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The hefty fines levied on credit institutions in recent years for cases of misconduct, including poor behavioural standards, operational control deficiencies and regulatory breaches more broadly, has been defined by regulatory authorities and the financial sector more broadly as ‘conduct risk’. There is no official definition of conduct risk, as conduct risk profiles are unique to each firm and, therefore, there can never be a one-size-fits-all framework in place. Conceptually, conduct risk is a broad notion that touches every part of an enterprise framework, including culture, customer contact, corporate governance, ethics and integrity, conflicts of interest and compliance, amongst others. As a result, credit institutions tend to associate conduct risk with regulatory censure, financial detriment, poor customer outcomes, and, importantly, reputational damage. In light of the significant consequences of misconduct, recent regulatory measures have sought to specifically target these drivers. In this chapter the author discussed the regulatory spotlight on conduct risk, which continues to top the regulators’ agenda in view of its seriousness and considered the role of the board in managing conduct risk, whilst elaborating on the importance of board evaluations in this respect.