Risk Culture: How do we Measure and Manage it?
Regulators globally are placing more pressure on boards and their risk management teams to be fully engaged with establishing and maintaining a ‘sound risk culture’. According to the Financial Reporting Council (FRC), during 2015, there will be an extensive assessment of corporate culture, placing boards in charge of embedding a coherent culture within organisations.
Developing an appropriate risk culture takes time. Directed activity in this area early on in the process will yield greater success in risk culture development, providing long-term benefits of an additional line of defence and greater engagement, embedding risk management beyond compliance. The workshops develop a balanced perspective on building risk cultures that are commercially valuable, sustainable and appropriate to meeting regulatory requirements. Additionally, cultural voids will be highlighted and techniques to build appropriate responses will be discussed.
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What does it include?
Risk Culture I - half day session - am
• What factors drive an organisation’s culture?
• What do the regulators mean by 'a sound' and 'an appropriate' Risk Culture?
• Who influences a Risk Culture more - the leadership or the staff?
• Assessing a Risk Culture profile through six cultural dimensions
• Extracting value from a Risk Culture as profile
• Understanding the maturity of a Risk Culture as 5 distinct phases
Risk Culture II - half day session - pm
• The transmission of Risk Culture
• Connecting a Risk Culture to Risk Strategy & Risk Appetite
• Techniques that create an appropriate and balanced Risk Culture capable of adaptation and maturity.
• Incorporating Risk Culture into the Risk Framework
What will you gain?
• Understanding of the basic principles of culture theory
• Knowledge of Risk Culture assessment and management
• Ability to effectively communicate with board members about risk culture
• Ability to incorporate risk management dimension in employees’ behaviour
• Understanding of the dynamics that nurture your organisation’s risk culture
• Shaping a prudent culture that is commercially sustainable meets regulatory requirements
• Awareness of the tools measure and monitor risk culture
Who is it for: Board members, CRO's, CFO's, Organisation Development Executives, Senior HR Managers, Capital Management professionals and Actuaries
How long: One day (divided in two half-day sessions).
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