Financial services firms need to draft their own Code of Ethical Conduct, implement it and then monitor the implementation before periodically reviewing and updating it.
The GRC-Maestro Solution for managing a firm’s ethics/culture includes:
- Risk Assessment: Identify the ethical conduct risks by business area and/or location.
- Implementation Plan: Record how the firm intends to address the ethical risks identified.
- Monitoring: Report and report the results of ethics/code of conduct monitoring.
- Hotline: Formally record cases reported to the firm’s ethics hotline, maintain a register of issues reported and report on the resolution status.