Values are what determine a firm’s culture, a cornerstone of any institution’s ability to navigate the complex risks that have evolved in the financial industry over the past few decades, said E. Gerald Corrigan, managing director in the executive office of Goldman Sachs. In a wide-ranging interview with Compliance Complete, Corrigan, who has witnessed the turbulence of Wall Street from both sides of the industry – first as head of the Federal Reserve Bank of New York from 1985 to 1993, and then moving on to Goldman Sachs in 1994 – said there was often a misconception about how culture is created. “It is the institutional values that actually produce the culture. Not the other way around. And that’s where I think there tends to be a fair amount of misunderstanding,” said Corrigan, who serves as co-chair of Goldman's firm-wide risk management committee . “In listening to people you often get the impression that they are looking at it the other way around.” Such values may have
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