Risk Culture in Banking by Alessandro Carretta download in iPad, ePub, pdf
He emphasized the importance of culture and the need for communication and judgment for risk oversight to be effective and sustainable. Risk taking is an everyday part of how organizations operate.
An assessment of risk culture is thus a core component of the cultural awareness agenda. Regulators are trying to ensure that risk culture is a driver of the strategy and not the other way round. Information is often distorted as it moves up and down the management chain, creating disconnected leaders. Reports from the independent risk management function and internal audit are other sources.
This should be evidenced in board minutes. From Theory to Evolving Practice.
Ultimately boards will need to embrace this concept and ensure that the correct tone from the top is set. Risk culture may be a formidable hurdle to improving risk management performance, whether management realizes it or not. Every organization is different. On the other hand, they can also lead to rogue, risk-taking behavior that can ultimately harm the organization. The greater the number of management layers in the organization, the greater the risk of incongruities in the respective tones at the top, middle and bottom.
The overall organizational culture influences it in many ways, and some argue they are one and the same. There is a recognition now that culture is integral to everything. Understanding supervisory expectations and turning this into concrete metrics or deliverables is the challenge.
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