The Executive Master in Responsible Banking is a one-year programme designed for bankers and future financial service providers who wish to sustainably change the banking industry. Organised by three major international players in the banking and academic sectors it delivers two specialisations, one in retail banking, the other in corporate banking. Each chapter is analysed from a responsible management perspective emphasising the bank’s economic role and its impact on social welfare and the environment. The Executive Master’s Online modular set up is enriched with local study visits to banks and academies in order to illustrate the content and facilitate professional exchanges. Coaching sessions are planned to reinforce the Executive Master‘s course insights. Programme accreditation ensures the highest quality of instruction.
Responsible banking encompasses a strong commitment by the banks to sustainable development and requires them to address corporate social responsibility as an integral part of its business activities. Responsible banking principles include:
1. Fair and transparent corporate governance,
2. Fair and clear relations with customers,
3. The provision of useful and appropriate products and services that improve the financial well being of customers,
4. Responsible investment through the integration of environmental, social, governance (ESG) and ethical issues into financial analysis and decision-making,
5. The promotion of financial accessibility and inclusion,
6. The promotion and provision of financial education policies and instruments,
7. Environment – friendly business,
8. Making a responsible contribution to the community,
9. Being a responsible employer through the application of fair and equal treatment to all staff,
10. Contribution to financial stability.
Responsible banking emphasises the bank’s primary socio-economic role as a provider of sustainable welfare to both the citizen and the economy.
- build a new generation of bankers with responsibly driven mindsets and attitudes;
- enable students to influence the industry’s future;
- rebuild trust in banks;
- contribute to making positive change a sustainable reality;The Executive Master’s modules include classic and current business theories with recent business cases to teach students how to more effectively manage and lead complex banking organisations in today’s competitive business environment. The programme includes study visits in order to see how responsible banking is practically integrated into a bank’s strategy and operations. The coaching sessions are there to help the student as an individual, to analyse the environment and the realistic options to successfully transform banking practices into more responsible ones.The student will acquire and develop skills and a wide range of specialities crucial to the success of banking and finance professionals.As an individual, the student will
• improve the decision-making and performance;
• gain a better understanding of corporate thinking and culture;
• acquire a holistic approach towards people, processes and technology.As a professional, the student will
• gain comprehensive knowledge of specialised areas in banking and finance;
• learn to efficiently manage bank risk;
• develop customer-centric strategies and policies;
• develop a new bank management culture;
• acquire the current best responsible banking practices;
• analyse the main conflicts of interest in different banking business lines.
The Instituto de Estudios Bursatiles (IEB), affiliated with the Universidad Complutense, sponsored by the Madrid Stock Exchange and the current leader in financial training in Spain and Latin America, it counts among its clients the main Spanish and Latin American financial institutions (banks, saving banks, pension fund managers, stockbrokers, etc.)The programme was created in partnership with:
The World Savings Banks Institute and the European Savings Banks Group, (WSBI-ESBG), is a banking association that represents more than one hundred savings and retail banks worldwide in 89 countries. As the global voice of savings and retail banking, it is committed to promoting responsible banking through this new Executive Master Degree. One of the pillars of savings and retail banks is their responsible involvement in their region and towards their customers through the provision of accessible products and services, in particular for those who would not have had access to financial products otherwise. WSBI-ESBG’s member banks have developed a wide array of social activities that reinforce their role as economic and social contributors to the economy and to the citizen.And in association with:
LSE Executive Education, the global leader in the study of economics, law and European studies. LSE students and teachers include 16 Nobel prize winners, 34 past or present world leaders have studied or taught at LSE and an influential network of over 100,000 LSE alumni spans the world, covering over 190 countries
The Master’s modules include classic and current business theories with recent business cases to teach students how to more effectively manage and lead complex banking organisations in today’s competitive business environment.
• All programme modules provide an academic tutor whose responsibility is to follow each student, introduce practical cases and answer questions through online tutorials. Students have detailed study documentation as well as numerous spreadsheets which are kept on the virtual platform so that students can use them from wherever they are studying.
• The programme includes study visits in order to see how responsible banking is practically integrated into a bank’s strategy and operations.
