Latest insights from the HKMA’s review of self-assessments on bank culture
As part of its ongoing Bank Culture Reform, the Hong Kong Monetary Authority (HKMA) commenced a self-assessment exercise in 2019, requiring 30 banks (all major retail banks and selected foreign bank branches with substantial operations in Hong Kong) to conduct self-assessments on their culture enhancement efforts. In its review, the HKMA highlighted the importance of incentive systems in promoting a sound bank culture, and stated its aim to conduct focused reviews that dive deeper into the incentive systems of retail banks’ front offices.
In this publication, we outline the key insights obtained from the HKMA’s review of self-assessments on bank culture, and our reflections on the review of the self-assessments, with a focus on incentive systems.
© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.