The Cultural Revolution in Risk Management
Following much debate among regulators and in society more broadly, it is now widely acknowledged that inadequate risk culture was a key contributor to the global financial crisis of 2007—08 and more recent corporate banking scandals. While there is now a growing consensus that something must be done to address behavioral risks, uncertainty remains around what exactly is meant by “risk culture” and how to “strengthen” risk culture. In this paper, we provide some clarity around the concept of risk culture, and propose a model and approach for assessing and strengthening it. The basis of our model is that risk culture is not static — it can be managed and shaped to provide a competitive advantage, allowing a company to achieve its objectives within the stated risk appetite.
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Volume (Year): 1 (2013)
Issue (Month): 1 ()
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