• The coaching sessions help students as an individual to analyse their environment and the realistic options for successfully changing their banking practices into more responsible ones.Studying Online is becoming so popular that many well-known academic institutions are launching their own Online courses. It is a development that coincides with the increased usage of high quality receivers such as tablets and smart phones. Online courses also offer convenience, flexibility, and cost advantages. They allow students to study anytime, anywhere. Costs can also be easier to handle because there is no need to commute or leave a job. The lack of interactivity that is often considered a disadvantage has been addressed with innovative methodology and the latest technology in the present Programme.
• resolving student’s doubts, problems and concerns (response time: limit of 24 hours on weekdays, and 72 hours on weekends)
• reviewing exercises or case studies.
• reporting and evaluation.The online programme provides recorded lectures delivered through an interactive virtual laboratory, e-textbooks, online discussions and video streaming. Course assessments are entirely automated.
Module l (Compulsory). Foundations in Responsible Banking (400 hours)
- Course 1. Foundations in Finance (80 hours)
- Course 2. Integrity of Financial Markets and Products: the Responsible Approach (80 hours)
- Course 3. Creating a Culture of Responsible Risk Management (80 hours)
- Course 4. Corporate Governance and Regulation in Financial and Banking Institutions (80 hours)
- Course 5. Organisational and Strategic Corporate Management for Responsible Institutions. The Individual within the Organisation (80 hours)
Module ll (Specialisation, 120 hours). Responsible Retail Banking Management
Module lll (Specialisation, 120 hours). Responsible Corporate Banking Management
Module I (Compulsory). Foundations in Responsible Banking
- Course 1: Foundations in Finance (4 credits). Understanding the Responsible Financial and Banking Environment and the main Technical Financial Tools
1. Financial Institution roles and responsibilities: key points for Responsible Banking
2. Macroeconomics and main economic theories
3. Financial Mathematics
4. Statistics applied to Responsible Finance
5. Foundations in analysis and interpretation of financial statements and management ratios
6. Behavioral Finance: the importance of psychology in the economic crisis.
1. Consequences of Government unwillingness to back Foreigners’ Deposits: the Ice save case
2. “The Latvian Lesson. How its Banking Industry was reshaped “
3. Responses to the Financial Crisis: responsible responses of different Business Banking Models. PART I
1. Study of the German savings Bank Model
2. Moral hazard: “too big to fail”, how to manage Systemic Banks
- Course 2. Integrity of Financial Markets and Products: the Responsible Approach (4 credits):
Analysis of the role, behaviour and responsible development of Financial Markets and Products
1. The essentials of Equity Markets
2. The role and functioning of Fixed Income Markets
3. Sustainable development of Currency and Forex Markets
4. Good practices in Derivative Markets
5. Bond Issues and issuers performance
6. Securitisation and the side effects on the Subprime Crisis
7. Mutual and Pension Funds: commitments to society
8. Ethical Investment in Hedge Funds: its philosophy, approach to investments and new strategies
1. Soft Commodities: how to prevent Market Volatility to avoid hunger in third world countries.
2. Ponzi scheme Madoff’s fraudulent investment operations.
3. How to avoid interbank interest rate fixing manipulation: the Libor scandal and its implications for financial markets.
4. Sovereign debt and policy maker decisions. Greek debt relief and moral hazard.
5. AIG Short Selling CDS, Credit Default Swap, and their role in the Subprime Crisis
6. Conflict of interest in Structuring and Marketing of CDO Tied to Subprime Mortgages
1. Performance Attribution and Asset Allocation: do not dissociate investment policy from customer.
2. Systemic effect of ETFs and how to prevent Counterparty Risk.
3. Hedge Fund industry role in Financial Markets and New Regulations.
4. The misuse of alternative investments in the cases of LTCM and Amaranth
- Course 3: Creating a Culture of Responsible Risk Management (4 credits). Identifying, assessing, managing and mitigating the Integrated Risks of a Financial Institution
