The global financial system has undergone severe shocks in recent years, from which it has not yet fully recovered. The challenge for financial markets is to repair and remedy where they fall short, embed operational excellence and focus on reforming culture and values.
Forged more than a decade ago from a multilateral effort to create a safety mechanism for the financial markets by the world’s central and commercial banks, CLS’s core role is to mitigate settlement risk in the global FX market. CLS is now designated by regulators as systematically important to the international financial system.
CLS has always had an operational, safety-based culture but as we look for ways to enhance our service offering to clients, we are focused on building a more collaborative, connected organisation that challenges and develops employees at all levels, in all functions.
Global finance is increasingly a people and technology business, and we rely on balancing these in equal measure. Competition for the best technologists is fierce and financial services companies compete not only with each other, but also with the wider technology industry. The finance sector has had to adapt accordingly to provide compelling opportunities for technologists.
The increased focus of regulators around the globe on our sector means that we, like many other financial institutions, are having to work harder to attract not only good technologists, but a range of other skillsets, including risk, compliance, operations and audit professionals.
Then there is culture, which is the underlying operating system of any organisation. It guides the behaviours, decision-making and actions of everyone. It forms the assumptions that in turn create the conditions to support a business to achieve its commercial and operational goals.
We work very hard to define and communicate what our culture stands for, so that we are able to attract and retain employees who understand our value proposition. Ensuring we hire and develop the kind of people that will thrive in our organisation engenders a much greater level of productivity through increased engagement levels.
Sustainable change that will have a real impact on a company’s long-term relevance and reputation can only be achieved through evolving the underlying culture that inspires people to think, act and make decisions. Our focus is increasingly on driving results across all functions and levels, while encouraging and rewarding collaboration in a supportive, learning-based environment.
It is vital to give employees the right understanding of the organisation so everyone knows what is expected of them, and that the leadership is speaking with one voice about where the company is headed. Having an integrated HR and communications function can help equip an organisation’s leaders and managers to better empower and engage employees at all levels.
Success for me is when everyone can consistently articulate what the organisation stands for, the value it provides to the market, and are rallied around where it is heading. Defining and living the culture is the underlying bedrock to achieving that.
Kathryn Herrington is chief human resources officer at CLS Bank
