Vacatures voor Compliance Professionals

Challenging Risk Culture - What has Risk Culture ever done for us?

Bron: PCL Opening minds - 14 mei 2020

Over the past decade, Risk Culture has become reified as the ultimate solution to behaviour problems in the financial sector, oblivious to the obvious circularity of that proposition. It’s a bit like offering visions of heaven as an alternative to the criminal justice system. In both of those cases the issues are everything to do with human nature. Few seem to grasp the point made by many, including Michael J Mazarr*, Senior Political Scientist at the Rand Corporation:

…risk failures are mostly attributable to human factors—things like overconfidence, personalities, group dynamics, organizational culture and discounting outcomes—that are largely immune to process. In dealing with risk, human factors will defeat procedures every time.”

This reluctance to consider Human Nature as something that might have a bearing on WHAT PEOPLE DO is a very significant blind spot.

Like fighter pilots heading for the clouds to lose the enemy, the financial sector now finds itself in a cloud of vague mediocrocy labelled Risk Culture – a world where everyone can sagely nod their heads without fear of being challenged by any harsh facts.

Risk culture management has to operate at the individual level because there are dramatic variations in risk disposition throughout any organisation. These are normally distributed ‘natural characteristics’ – each individual’s most consequential personality features. For risk management and culture development to succeed, these facts have to be recognised and harnessed. Individuals shape risk culture; on this point the evidence is very emphatically in!! There is power and effectiveness in orchestrating this diversity and a potential mine field if you don’t.

*Michael J Mazarr, author of ‘Rethinking Risk in National Security: Lessons of the Financial Crisis for Risk Management’ (2016).

Our Online Event

Across two remote events, we’ll be delving deep into the concept of Risk Culture, its importance to business success (or failure) and how the Risk Landscape innovation, based on the highly reliable and evidenced Risk Type Compass tools enable accurate measurement and ongoing management.

Find our Risk Type Compass brochure here.

Hosted by our risk expert, Geoff Trickey, the sessions will run online on Wednesday 20th and Wednesday 27th May 2020. The hour-long sessions, beginning at 10:00 (BST), will include the opportunity to see the Risk Landscape in action, as well as picking Geoff’s brain on all things risk-related.

You can join the Risk Culture Event on 20th & 27th May here:

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  Pieter Lammers