1. Credit Risk analysis. Ethical issues in Risk Management
2. Fair Scoring & Credit Rating Analysis: the role of rating agencies
3 Reliable Market Risk Analysis
4. Operational Risk
5. Liquidity analysis, asset and liability management
6. Integrated and Strategic Risk Governance
1. Solvency analysis of financial institutions: European Stress Tests
2. Rating agencies, ownership and conflicts of interest while structuring and valuating assets
3. Var Risk Model failure during financial crisis: what went wrong?
4. Wells Fargo´s sound approach to Risk Management
5. Responsible Lending
1. Geostrategic Risk, London School of Economics.
2. Insurance 2020 turning change into opportunity”, 2011, PWC.
3. The ethics of Risk Management: a post-crisis perspective, 2011, John R. Boatright.
- Course 4: Corporate Governance and Regulation in Financial and Banking Institutions: (4 credits)
Understanding new Banking Regulatory Framework, and complying with Responsible Principles
1. Introduction to ethics in financial institutions and understanding value creation and examining sources of risks in fast growing financial institutions
2. Definition and objectives of Corporate Governance
3. New Regulations and Banking Reforms: Crisis Management, Volcker’s and Vickers, MIFID
4. New trends in financial accounting standards
5. Internal control, compliance and audit
6. International taxation and tax arbitrage prevention (tax havens)
1. New requirements and changes of Basel III: towards a new business model for financial institutions?
2. Accounting manipulation and fraud: Enron, Parmalat, WorldCom
3. Whistle Blowing and Corporate Governance
4. ING Direct: a growing success story
5. Kaupthing: a risk perspective of managing growth and value creation
6. Different experiences with Bad Banks
1. Corporate Governance in Europe: (MIFID) Markets in Financial Instruments Directive and the banking directive
2. Breaking up the banks from Glass and Steagall act to Volcker rule and Vickers report. Restructuring the banking system to improve safety and soundness”, 2011, Thomas M. Hoening and Charles S. Morris
3. Best practices in control and compliance: the banking system in Canada
4. “Did good cajas extend bad loans?” 2010, Luis Garicanoand Vicente Cuñat, London School of Economics.
5. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: A renewed EU strategy 2011-2014 for Corporate Social Responsibility
- Course 5: Organisational and Strategic Corporate Management for Responsible Institutions. The individual within the organisation (4 credits).Leading Financial Institutions responsibly and creating sustainable competitive advantages by managing people and talent
1. Organisational structures for financial institutions
2. Strategic Management, leadership and future trends in Banking Management
3. Corporate Social Responsibility Strategy
4. Responsible and Strategic compensation and key benefits
5. Responses to the Financial Crisis: responsible responses of different business banking models PART II
6. An introduction to retail and Corporate Banking Organizational Models
1. Good practices in banking. Current examples of social banking: the case of retail and savings banks
2. Banking workers resilience: the Goldman Sachs employee’s resignation letter. Loyal or disloyal behaviour?
3. Gordon Brown’s introduction to specific bonus taxation
4. “Measuring the social dividend in saving banks: the case of Banco Caja Social BCSC (Colombia) and Hatton National Bank (Sri Lanka)”, perspective 57, February 2007, WSBI.
1. “Banking in 2050”, 2011, PWC
2. Benefits of banking for Emerging Markets Population
3. How EU States have managed banking recapitalisation: who pays the bill?
4. “Islamic Banking and Finance, insight on possibilities for Europe, ESBG Perspectives N° 60 Oct 2009″
5. “Corporate Governance and access to finance: Kenya post office savings bank (Kposb)”, perspectives 62, March 2011, WSBI.
Module II: Specialisation (6 Credits). Responsible Retail Banking Management
1. Responsible Retail Banking Institutions
2. Strategic selling and advisory responsible approach
3. Integrity in marketing, brand positioning, competitive advantages, pricing policy. Impact of Corporate Communication on banks´ reputation
4. Responsible Innovation in Banking: new technologies for customer-centric experiences
5. Responsible Innovation in Banking: new technologies for customer-centric experiences
6. Key issues in the financing and service of Small and Medium Sized companies
1. Advisory vs. product commercialisation. Best practices in Private Banking.
2. Brand positioning of saving banks vs. banks and other financial intermediaries
3. Preferred Shares: the misleading product distribution of Spanish banks
4. The increasing importance of responsible corporate communication. A new way to manage corporate reputation
5. Microfinance’s experiences
6. Proximity banking: the case of community banks in the US
1. Consumer behaviour and customer analysis needs.
2. Public policies to improve credit accessibility to SME.
3. Ethics in microfinance, 2011, Reinhard H. Schmidt.
4. Poor sales practices: interest rate hedging products sold to SME in the UK.
5. “Mass Retail Banking: how saving banks in Africa, Asia, and Latin America can provide usable services for the poor”, working paper, WSBI, 2012.
