Defining corporate culture is still an issue at many companies, new research has revealed.
Nearly one in three (31 per cent) of boards across the public and private sectors have not established or articulated what sort of corporate culture they want, according to the Chartered Institute of Internal Auditors.
It was also found that even when companies define their corporate culture many fail to check staff behaviour is reflecting the values.
Just over a third (36 per cent) were found to follow up with employees. However, nearly 20 per cent of respondents said they would include cultural aspects in their audit work in the coming year.
The financial services sector was found to be outperforming other industries when it comes to culture – put down to increased scrutiny of the industry following the financial crisis.
A whopping nine out of ten heads of internal audit at banks and other financial services firms surveyed reported that they currently analyse organisational culture in their audit plans.
Earlier this year industry watchdog the Financial Conduct Authority (FCA) attracted criticism when it scrapped plans for probes into culture, pay and behaviour within the banking industry…Read more at City A.M.