Almost every month we continue to hear of some sort of corporate ethical issue or scandal. Even though financial services regulators have flexed their muscles, organisations such as Barclays, UBS and Deutsche Bank have recently received multimillion pound fines.
Financial Services regulators continue to impose larger and larger fines on organisations deemed guilty of wrongdoing. Recently-published data from the professional services firm EY states that fines have risen by 271% in the last two years to £2.25 billion and that criminal prosecutions against organisations and individuals have also increased, with the amount of prison time for misconduct increasing 124%.
We are familiar with the debate around some of the purported causes such as hubris, lack of internal compliance, regulatory failure and of course the culture of organisations.