6. “Bank dependency during SME’s international expansion” ESBG-WSBI Perspectives N°61, Sept 2010
Module III: Specialization (6 Credits). Responsible Corporate Banking Management
1. Foundations in Corporate Finance and best practices
2. Finance and Investment: efficient and sound alternatives to banking finance
3. Corporate Finance
4. Structured Finance
5. Professionalism in Corporate Banking
1. Conflicts of interest in Mergers and Acquisitions: the disastrous merger of Sprint and Nextel
2. Dot.com and Face book recent public offerings. Did the underwriters act properly and transparently?
3. Multilateral banking institutions’ role in project development: IMF´s active role
4. Current issues in insider trading: Galleon group hedge-fund founder Raj Rajaratnam´s sentence
1. Debt restructuring in Spanish banks. What lessons can be learned?
2. Capital Markets and Asset Securitisation. What went wrong at Bear Stearns?
3. Private Equity and Venture Capital. The Responsible Approach: what’s behind private equity transactions?
• Emerging Markets
• Business Ethics and Values
• Concepts in Practice
• Communicating with Investors
• The Trade Game
• Regulation and Banking Post-Crisis
• M&A Strategy and Hedging for Wealthy Investors
• Private Equity
• Global Financial Risk I
• Global Financial Risk II
Coaching session objectives:
- To keep the necessary momentum throughout the implementation phases of students’ learning
- To analyse situations students will have to manage when they rejoin their companies
- To highlight the resources students should count on in their company as well as the obstacles they will most probably encounter and have to manage
- To increase students’ range of management tools, in particular in communication and change management
- To build a network of students which will continue sharing and disseminating advice and good practices for the implementation of responsible banking principles.
What students can expect from these coaching sessions:
Based on the model “GROW”, students can expect:
- To define their Goals as regards the implementation of responsible banking principles
- To analyse the Reality of their local environment
- To identify realistic Options for implementation
- To list the necessary communication and change management tools they will need
- To build up the Will necessary to achieve their goals.Mobilisation of the group members’ intelligence will be requested through brainstorming sessions that will enrich each of the above phases. The sessions will aim at generating solutions under the guidance of a coach who will manage the group discussions, emphasise the best tools and encourage people to develop an appropriate strategy to achieve their goals.Five one-hour coaching sessions are foreseen in the programme. These will be provided through virtual platforms for groups of three people.Should students desire additional coaching sessions, they will be provided individually by Skype and invoiced separately.
Jorge Medina acts as an Executive Director at Deutsche Bank and Board Member of its Asset Management business in Spain. He´s a former Sales & Marketing Director at RBC Investor Services, Royal Bank of Canada Group (ex-Bancoval), ex-Supervisor at CNMV (Spanish Securities Market Commission) and ex-Certified Chartered Accountant at KPMG. He is also currently a Board Member of Enefgy, focused on energy efficiency management.
He earned his degree in Finance from Edinburgh University (Scotland), and his degree in Economics from Zaragoza University (Spain). He also received a MBA from IE (Spain) and attended an in-company Senior Management Programme at IESE and ESADE (Spain).
Jorge Medina is an Associate Professor at IEB and his research interest includes Corporate Governance, Banking Strategy and Alternative Investments.
Alberto Moreno de Tejada has a PhD in Political Science from the Universidad Complutense de Madrid and Instituto de Investigación Ortega y Gasset. His prime research interest is in ethics, leadership and governance in organisations. He also holds a MBA (European University) and a B.Sc. in Business Administration (Saint Louis University) as well as B.A. in Law (UNED) and a Diploma in Religious Science (ICADE).
He is currently an ethics and compliance lawyer at Madrid´s Bar and has been a consultant for the OECD. He is also Associate Professor of Deontology and Business Ethics at IEB University.
