The Financial Industry Regulatory Authority said it would examine the "firm culture" at Wall Street brokerages and the factors that influence them.

Finra is concerned about how brokerages take actions to promote fair and ethical treatment of customers and help mitigate conflicts of interest, the watchdog said in its "2016 examination of U.S. brokerages" report released on Tuesday.

The Wall Street's industry-funded watchdog said it would mainly assess five indicators of a firm's culture and the role they play in the way brokerages conduct business.

The indicators include the handling of policy or control breaches, departments or trading desks that might not conform to the corporate culture and the role of senior executives in a firm's culture.

Finra said it would not dictate a specific culture for brokerages, but rather understand how each firm's culture affects compliance and risk management practices.

Finra routinely examines the industry's more than 4,100 securities firms to gauge their compliance with securities industry rules.

The watchdog also said it would complete the review started in late 2015 over broker incentives and conflicts of interest in the broker-dealer industry.

Finra launched the review in October following concerns that certain financial incentives, including commission-based compensation to brokers, could lead to promotions of products that may not be the best choice for investors.

"Nearly a decade after the financial crisis, some firms continue to experience systemic breakdowns manifested through significant violations due to poor cultures of compliance," FINRA Chief Executive Richard Ketchum said in a statement.