The Banking Standards Board (BSB) has published its Annual Review 2016/17.
The Annual Review provides an overview of the BSB’s work to date, sets out its priorities for the coming year and reports publicly on the overall outcomes of the 2016 BSB Assessment exercise. The boards of the 22 member banks and building societies that took part in the Assessment have received their individual reports, and these are being discussed with each firm.
In terms of the year ahead the BSB will focus on three thematic areas:
- understanding and helping to address an apparent mismatch between the values espoused by the firm and the way that some employees see business being done. This will include: (i) considering how the BSB can develop its understanding of this issue through its 2017 Assessment, and in particular through the qualitative elements of this exercise; (ii) exploring the alignment of values and strategy, including issues relating to remuneration and reward; and (iii) working with the Institute for Business Ethics on relevant issues including those relating to reward strategy;
- helping to develop a culture within the banking sector of responsibility and accountability rather than blame. This will include developing Statements of Good Practice on implementation of the Certification Regime; and
- identifying practical steps to help promote employee well-being and resilience. This will include the BSB working in partnership with the Bank Worker’s Charity, as well as with other subject matter experts and organisations including the Trades Unions, to explore in particular: (i) the relationship between motivation and well-being at work; and (ii) how to create an environment that is both supportive and promotes autonomy.
View Banking Standards Board annual review 2016/17, 16 June 2017
