Boards are accountable for the culture and conduct of their firms but how do they really set the tone and monitor and manage this in reality?

Its not black and white, its hard to quantify and cannot be managed in the same way as other risk areas. 

A change in thinking is required to face the conduct and cultural challenges in the financial services sector. 

A traditional approach to these areas is not appropriate. At the core, Boards need to make informed decisions. Some "uncomfortable" questions may need to be asked and leaders will need to dig beyond the standard management reporting they receive and delve into the grey, more subjective areas of risk.