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Institutional and Regulatory Considerations

In: Risk Culture

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  • Erik Banks

Abstract

In the previous chapter we defined risk culture and explored some of its characteristics, as well as a number of indicators of firms with a strong risk culture. In this chapter we shall build on the definitional and theoretical concepts by exploring how risk culture plays out in the real world. To begin, we shall consider why firms adopt a risk culture, analyzing the catalysts that can lead them in the direction of change. We shall then explore the results of various risk culture studies and surveys conducted over the past few years. Finally, we shall discuss some of the stakeholders that can influence a company in the area of risk culture. Specifically, we shall describe the changes that can potentially be brought about by shareholders, creditors, clients, rating agencies, industry groups and regulators. Given their importance, and to demonstrate how they can have an impact on culture, we shall focus particularly on certain regulatory and legislative frameworks that have been created in recent years.

Suggested Citation

  • Erik Banks, 2012. "Institutional and Regulatory Considerations," Palgrave Macmillan Books, in: Risk Culture, chapter 3, pages 45-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26372-8_3
    DOI: 10.1057/9781137263728_3
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