He was Visiting Professor in the Department of Political Science at the Institute for Advanced Studies in Vienna (Institut für Höhere Studien), a Visiting Scholar in the Research Department of the International Monetary Fund
Consultancy and advisory work including Oxford Analytica and the World Association of Investment Promotion Agencies
Currently a Reader in International Political Economy at the Department of International Relations at the LSE
He serves as the Director of the MSc. in International Political Economy at the LSE
Academic director and senior programme advisor at LSE Enterprise
Member of the International Trade Policy Unit in the department of International Relations
Special adviser to the professional public affairs body FIPRA International and teaches courses at Birkbeck College on the WTO and on the political economy of developing countries
Recently appointed Professor of Public Administration by the Academy of Public Administration under the President of Kazakhstan
(BA University of Toronto; LLB Osgoode Hall Law School, Toronto; MPhil and PhD Cambridge); Senior Lecturer in Law at LSE since 2003
Cambridge PhD dissertation in Economics
In 2000 he won the Wedderburn Prize for his article ‘Assuring Real Freedom of Movement in Direct Taxation’ in the Modern Law Review
He is a member of the European Association of Tax Law Professors, the International Fiscal Association (British Branch) and the Institute for Fiscal Studies
PhD from the University of Pennsylvania 1964
He came to LSE as a lecturer in 1965
His books, among numerous publications, include Marx´s Revenge: the resurgence of capitalusm and the death of statist socialism (2002)
Chairman of the iXXi series, LSE´s flagship forum for high level debate on current affairs
He is Chairman of Lafferty Group, which founded and received The Queen´s Awards for Enterprise in 1988
He is also heavily involved with the Official Monetary and and Financial Institutions Forum
He was a Financial Times journalist
Bachelor Degree in Business Administration, Universidad Complutense de Madrid
Program for Management Development (Harvard Business School)
2001 – 2007 he led the task force of Bankinter for implementation of Basel II
Currently Head of Capital and Basel Program
Degree in M.Sc.(Eng.) from the “Technical University of Denmark”. He founded the education line “Statistical Finance” and his Master Thesis back in 1988 was on “Modeling the Price Building Process in the Danish Bond Market using Zero Coupon Pricing”
He worked with SimCorp (a financial software company) and founded their German subsidiary together with 4 other partners
Actual CEO of Risk Repair.
Business Degree in Economics from the University of Louvain-La-Neuve (Belgium)
Worked as corporate credit manager and branch manager for banks in Argentina and Belgium
Professional Coach trained in NLP, Board Member of the International Coaching Federation in the Belgian Chapter
Actual Deputy Director at the World Savings-Banks Institute (WSBI)
PhD, Business Studies, University of Uppsala, Sweden
Professor, chair in business studies
Worked as head for applied retail banking research center. Has also worked as consultant in retail bank development work, and with government and authorities in regulation of banking and insurance industry. Was previously on the board of directors of the Sweedish financial supervisory authority
Rafael Gómez de Iturriaga Piña
Bachelors Degree in Business Administration, Deusto University.
Currently Corporate Finance Director at Banco Sabadell.
Peviously worked for ABN AMRO Investment Banking Division and N+1 Corporate Finance.
BA in Business Administration, Universidad Complutense de Madrid
MBA, University of Miami, Florida
Country Manager Spain & Portugal, Clayton Euro Risk
General Manager, Antares Association.
Former Country Risk Manager, Citibank, N.A.
Former Treasurer, Spanish Association against Cancer.
Director of Master in International Finance at IEB
Bachelor Degree in Political Science, University of Chicago
Worked as Analyst in Financing Group at Goldman Sachs in Hong Kong, Associate in Merger&Acquisition Group at HSBC in London, Deputu Director of Strategic Planning in Consumer Finance at Banco Santander in Madrid, and Asia Region Director at Villar Mir Energia, Grupo Villar Mir in Madrid.
Currently, she is the founder and CEO of CollegeMarch, an IT service company providing high quality career services to young students in Europe and Latin America.
CFA Charterholder since 2001
Bachelor Degree in Commerce
Major in Finance from Concordia University, Montreal, Canada
MSC in International Economics, Banking and Finance in Cardiff Business School
Global Institutional and Retail fixed income portfolios as a senior fund manager
BA in Business Administration at Bocconi University in Milan and receivedthe CEMS MIM (Communiy od European Management Schools) MSc in Internactional Management in 2002
Director of Business Development EMEA for the Chartered Alternative Investment Analyst (CAIA) Association.
