Bank Notes

Oct 22 2024 27 ep. 37 mins 179
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Bank Notes takes listeners deeper into insights and analysis from the New York Fed, told series by series.

  Business  Education
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Taking Stock: Reflections and Insights on Culture in Financial Services

Oct 22 2024 43 mins  
In this episode, series host Toni Dechario is joined by her Culture initiative colleague Tom Noone. Together, they reflect on how approaches to culture and governance in financial services have shifted over the last decade and highlight key moments from the 2024 annual New York Fed culture conference. To learn more about the New York Fed’s Governance and Culture Reform Initiativ

Culture, Compliance, and Lessons Learned from FIFA

Oct 22 2024 45 mins  
Former prosecutor for the Eastern District of New York Evan Norris discusses the FIFA corruption scandal and why his past cases carry lessons for the financial services industry. In this episode he discusses building cultures of strong compliance, and how misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement. To learn more about the New

The Fraudster, the Whistleblower, and the Bystander

Oct 22 2024 47 mins  
Forensic accounting professor and fraud detective Kelly Richmond Pope describes why and how fraud occurs. In this episode she highlights the importance of clear incentives and discusses her interactive online games designed to help users understand the drivers of fraud and whistleblowing. To learn more about the New York Fed’s Governance and Culture Reform Initiative, visit the

What Makes a Banker? Cultivating Accountability through Shared Identity

Oct 22 2024 43 mins  
Joe McGrath and Ciaran Walker, co-authors of the New Accountability in Financial Services, offer recommendations for promoting accountability through professionalization and the adoption of shared industry norms. In this episode they discuss the role of shared professional identities, moral anchors, and other mechanisms organizations can use to foster individual and group-based acc

Veterans in the Labor Force

May 22 2024 29 mins  
Veterans are 22% more likely to be out of the labor force than comparable nonveterans, according to New York Fed research from May 2023. In this episode, experts working across the military-connected population speak to the reasons behind the participation gap, also debunking some of the most widely held misperceptions surrounding career paths within the military and the outcomes

When Mistakes Are Inevitable, But Not an Option

Dec 05 2023 52 mins  
In a high stakes environment where mistakes can be catastrophic, how can an organization plan for human error? When does shared expertise within a group prove most valuable, and when might it make more sense to foster cognitive diversity? Why do some after-action reviews successfully establish a consensus-driven vision forward, while others stir up feelings of shame, blame, and gui

How to Fix What’s Not (Yet) Broken

Dec 05 2023 43 mins  
In this episode, behavioral science experts Michael Hallsworth and Scott Young of The Behavioural Insights Team discuss why it’s important for organizations to examine their operational frameworks and systems, in order to better assess how established processes and environments may be impacting the work of their employees. They also share recommendations for reducing overconfiden

If No One Listens, No One Speaks

Dec 05 2023 36 mins  
How can organizations avoid reinforcing mistakes or bad behavior? Why is it crucial for upper management to understand the daily realities and social norms at a localized, team-by-team level? And how might removing the pressure surrounding results actually lead to better outcomes, including meaningful systemic improvements? In this episode, behavioral risk expert Wieke Scholten wal

Success Through Failure: The PreMortem Method

Dec 05 2023 43 mins  
Cognitive psychologist Gary Klein has spent his career examining how decisions get made across real-world scenarios. He is well-known for creating the PreMortem Method of Risk Assessment, an risk management exercise that helps project team members imagine potential problems upfront, rather than examining shortfalls in hindsight. In this episode, we dig into the how and why of Klein

What Our Words Say About Our Work

Dec 05 2022 77 mins  
What can natural language processing tell management teams about the priorities of their employees? Do assumptions built over time more often lead to successful or unsuccessful outcomes? Does a speaker’s choice of words carry more weight for their audience than the substance of what they’re saying? Pointing to new developments in linguistics analysis and computational learning,