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Building and Strengthening I: Structure and Organization

In: Risk Culture

Author

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  • Erik Banks

Abstract

At this stage in our journey we have covered certain basics of risk culture, including definitions, institutional and regulatory considerations, deficiencies and flaws. The next step brings us to the key elements that a firm can implement to build or strengthen its culture. Of course, building and strengthening is a firm-specific exercise: what works for one company may be inappropriate or ineffective for another, and vice versa. The program of change, the pace of change and the metrics of change will necessarily vary by firm. That said, there are certain common imperatives for any company to consider, adapt and then implement. Given the importance of this exercise — which attempts to address some of the serious flaws noted in Chapters 4 and 5 — we shall divide the matter into two chapters: in this chapter we shall consider structure- and governance-related prescriptions,1 and in the next we shall focus on knowledge and behavioral imperatives. In both chapters we shall emphasize that the enhancements a firm undertakes to boost risk awareness in all of its dimensions should ultimately create an environment where ideas, behaviors and structural changes lead to practical actions.

Suggested Citation

  • Erik Banks, 2012. "Building and Strengthening I: Structure and Organization," Palgrave Macmillan Books, in: Risk Culture, chapter 6, pages 102-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26372-8_6
    DOI: 10.1057/9781137263728_6
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