On November 5, 2015, Christine Lagarde, Managing Director at the International Monetary Fund, provided remarks regarding “The Role of Personal Accountability in Reforming Culture and Behavior in the Financial Services Industry” at the Federal Reserve Bank of New York’s Reforming Culture and Behavior in the Financial Services Industry: Workshop on Progress and Challenges. The speech focused on two key points: (i) the role of individual accountability in changing the culture and behavior in the industry; and (ii) the role of regulators, industry leaders and educators in bringing about this change. Director Lagarde emphasized the importance of a “culture of greater virtue and integrity at the individual level”. She recommended implementing this culture not only through continued civil and criminal penalties, but by “appealing to the ‘moral compass’ of individuals”. She pointed to the Ethics Oath recently introduced in the Dutch financial industry as an example and remarked on the importance of “setting the right tone at the top” and encouraging a culture of “zero tolerance” for unethical behavior. Director Lagarde’s complete remarks are available at: http://www.imf.org/external/np/speeches/2015/110515.htm