Efficacy of staff surveys for measuring culture questioned

New research published by the Bank of England finds that surveys used by firms to assess their culture are unreliable, as well as that banking culture has not improved overall in recent years. An alternative methodology for gauging culture is suggested, reports Denis O’Connor.

Denis O’Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

A recently-published Staff Working Paper [1] by the Bank of England has concluded that staff surveys of the culture within banks are “unreliable” and that there has been no overall improvement in culture across the United Kingdom banking sector between 2014 and 2020. Compliance Monitor readers may want to consider the implications for their own institutions following a review of the Paper and its conclusions. Importantly, the Bank makes clear that the authors’ conclusions do not represent the Bank’s official view nor any of its committees.