The Ombuds Blog: Thoughts on Ombuds and Crises in the Financial Sector

January 23, 2017

Thoughts on Ombuds and Crises in the Financial Sector

An article posted on Mediate.com last week urges the development of Ombuds programs in response to the recurring ethical crises in the U.S. financial services industry. Author Alia Ismail cites the recent Wells Fargo cross-selling scandal as an example of a situation that could have been mitigated by an Ombuds program. While this type of scandal has led others to urge the appointment of an Organizational Ombuds, Ismail argues for a unique arrangement: Ombuds that are not only federally mandated but also federally managed.

In her concluding paragraph, Ismail says:

New laws should be legislated by congress where it becomes a requirement that each financial institution creates an ombudsman office where the department of labor would ensure and oversee its activity. Creating an outlet for employees to voice perceived or suspected violations not only will help with employee protection, but also with customer protection, shareholder protection and ironically, CEO protection.

(Mediate.com.)

Related posts: Mediate.com Unveils Certification Program; Cogent Critique of Certification; Resources Online and Beyond for the Aspiring Ombuds; Mediate.com Posts Full Interview With Howard Gadlin.

No comments:

Post a Comment

Organizational Ombuds

Organizational Ombuds serve as a confidential, independent, neutral and informal dispute resolution resource for a specific entity. They are accessible to a defined population and can advocate for fairness. These unique characteristics distinguish Organizational Ombuds from Classical Ombuds, mediators, arbitrators, and other alternative dispute resolution professionals. The term "Ombuds" is shorthand for "Ombudsman," "Ombudsperson" and "Ombuds Officer," which also are used widely.

Some other variants include:

Austria -- Ombudsstelle

Brazil -- Ouvidor

Croatia -- pravobranitelji

France -- médiateur/defénseur

Germany -- Ombudspersonen

Italy -- difensore

Netherlands -- ombudspersoon

Norway -- ombudet

Poland -- Rzecznik

Portugal -- provedor

Russia -- омбудсмен

Spain -- ombudsman organizacional

Sweden -- studentombud

Switzerland -- ombudsmann

Comment Policy

Content and Relevance

Stay on topic: Comments should be relevant to the post.
Be respectful: Personal attacks, insults, profanity, inflammatory language, and discriminatory or harassing comments will not be tolerated.
No self-promotion or spam: Comments should contribute to the conversation and not be used to for commercial purposes.
No confidential information: Do not share confidential information about your organization or visitors.

Length and Format

Keep it concise: Comments should be clear and to the point. Excessively long comments may be edited for clarity and length.
Use appropriate formatting: Do not use all caps unnecessarily. Comments may include HTML formatting for readability.

Other Considerations

Be professional and respectful: Please be mindful of your content, even when commending anonymously.
Comments may be edited: I reserve the right to remove or edit any comments that violate these guidelines. My edits will be noted.
Complaints about IOA: This is not the appropriate forum to lodge formal complaints against the International Ombuds Association.
Guest editorials: Please email me directly to discuss a guest editorial offering a longer, more in-depth perspective on a topic related to the organizational ombuds profession