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Your firm’s risk culture should be high on your management agenda

By Louise Fleming, Executive Director, Kingsmead Square

19 January 2015

While it is possible to measure business objectives and risk appetite, risk culture is often dismissed as the 'fluffy' side of a subject that never quite makes it onto the board or management agenda. The reason risk culture should be a priority in your business is simple and compelling: poor risk cultures lead to poor decisions, which lead to reputational or financial losses. This issue is not confined to regulatory breaches or financial services firms:
the focus on risk culture is market
and sector wide.

Risk culture must be integrated
in your governance and risk management framework - it is not a standalone concept. The role of the board includes providing independent oversight and setting organisational culture. Culture is the foundation stone of any governance framework.

You may think the management...

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