Governance and culture
This document is one in a series of four on the cornerstones of risk transformation.
In the past several years, virtually all major financial institutions have been working to strengthen their risk governance practices and risk culture. These continuing efforts have sought to address lapses in conduct and enhance controls, while enabling organisations to respond to new regulatory demands and increased scrutiny of risk governance, risk management, and operating cultures.
Each institution must define its own governance system and culture given its investor value proposition and capital return objectives. This paper points to ways in which leaders can define and design their governance system, shape the risk culture that their institution requires, and transform the way risk is managed across the organisation.