I came across research report of London school of Economics – “Risk culture in financial organisations” as part of my journey to understand organisation’s risk culture and its influence to success of any risk & security management initiatives in a financial organisation. This research report is a good document to understand definition of risk culture, its importance and how it is actually an outcome of series of trade-offs across different dimensions in a financial organisation.
Risk culture in financial organisations is a research report produced in 2012-13 and it attempts to address some of the key questions which could also be on mind of a risk manager/ facilitator.
- Role of risk function, is it a Business partner or independent adviser?
- Informal network building or formal processes? Risk and controls for Gold platters””?
- Own risk culture or driven by regulatory culture?
- I like to reread this report to understand and seek a perspective to challenges relating to risk culture in a financial organisation.