Written on: 24 July 2023
  • Financial Markets Standards Board (“FMSB”) research looks at the current practice of 24 major financial firms around management information on the subject of conduct and culture. 
  • The extensive research published in a Spotlight Review was assisted by the global management consultancy Oliver Wyman and the findings suggest good progress on conduct failings and a shift in attention to non-financial risks and broader cultural change across firms.


  • The Review highlights the benefits of better organisational coordination around data collection, more extensive use of analytics and the value of introducing emerging new tools.  

24 July 2023 – Financial Markets Standards Board today published a Spotlight Review on Conduct & Culture Management Information (MI). The paper gives unique insight, on an aggregated and anonymised basis, into how 24 major global financial firms source and deploy their MI. 

Oliver Wyman’s Olivia Richards chaired the Working Group made up of participants from across the wholesale markets. It is designed for their use and will equally aid board members and executives as well as Risk and Compliance teams in the financial industry. 

For the founding research, some 24 firms provided a submission covering the following topics with many also providing redacted dashboard reports:  

  • Overall strategic drivers  
  • Management Information (MI) governance detail 
  • Data sources and collection  
  • Approaches to modelling data  
  • Conduct and culture reporting and decision-making 
  • Integration with broader conduct risk processes, and  
  • Overall assessment and future priorities 

FMSB CEO Myles McGuinness said: “My thanks go to the industry players who came together as FMSB Members to create this Spotlight Review. The excellent analysis was carried out with support from Oliver Wyman’s team. We are grateful to all firms who submitted their responses to enrich our collective knowledge.” 

Oliver Wyman Partner Olivia Richards, who chaired the Working Group, said: “Firms are looking to tie product-driven P&L metrics to conduct metrics to derive better insights. It is good to see that they are also looking to improve measures of culture and make a meaningful move toward “carrots’, understanding that there needs to be a more balanced approach which aims to understand and support the positive sides of behaviour.”

Standard Chartered’s Tracey McDermott, who is Chair of FMSB’s Conduct & Ethics Committee, said: “We have made substantial progress from where we all started on conduct and culture some years ago. This work provides insight from FMSB market practitioners on our collective progress; highlights ongoing challenges and the opportunities we now have to drive this agenda forward to ensure we bring about enduring changes in culture and behaviour.”  


Media contact

Vic Silverman
+447787 083681

Notes to Editors

About FMSB 

  • A not-for-profit, privately-owned company, Financial Markets Standards Board (FMSB) is the leading market-led, global standards body for fair and effective wholesale financial markets. 
  • Created following the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its Members – practitioners – from buy-side, sell-side, corporate issuer and infrastructure provider organisations to develop Standards, Statements of Good Practice and Spotlight Reviews. 
  • Its mission is to improve the transparency, fairness and effectiveness of global wholesale financial markets, bridging the ‘void’ between high-level regulatory principles and low-level operational rules. 
  • See all FMSB Members. Access all FMSB industry Standards and publications.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 6,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].  

For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman 

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