Establishing Credibility in Compensation
Worldwide the banking and financial services industry has been under continuous scrutiny for decades. This scrutiny has its roots in a number of banking crises, some institutional in nature but others the result of people acting inappropriately in an attempt to acquire compensation incentives. For example, we have seen headlines concerning mortgages and credit extended to unqualified customers; creation of fraudulent accounts without customer approval; and overpayment of bonuses and incentives prior to revenue being recognized. This negative exposure has created an environment in which banks and other financial institutions feel themselves challenged to restore credibility in the eyes of the public and those that oversee them.