Debates about financial reform have led to the recognition that a healthy financial system doesn’t depend solely on how it is structured - organisational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor by Associate Professor Daniel Beunza, considers how the culture of financial organisations might change in order for them to remain healthy, even in times of crises. In particular, Daniel explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behaviour in organisations?
Following 2008, attempts to enhance ethical and cultural standards in banks have overemphasized values and the tone from the top. This has led to banners, statements and speeches but limited real change.
This webinar offers a more practical approach to reform, based on the case study of a trading room manager who redesigned his organisation to avoid possible scandals. Daniel witnessed this experiment in real time for three years and revisited it ten years later to establish what worked and what did not.
Daniel's analysis suggests the use of models to control employees (e.g. value at risk models to limit expected losses in traders’ positions) creates perceptions of injustice when these models prove inaccurate, leading traders to morally disengage. Based on the case study example, his analysis also suggests alternatives that do not create disengagement. Hear about Daniel's findings on this webinar.
Daniel Beunza, CASS Business School and authorDaniel is Associate Professor in Management at Cass Business School. He is also a Research Associate at the LSE’s Systematic Risk Centre. Daniel specialises in the sociology of financial markets and his research explores the ways in which social relations and technology shape financial value. He is the author of Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room (Princeton University Press). His academic work has been published in ‘Organization Science’, ‘Organization Studies’ and ‘Economy and Society’, among others. More information can be found at: www.danielbeunza.com
John Mongelard, Technical Manager - ICAEW, Financial Services Faculty John leads ICAEW’s programme on financial services issues that have a risk or regulation theme. As a Technical Manager, he has led on policy development, member education, he has organised topical discussion-based events and writes regularly in the faculty’s magazine. In his role, he looks at how financial services issues such as misconduct, crypto-currencies, corporate governance and IFRS 9 are influencing financial services firms, their regulators and lending to the real economy. John joined ICAEW from the Prudential Regulation Authority. There he worked in various supervision roles and looked at large UK banks, international banks and insurance companies.
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