HOUSE_OVERSIGHT_012075.jpg
1.45 MB
Extraction Summary
1
People
3
Organizations
1
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Corporate report / white paper page
File Size:
1.45 MB
Summary
A page from a Rockefeller & Co. report titled 'Active Stewardship in Financial Services' (page 4). The document discusses banking industry reforms following the financial crisis, citing Mark Carney on the need for transparency and accountability. It details improvements in risk management, board oversight, and ethical disclosures at major banks, including the establishment of Chief Risk Officer positions. The document bears a House Oversight Bates stamp.
People (1)
| Name | Role | Context |
|---|---|---|
| Mark Carney | Governor of the Bank of England |
Quoted regarding financial markets standards, transparency, and accountability.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Rockefeller & Co. |
Logo appears at the top right of the document.
|
|
| Bank of England |
Mentioned in relation to Mark Carney.
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_012075'.
|
Timeline (1 events)
2015
Locations (1)
| Location | Context |
|---|---|
|
Mentioned regarding a 'leading bank in the U.S.' establishing a Chief Risk Officer position.
|
Relationships (1)
Referred to as 'Governor of the Bank of England'
Key Quotes (3)
"AS THE GOVERNOR OF THE BANK OF ENGLAND MARK CARNEY SAID IN 2015, THE ‘CRISIS AND ITS AFTERMATH LAID BARE THAT MANY OF OUR MARKETS DIDN'T LIVE UP TO THESE STANDARDS’ OF TRANSPARENCY, RESPONSIBILITY AND ACCOUNTABILITY..."Source
HOUSE_OVERSIGHT_012075.jpg
Quote #1
"It was in the areas of risk management and board oversight that banks made the most visible changes."Source
HOUSE_OVERSIGHT_012075.jpg
Quote #2
"For example, we saw how a leading bank in the U.S. also established a new position of Chief Risk Officer reporting to the board..."Source
HOUSE_OVERSIGHT_012075.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,574 characters)
ROCKEFELLER & CO.
“AS THE GOVERNOR OF THE BANK OF ENGLAND MARK CARNEY SAID IN 2015, THE ‘CRISIS AND ITS AFTERMATH LAID BARE THAT MANY OF OUR MARKETS DIDN'T LIVE UP TO THESE STANDARDS’ OF TRANSPARENCY, RESPONSIBILITY AND ACCOUNTABILITY...”
employee trainings on new values and culture.
One of the largest banks significantly improved public disclosures by adopting new policies and processes on ethics, and publicly committing to high-quality practices to ensure financial stability and economic opportunity.⁵ At the core of these efforts was the goal to be client-oriented, with accountability to stakeholders and regulators alike.
It was in the areas of risk management and board oversight that banks made the most visible changes. They created risk committees at the board level and implemented company-wide risk management programs. For example, we saw how a leading bank in the U.S. also established a new position of Chief Risk Officer reporting to the board and tasked with ensuring that incentive programs in the organization do not encourage excessive or unnecessary risk-taking.⁶
One of the largest banks also showed corporate leadership by publicly acknowledging responsibility for unethical practices and recognizing past mistakes.⁷ They shifted their focus to identify and monitor “material risk-taking” in their organization and increased managerial oversight. Other banks publicly committed to seeking responsible business growth and to conduct their business in a more transparent way.⁸
ACTIVE STEWARDSHIP IN FINANCIAL SERVICES 4
HOUSE_OVERSIGHT_012075
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