Conduct and Ethics Standards
The way we interact with clients, external stakeholders and each other is of key importance for the delivery of our strategy. At the same time, shareholders, clients, employees, legislators and policymakers are focusing increasingly on the ethics, behavior and integrity of banks.
With the introduction of a set of six Conduct and Ethics Standards across the bank in 2017, we have sought to ensure a common understanding and consistent expectations in respect of our culture and conduct. The Conduct and Ethics Standards are underpinned by a governance framework consisting of a Group Conduct and Ethics Board (CEB) chaired by two of the Group's Executive Board members, as well as dedicated divisional CEBs and a joint CEB for our Corporate Functions. Our Conduct and Ethics Standards are sponsored by the Board of Directors and the Executive Board of Credit Suisse, underscoring their strategic importance to the bank.
The Conduct and Ethics Standards are a core part of everything we do – from recruitment to performance management and our disciplinary process. 2019 saw a rotation in the Executive Board leadership for Conduct and Ethics with the appointment of the Chief Compliance and Regulatory Affairs Officer and Global Head of Human Resources to build on the existing strong foundation and further enhance and cement our bank-wide approach to Conduct and Ethics.
The Conduct and Ethics agenda remains a key priority under their leadership, with high importance being assigned to the recognition of positive behaviors and preventative training, as well as to ensuring appropriate governance and sanctions for negative conduct. In addition, "Local Culture Carriers" have been appointed in key hub locations, allowing us to complement the rollout of divisional and function-led initiatives by tailoring them to local practices and cultures.
Client skills and compliance
Maintaining a robust compliance and control culture is another important way in which we gain the trust of clients, as well as investors and regulators. At Credit Suisse, we strive to conduct our activities according to the highest standards of due diligence and in strict compliance with legal and regulatory requirements in all our markets globally. We expect each employee to be personally accountable for ensuring the activities within their remit are compliant with our internal rules and policies and for reporting or escalating issues of concern.
Credit Suisse offers employees a wide range of training programs involving traditional classroom instruction, e-learning, video-based courses and online learning communities. Additionally, employees can complete short training programs on their mobile devices, enhancing the user experience. Each employee completed at least ten mandatory training modules in the course of the year, depending on his or her area of responsibility. In 2019, we launched over 70 new mandatory e-learning programs on regulatory topics such as financial crime, cyber security and information awareness, as well as compliance with our Conduct and Ethics Standards. Our client-facing employees complete courses on cross-border activities and on topics such as the transition away from the IBOR benchmark interest rates to Alternative Reference Rates. In addition, a new course on the identification and management of conflicts of interest was conducted to train all personnel on this topic, which is of critical importance for the bank.
Talent development key figures
In 2019, we offered our employees around the globe a wide range of specialist courses and trainings.