Creating a resilient risk culture

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Multi-ethnic group of peopleIn banking more than almost any other business, a holistic approach to risk management is vital. Risk can no longer be confined to regulatory compliance nor relegated to an isolated risk function. Banks must develop a resilient risk culture that permeates every function and level of the business. That means looking beyond just processes, controls and governance.

What do we find banks doing now to create resilient risk cultures?
  • Ensuring across-the-board accountability to strengthen culture at all levels
  • Empowering Chief Risk Officers with more influence
  • Continuing to push risk management to the first line of defense in all lines of business

Our experience shows several keys to transforming the risk culture throughout an organization, including:
  • Developing a risk appetite statement that links coherently with the banks strategic objectives
  • Developing consistent reinforcement mechanisms
  • Setting the tone at the top, but also reinforcing that tone at the middle and bottom of the organization
  • Embracing conduct risk as a key risk management component

Read the full article about cultural change.

Creating a risk-resilient culture

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