On 15 September 2011, UBS announced it had suffered losses as a result of unauthorised trading within its investment bank. No client positions were affected, however the bank incurred a total loss of US$2.3 billion.
Compliance is not engagement
The bank immediately began a comprehensive program of remediation to make the business less complex, more focused, and less risky. But UBS knew that putting in place the policies, processes and systems for employee compliance would not be enough: only ongoing development of a values-led culture could lead to the transformation required.
A global platform
blue goose developed the platform for a Group-wide communication programme – In control In business – to ensure that the key principles embodied in the improved operating and control environment were understood by all employees and contributed to a culture of risk control, escalation and challenge across the bank. Specifically the campaign highlighted the responsibility of each individual as a risk manager.
UBS declared that its transformation was complete in 2015 and re-launched its brand with group CMO, Johan Jervoe, commenting that after a challenging time, "respect is coming back" in the financial services sector.