Risk Culture

“The RMA and Protiviti Risk Culture Survey indicates that while risk culture continues to challenge organizations, benefits of a risk culture are beginning to emerge.” The RMA Journal, December 2013 - January 2014

“25 percent of respondents identified risk culture as one of the biggest challenges in improving risk management and compliance performance.” Restoring Confidence: Risk Management Capabilities in the Wake of the Financial Crisis – An Economist Intelligence Unit Research Program sponsored by Protiviti, July 2013 

While risk culture is widely recognized as critical to effective corporate governance and risk management, the financial services industry continues to struggle in translating the concept into tangible results.  Results of two recent Protiviti studies show that organizations experience various types of obstacles at different levels with the integration of risk culture. Changing risk culture is an iterative process, and managing it requires the following steps throughout the risk culture’s evolution in the organization:

 
 
 

Interested to understand how your organization compares to your peers? Take the RMA/Protiviti Risk Culture survey:

 

Learn more about how organizations can take a systematic approach to managing their risk culture:

  1. Establishing and Nurturing an Effective Risk Culture (CRO Series 4)
  2. RISK CULTURE: From Theory to Evolving Practice
  3. Strengthening Your Risk Culture
  4. Protiviti/EIU Global Survey Provides Insight Into Risk Management Capabilities
  5. Restoring Confidence: Risk management capabilities in the wake of the financial crisis
  6. Applying the Five Lines of Defense
  7. Risk Culture: Not a Tick-Box Exercise
  8. Using Communication to Drive a Risk-Conscious Culture

Take our Risk Culture Survey here and see how you compare to your peers!

 

Read:
RISK CULTURE: From Theory to Evolving Practice