However, in the interest of global financial stability and to ensure the longevity of the role of banking in financial systems, it has become critical that guidelines are developed to address integrity within banks as well as between banks and their clients, counterparts, and competitors – guidelines which are globally relevant, robust over time, and aspirational, and which influence behaviour across society.
The new frontier for standard-setting, however, comes with challenges. In the normal course of risk management, internal targets and banking rules take the form of a plethora of financial measures, numbers, statistics, and technical financial analysis, which form the primary toolset. The challenge is that these rules are a necessary precondition, but not a sufficient one.