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Cultivating a risk intelligent culture


Cultivating a risk intelligent cultureOrganisations wishing to better manage risk should consider establishing a Risk Intelligent culture. There is no ‘one size fits all’ solution to risk management, and this is especially true in the financial services industry where significant risk-based decisions are being made throughout organisations on a daily basis.

To a large degree, an organisation’s culture determines how it manages risk when under stress. For some organisations, their risk culture is a liability. For others, it facilitates both stability and a competitive advantage. To that end, an organisation wishing to cultivate a Risk Intelligent culture should first understand and measure its existing risk culture.

Key characteristics of a Risk Intelligent culture include:

  • Commonality of purpose, values, and ethics
  • Universal adoption and application
  • A learning organisation
  • Timely, transparent, and honest communications
  • Understanding of the value of effective risk management
  • Responsibility — individual and collective
  • Expectation of challenge.

Read the report in full for practical advice on how to measure, strengthen and report on risk culture.

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