What is Accountability?
Accountability is the ability to see, measure and respond to your failures in real time. It’s about moving beyond excuses and into action, and it takes time. Accountability means seeing your actions and actions of others and identifying the reasons for it. By understanding WHY people make the choices they make, you’re able to take control of the situation and do what makes the most sense for you and your company.
Accountability is something that is learned and not something that should be imposed upon anyone. It’s not something that comes naturally, and not something you have to be taught but something that you become comfortable with and practice, day in and day out.
As a discipline and in my role as Chief of Corporate Partnerships within the New York Stock Exchange (NYSE), my accountability is all about getting people to do what I want – even while I’m busy being accountable for them.
We’ve seen this happen time and time again when we have the opportunity to provide support to a client, or to take other actions, with the understanding that I must be held accountable for the results. In this role, the person holding you accountable knows you as the leader you are but they’re still required to manage your needs with your authority.
A major issue that we have in the financial services industry is with fraud. By far, the biggest threat facing the financial services industry today is not the bad actors but the good ones, and this is a situation we cannot ignore.
There is a massive problem plaguing financial services today – fraud. In the US alone, nearly $8 trillion has been destroyed through fraud, with an estimated $250 billion lost every year. This is a staggering figure and not just for financial services but across the entire economy.
This is a serious issue that needs our attention. Fraud is the single biggest threat facing our financial system, and the only way to combat it is to ensure there isn’t one at all.
We have to create a culture around the ability of our organizations to detect and address fraud before it happens. We need to ensure that compliance, management and training are in place to support a culture where it doesn’t happen, and we need to be able to respond to and mitigate fraud effectively.
We want to ensure that any organization that uses the financial services industry as a base to grow and thrive, and to do so in an environment where they’re held accountable for their actions, will have that culture in place to respond, fix
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