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Global financial services organizations are struggling to align risk management frameworks, culture, and talent to achieve change
New York, 25 November 2014 –While significant progress has been made to control risks through process, rules and governance, financial services organizations are still struggling to align risk management frameworks with their organization, culture and talent to achieve change. This is according to the findings in the Risk, Culture, and Talent in Global Financial Services report released today, by Deloitte Touche Tohmatsu Limited (Deloitte Global).
The report surveys global senior financial services leaders including CEOs, CFOs, CHROs and CROs to assess the extent of regulatory implications on talent. The report also identifies the cultural and talent issues business leaders are grappling with in response to their risk and regulatory environment and examines what organizations are doing to address these issues.
“At Deloitte we believe executives and business leaders must work together to drive change in order to create an environment that can quickly adapt to the ever changing demands of the regulatory landscape,” said Heather Stockton, Deloitte Global Human Capital Financial Services Industry Leader. “Our goal with this report is to explore these opportunities and help enable a dialogue among key business leaders on how to address the importance of organization, culture and talent in managing organizational risk.”
The global survey findings offer four key areas of opportunity for organizations to navigate the current and future regulatory environment:
- Review risk management programs by expanding their scope to focus on people in addition to rules and controls: The survey found only 36 percent of respondents indicated HR risks are included as part of the risk management framework suggesting an opportunity to expand risk management’s focus on people in addition to controls.
- Reinforce the need for increased CXO accountability and additional clarity regarding the board’s role in providing increased stewardship, governance and management of talent-related risk: 67 percent of survey respondents said active leadership involvement is required to manage risk. C-suite leaders and the board must serve a more prominent role in driving risk governance and demonstrate stewardship in managing risk.
- Reframe talent, compensation and performance management programs to reflect risk management tenets: Compensation and rewards are falling behind performance management in ensuring alignment with the risk framework. Among those surveyed, there is without a doubt a strong momentum to addressing talent management (80 percent of respondents) and culture (69 percent) in light of increased regulation and risk requirements.
- Refine the culture to move toward one of trust and ‘risk intelligence’ where everyone understands the organization's approach to risk, takes personal responsibility to manage risk, and encourages others to follow their example: In the survey 61 percent of respondents have seen no increase in behavioral indicators, such as personal responsibility for the management of risk; and 57 percent of respondents have seen no increase in the alignment of individual interests, values, and ethics with those of the organization's risk strategy, appetite, tolerance, and approach.
“This report makes it clear that in order to be successful in today’s highly regulated environment, business, talent and risk leaders across the organization must engage in continued, focused and open dialogue,” said Stockton. “Financial services organizations that consider how they can reinforce, reframe and refine their approach to risk management will be well-positioned to demonstrate that embedding risk practices in the fabric of the organization is an enabler of success and longevity.”
About Risk, Culture, and Talent in Global Financial Services: Review. Reinforce. Reframe. Refine.
In 2014, the Deloitte Global Human Capital group conducted a survey of business leaders to understand the implications of risk and regulatory changes on organization, culture and talent across the globe. The survey included 59 respondents from 13 countries around the world, representing global senior FSI leaders (CEOs, CFOs, CHROs and CROs).
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 200,000 professionals are committed to becoming the standard of excellence.