Worked at Credit Suisse (previously Fortis Prime Fund Solutions) in Milan, Madrid and geneva. She earned the CAIA Iberia chapter (based in Madrid) in 2008 and she has led the Geneva committee of CAIA Switzerland since 2010. She is also a member of the Educational Committee of 100 Women in Hedge Funds association in Geneva.
Paul A. Moran
BA and MA in Economics and Business Studies, Trinity College, Dublin
DEA, European Economics, Universidad Complutense, Madrid
Worked for Salomon Brothers in London, Price Waterhouse in Paris and the European Commission in Brussels
Currently the Director of the Center of European Studies in Madrid
BSc from Bristol University (UK) and holds the Chartered Financial Analyst (CFA)
Bachelor Degree in Chemistry, University of Bristol, U.K.
Equity Research analyst for over twenty years servicing international institutional investors and hedge funds in Europe, USA, Middle East and Asia
Worked at Barclays, Carnegie, Schroders, Salomon Brothers
Director of Citigroup Investment Research in Madrid
Bachelors Degree in Mathematics, Turin University
Worked for Intesa Sanpaolo, AIS Financial Decisions and La Caixa, actively leading a broad range of Risk Management and Capital Market initiatives
FRM (Financial Risk Manager) Holder (Risk Manager in Genworth Mortgage Insurance Madrid/London)
MBA in International Management from the Thunderbird School of Global Management based in Phoenix, Arizona
He was responsible for managing Global Trade at Bank of America based in San Francisco. He joint Bank of America in 1994 in Hong Kong, where he spent eight years managing Regional Cash Management and Trade Finance Sales teams
He has more than 25 years of banking experience, working in various capacities including, sales management, product management, and operations
PhD in Finance from the Solvay Brussels School of Economics and Management (Brussels)
Worked in banking and public-sector-related activities for 15 years
Currently, lecturer for major institutions (e.g. IEB, INSEAD, Amsterdam Institute of Finance, TiasNimbas, Hanoi National University)
Bachelor Degree in Business Administration
Master in European Business, Leicester University
CISA, CISM, CGIT, international professional certifications in the audit and control field.
Member of the Internal Audit Institute of Spain, ISACA (Information Systems Audit and Control Associations
Worked at Bankinter Internal Audit Division, with different responsibilities.
Currently Manager (Head) of the Business Processes, IT and Subsidiaries audit team.
To act as an ambassador for the Responsible Banking (RB) concept and principles (10) and seize every opportunity to promote them in high level, international circles.
Mr. Heinrich Haasis
Former president DSGV (German savings banks association) and present WSBI president
Mr. Soren Braes
Outstanding consultant and academic, CEO of the firm BasisPoint.
Professor Lord Desai
Professor of Economics at LSE, and also Chairman of the Official Monetary and Financial Institutions Forum (OMFIF) in the UK.
Professor Rudi Vander Vennet
Professor of economics and banking at Ghent University, Belgium; Chairman of the department of financial economics, Member of Stakeholder Group at European Banking Authority
Mr Pablo Cousteau
Bsc Business Studies. Universidad Autónoma of Madrid. Was Specialist in Private Banking. Bancapital. Worked as Specialist in Capital Markets in Banesto. Former Head of OTC Equity Derivatives, BCH. Director of Specialized Programmes of IEB
Mr Adam Austerfield
Sure – BA (Hons) in History from the University of London, MSc Economics and Politics, LSE. Currently Director of Projects, LSE Enterprise LTd. Secretary-General of LSE Alumni in Spain, President of the British Chambers of Commerce in Madrid, Board Member of the International Policy Group and UK Alumni Network (UKAN) Spain, and of the Fundación Hispano-Británico.
Ms Laurie Dufays
Business Degree in Economics from the University of Louvain-La-Neuve (Belgium)
Worked as corporate credit manager and branch manager for banks in Argentina and Belgium.
Professional Coach trained in NLP, Board Member of the International Coaching Federation in the Belgian Chapter. Actual Deputy Director at the World Savings-Banks Institute
For more information please contact the IEB at firstname.lastname@example.org
Course fees include:
• access to online study materials: readings, video streaming, exercises;
• all online assessments: exams, tests, case studies, final paperwork;
• copies of course materials;
• online tutorials, discussion groups and support;
• IEB student membership.