Towards a practical approach to responsible innovation in finance: New Product Committees revisited

Purpose - The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations. Design/methodology/approach - The paper takes the form of collective, interdisciplinary reflection and experience within the industry. Findings - New Product Committees can serve a practical approach to responsible innovation in finance. Originality/value - The paper fills a gap in the empirical consideration of New Product Committees in the financial services industry and proposes original directions for policy orientations within organizations and at a regulatory level. Abstract - The paper first lists the multiple interpretations of responsibility that should be taken into account, then proceeds to an empirical description of New Products Committees and to an analysis of their potentials to meet the several interpretations of responsibility. The paper concludes with a series of policy implications. The role of New Product Committees could be better formalized in regulatory frameworks, but also more open to scrutiny and revision. They could also play a more central role within the internal culture of the investment bank.