Risk Culture and Effective Risk Governance

9781782720997: Risk Culture and Effective Risk Governance

Patricia Jackson's book is a major contribution to advancing our understanding of risk culture and governance. By bringing together the perspectives from leading industry directors, executives, regulators and academics, the book is a comprehensive assessment of the key factors at play as organisations face the challenge of strengthening risk culture and governance frameworks. There are insightful examples of influences on, and the outcomes of, risk culture that take an esoteric topic and make it tangible. The book provides a practical framework for thinking about how to measure the behaviours and attitudes toward risk and how to manage them. Caroline McCombe , 07/01/2015

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Risk culture and safety cultures are a central issue for firms within all industries, with high profile cases of excessive risk taking or the bad behaviour of employees in many different sectors making headlines. In financial services this is one of the factors behind the crisis, but has also surfaced even more damagingly post-crisis in the form of conduct scandals such as LIBOR and various mis-selling cases. Those controlling firms should be asking themselves how they can develop, instil and measure risk culture. Expectations from investors and, for the appropriate sectors, from regulators, have ratcheted up. With regard to the financial services, the FSB has issued a range of papers emphasising the changes they expect to see. The PRA in the UK has made clear that they expect culture to support the prudent management of all banks and insurers and are planning to use new tools to enforce this. Risk Culture and Effective Risk Governance uses many examples from different industries, such as financial services, transport, oil and gas, and the NHS, to illustrate the various arguments. Patricia has written an introduction which consolidates and clarifies the central themes, examining why risk cultures fail and the lessons to be learnt from different industries regarding a way forward. The regulatory viewpoint for financial services is reflected in four chapters written by senior regulators from different countries. Chapters include: The Views of the PRA on Risk Culture and Risk Governance in Banks and Insurers (Andrew Bailey and John Sutherland) Creating a Culture of Success: Reducing the Likelihood of Conduct Failures (Brendon Young, ORRF Risk Research Foundation) Risk Culture and Risk Appetite: A Regulatory View (Michael Alix, Federal Reserve, Bank of New York) The Role of Whistleblowing (Carol Sergeant, Danske Bank) Risk Transparency and Risk Culture for Financial Institutions (Sylvie Matherat, Banque de France)

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