Clutch Weighs in on Cultural Focus Among Regulators

February 2nd, 2015

On today’s front page of the Wall Street Journal, Clutch Group weighed in on the growing emphasis on firm culture on Wall Street.  The story reports on the countless regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC), that are shifting their regulatory, oversight and investigatory concentrations on culture such as “employee attitudes and values.”

As the Wall Street Journal cites, financial institutions are struggling to review and reform internal behavior to align with a relatively subjective measure.  Consulting firms, including Clutch Group, are helping financial institutions meet the compliance demands associated with the new cultural focus.  The Wall Street Journal writes, “The Clutch Group, which is consulting for two banks it wouldn’t name, found that informal happy hours led more often to harassment issues than those planned as corporate events, said Brandon Daniels, Clutch president. It also found that there was a 75% greater chance of employees going around internal controls when the word “workaround” was used in their communications.”

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