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Oct 2013

Risk culture in financial organisations

Interest in the cultures of organisations and their effects on management practices goes back many years and there is an extensive body of scholarship on this topic. Yet this interest has increased dramatically since 2008. Furthermore, a new twist in the vocabulary of culture has taken place, with companies, advisors and regulators now seeming to have a specific focus on something called ‘risk culture.’

This report attempts to explain more about this new subject, which features so prominently in discussion about financial regulation, at many industry events and on numerous blogs.

…development of a ‘risk culture’ throughout the !rm is perhaps the most fundamental tool for effective risk management.

IIF, 2008

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Risk culture in financial organisations