of Fraud And Misconduct Pb
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Author : Richard H. Girgenti
language : en
Publisher: McGraw Hill Professional
Release Date : 2011-03-18
Managing The Risk Of Fraud And Misconduct Pb written by Richard H. Girgenti and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-18 with Business & Economics categories.
A Comprehensive "C-Level" Guide to Preventing and Responding to Fraud and Misconduct Maintaining and enhancing the integrity of an organization in a global, regulated, and digital environment has become an increasingly complex and difficult challenge for business leaders. Despite major legislative and regulatory reforms over the past decade, the headlines are replete with instances of corporate misdeeds. Indeed, nearly two-thirds of executives surveyed by KPMG reported that fraud and misconduct were significant risks in their industries, and a third of these executives expected fraud or misconduct to rise in their organizations within the year. Managing the Risk of Fraud and Misconduct is an A-to-Z guidebook for business leaders who are looking for an integrated and comprehensive approach for cutting through the complexities in today’s environment. This solution driven book provides insights from top experts who walk you through proven approaches to customize a strategy for preventing, detecting, and responding to fraud and corruption by building a culture of ethics and integrity. Managing the Risk of Fraud and Misconduct will help business leaders to stay a step ahead of tomorrow’s demands by providing guidance on how to: Assess your organization’s vulnerability to fraud and misconduct, and design and implement controls to prevent, detect, and respond to these occurrences Address increased regulatory enforcement and enhanced scrutiny Preserve and create value from corporate governance and compliance programs Use technology and data analytics to mitigate fraud and misconduct risks Evaluate the ongoing effectiveness of your compliance program