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.
Patricia Jackson has assembled an all-star cast of contributors to examine the different factors which will influence an effective risk culture. There are many different aspects of risk culture which are covered, from an embedded risk appetite, values, and leadership from the top, through to incentives, accountability, and risk transparency, all of which need to come together to ensure a strong culture.
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.
- 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)
Risk Culture and Effective Risk Governance will empower boards and senior management grappling with risk culture. It will enable them to better understand and challenge the current state of play in their organisation, create systems for measuring risk culture, and set up the right frameworks and accountabilities to deliver an effective risk culture going forward.
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Patricia Jackson advises major financial institutions on risk governance covering areas such as risk appetite, risk culture and stress testing. She is a member of the EY Global Regulatory Network, having joined EY as a partner in in 2004 to lead the banking risk practice. She has led an annual EY/IIF industry survey on risk governance since the crisis. Previously, Patricia was a senior official at the Bank of England and head of the Financial Industry and Regulation Division. She represented the UK on the Basel Committee for Banking Supervision, and is the non-executive deputy chairman and chair of the risk committee of CHAPS Co. Patricia is an adjunct professor at Imperial College, on the council of SUERF and a trustee of the Centre for Economic Policy Research, and has published papers on risk topics and the global financial crisis.Review:
The editor, Patricia Jackson, who has wide experience in the risk management field, has brought together an impressive array of authors to look at the nexus of factors which influence risk culture and at ways that an organisation can go about strengthening culture.
--Sir David Walker
"In the wake of the financial crisis, authorities expect the leaders of financial firms to ensure there is an appropriate risk culture to maintain soundness. This means considering capacity and appetite to take risk and addressing the wider factors which affect behaviour of staff and strength of risk management. Patricia Jackson and the contributing authors tackle all these elements making this an important book for boards and senior management."
--Svein Andresen, Secretary General, FSB
"Boards need to consider the prevailing culture in an organisation and how risks are managed. This is as true of a large industrial company or utility as it is of a bank. This book draws on a wide range of expertise and perspectives to provide an accessible guide for boards and senior management on how to create effective risk governance and a strong risk culture. I believe all those involved in running companies will find it valuable."
--Sir John Parker, Chairman Anglo American PLC
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