A new Culture and Conduct Steering Group (CCSG) has been established in Singapore to advocate sound culture and raise conduct standards among banks in Singapore.
Announced by Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS), it comprises 13 members who have responsibilities in business, risk management, compliance and HR:
- CCSG Chairman - Shee Tse Koon, Country Head, DBS
- Chan Kok Seong, Head, Group Credit and Risk Management, UOB
- Andrew Chia, Head, Retail Banking, Standard Chartered Bank
- Philip Chow, Chief Administrative Officer, Nomura Singapore
- Eva Gessner, Head, Wealth Management APAC Business Risk Organisation, UBS AG
- Hu Fang, General Manager, Industrial and Commercial Bank of China, Singapore Branch
- Anurag Mathur, Head, Retail Banking and Wealth Management, HSBC
- Scott McGuire, Manager, APAC Conduct Risk and Compliance, Wells Fargo
- Ong Yen Leng, Country Head, Northern Trust
- Jorge Osorio, Chief Human Resource Officer, Citibank
- Suresh Pathmanathan, Head of Compliance, Deutsche Bank AG
- Jon Yeo, Chief Compliance Officer, Malayan Banking
- Loretta Yuen, Head, Group Legal and Regulatory Compliance, OCBC
Shee Tse Koon, Chairperson for the CCSG, explained the group's mandate: "Banks understand the need to focus on culture as it drives the behaviour of their employees and leads to positive outcomes for customers. This is a nascent area where there is potential to do more."
As such, the CCSG 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 conducting industry self-assessments or updating industry codes of conduct.
Ho Hern Shin, Assistant Managing Director (Banking and Insurance), MAS, said: "The establishment of the CCSG shows the industry’s recognition of the value of prioritising sound culture and good conduct standards. MAS looks forward to active collaboration with the CCSG."
Ong-Ang Ai Boon, Director of the ABS, added: "Upholding values, attitudes and behaviours that protect the interests of our customers is crucial for continued trust and confidence in Singapore’s banks. The CCSG is an important collaboration with MAS to ensure integrity and ethical behaviour."
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