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How an organization’s culture impacts their risk-taking practices

Regulators are increasing their focus on how an organization’s culture affects its risk-taking practices. As a result, financial institutions are under more scrutiny to ensure they have robust governance frameworks — including policies, procedures and processes — in place to manage risks appropriately and in accordance with the organization’s risk appetite. Regulators are expecting internal audit departments to include auditing risk culture in their audit plans and report to the board and executive management the results of such audit activities. To assist internal audit departments in this effort, Grant Thornton LLP has issued guidance in Auditing Risk Culture.

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