Risk culture is now a top priority for Financial Services firms. However many organizations find risk culture hard to define, and harder still to fundamentally change.
Quick fix programmes run since the crisis have had limited impact because they do not deal with the underlying cause, behavior itself. In this point of view, we explore the current state of the Financial Services risk culture and lay out more clearly the behavioral aspects of change required, including how Financial Services organizations can go about achieving these changes. We focus on three key questions:
- What do we mean by risk culture?
- How do you go about diagnosing the current environment?
- What treatment is required for long-term change?
