Bank Notes

Forensic accounting professor and fraud detective Kelly Richmond Pope describes why and how fraud occurs. In this episode she highlights the importance of clear incentives and discusses her interactive online games designed to help users understand the drivers of fraud and whistleblowing.  To learn more about the New York Fed’s Governance and Culture Reform Initiative, visit the website for additional resources related to the study of conduct and culture in the financial services industry.

Joe McGrath and Ciaran Walker, co-authors of the New Accountability in Financial Services, offer recommendations for promoting accountability through professionalization and the adoption of shared industry norms. In this episode they discuss the role of shared professional identities, moral anchors, and other mechanisms organizations can use to foster individual and group-based accountability.  To learn more about the New York Fed’s Governance and Culture Reform Initiative, visit the website for additional resources related to the study of conduct and culture in the financial services industry.

In this episode, series host Toni Dechario is joined by her Culture initiative colleague Tom Noone. Together, they reflect on how approaches to culture and governance in financial services have shifted over the last decade and highlight key moments from the 2024 annual New York Fed culture conference.  To learn more about the New York Fed’s Governance and Culture Reform Initiative, visit the website for additional resources related to the study of conduct and culture in the financial services industry.

Former prosecutor for the Eastern District of New York Evan Norris discusses the FIFA corruption scandal and why his past cases carry lessons for the financial services industry. In this episode he discusses building cultures of strong compliance, and how misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement.   To learn more about the New York Fed’s Governance and Culture Reform Initiative, visit the website for additional resources related to the study of conduct and culture in the financial services industry.

Veterans are 22% more likely to be out of the labor force than comparable nonveterans, according to New York Fed research from May 2023.  In this episode, experts working across the military-connected population speak to the reasons behind the participation gap, also debunking some of the most widely held misperceptions surrounding career paths within the military and the outcomes and experiences of military service. Additionally, they introduce listeners to educational and vocational opportunities unique to veterans and military families, and new research from the New York Fed points to developments from the past year.  Information and resources from the episode can be found at nyfed.org/podcast.

Cognitive psychologist Gary Klein discusses the PreMortem Method of Risk Assessment, exploring the challenges of integrating a culture of curiosity, the importance of building cultures of curiosity and learning in organizations, and the effectiveness of the shadow box method in improving decision-making skills.

How can organizations avoid reinforcing mistakes or bad behavior? Why is it crucial for upper management to understand the daily realities and social norms at a localized, team-by-team level? And how might removing the pressure surrounding results actually lead to better outcomes, including meaningful systemic improvements? In this episode, behavioral risk expert Wieke Scholten walks us through the ins-and-outs of turning negative events into positive opportunities for learning. 

Michael Hallsworth and Scott Young, behavioral science experts from The Behavioural Insights Team, delve into the intricacies of organizational frameworks. They highlight why examining operational processes is crucial for enhancing employee effectiveness. The duo offers insights on navigating decision-making biases and the importance of fostering a culture of curiosity and psychological safety. They also discuss strategies for reducing overconfidence bias and transforming organizational cultures in finance, emphasizing the blend of ethical behavior and empowerment for teams.

In a high stakes environment where mistakes can be catastrophic, how can an organization plan for human error? When does shared expertise within a group prove most valuable, and when might it make more sense to foster cognitive diversity? Why do some after-action reviews successfully establish a consensus-driven vision forward, while others stir up feelings of shame, blame, and guilt? In this episode, Preston B. Cline, co-founder and Director of Research at the Mission Critical Team Institute, shares observations and best practices from working with teams in immersive, all-consuming environments where the margin for error is near zero. 

Alison Taylor, Executive Director of Ethical Systems at NYU, explores pressing questions about workplace culture. She discusses the unpredictable impact of remote work on organizational ethics and the often disappointing results of corporate responsibility initiatives. Taylor emphasizes fostering authenticity and inclusion and warns against imposing uniform values. She highlights the necessity of adapting to new workforce expectations, particularly from younger generations, to build a more engaged and motivated workforce.