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Risk Culture and Effective Risk Governance

Edited By Patricia Jackson

Overview

Editor Patricia Jackson of EY is the Head of Financial Regulatory Advice for Europe, the Middle East, India and Africa. With over 25 years of experience in the banking and regulation sectors, as well as with the Bank of England, Patricia is uniquely qualified to lead this project on the subject of risk culture and governance.

After the financial crisis, banks and insurance companies were forced to get to grips with the ecosystem that had led to huge, and endemic, losses. Attention on this issue has intensified due to the exposure of high-profile conduct issues such as the LIBOR scandal. Developing and instilling an effective and measurable risk culture has emerged as a key issue for senior management and the board. Boards and regulators must focus on how firms can assess risk culture and achieve the desired philosophy throughout an international organisation.

Scheduled publication date: 31 Oct 2014

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Book description

The authority formerly known as the FSA has defined risk culture as “the general awareness, attitude and behaviour of its employees and appointed representatives to risk and the management of risk within the organisation.” But what does this new risk type mean for the industry? How do companies understand and operationalise it? How coherent is the demand to improve risk culture? Can it be consciously managed?

Risk Culture and Effective Risk Governance demonstrates the risk management tools necessary to support a strong risk culture and risk governance practices, providing practical guidance on the challenges involved in assessing and changing risk culture from a board and senior management viewpoint.

Patricia Jackson has assembled an all-star cast of contributors, with each chapter analysing the challenges involved and how they can be dealt with, and each component of risk culture examined, from conduct and governance to whistleblowing, stress testing and internal audit. Risk Culture and Effective Risk Governance highlights the challenges observed by different practitioners and looks at both why they are a challenge and how they can be dealt with.

Chapters include:

  • The Views of the PRA on Risk Culture and Risk Governance in Banks and Insurers (Andrew Bailey and John Sutherland)
  • Creating a Culture of Success: Reducing the Likelihood of Conduct Failures (Brendon Young, ORRF Risk Research Foundation)
  • Risk Culture and Risk Appetite: A Regulatory View (Michael Alix, Federal Reserve, Bank of New York)
  • The Role of Whistleblowing (Carol Sergeant, Danske Bank)
  • Risk Transparency and Risk Culture for Financial Institutions (Sylvie Matherat, Banque de France)

Risk Culture and Effective Risk Governance will empower boards and senior management grappling with risk culture issues who want to create an accountable, quantifiable system for managing and measuring their organisation’s risk culture, and to better understand and challenge the current state of play at their organisations.

Book details

ISBN
9781782720997
Publish date
31 Oct 2014
Format
Paperback
Size
155mm x 235mm

Editor biography

Patricia Jackson

Patricia Jackson is a Partner in EY’s Financial Services Risk Management Group. She currently leads projects on liquidity, stress testing and bank mergers, as well as a project to retrain supervisors in a major European regulator. She joined EY in 2004.

Ms. Jackson has over 25 years of regulatory/banking experience with clients and as senior official at the Bank of England. She is a member of the leadership team for EMEIA covering capital, stress testing and liquidity. She has managed projects on Basel II/risk for all the major UK and international banks.

Her other projects include the ICAAP, end-to-end RWA calculations, waiver application reviews, stress testing, pillar 2, loss given default, model validation and PD rating system build. She also chaired the Institute for International Finance Group on causes of the credit crunch.

Table of contents

1. Introduction
Patricia Jackson (EY)

2. Risk Culture:  Definitions, Change Practices and Challenges for Chief Risk Officers
Mike Power (London School of Economics), Simon Ashby (Plymouth University) and Tommaso Palermo (London School of Economics)

3. View from the Board
Louise Redmond

4. The Views of the PRA on Risk Culture and Risk Governance in Banks and Insurers
Andrew Bailey and John Sutherland

5. The Investor Perspective on Risk Culture
Peter Montagnon (Institute of Business Ethics)

6. Creating a Culture of Success: Reducing the Likelihood of Conduct Failures
Brendon Young (ORRF Risk Research Foundation)

7. Risk Culture and Risk Appetite: A Regulatory View
Michael Alix (Federal Reserve, Bank of New York)

8. Compensation and Risk: Regulation and Design of Incentive Schemes
Jose Luis López del Olmo (Banco de España)

9. A View from the Remuneration Committee: Emerging Good Practice in the UK
Alan Judes (Strategic Remuneration)

10. Values Driven Performance Measurement
Robert Potter and Miriam Earley (Jardine Lloyd Thompson)

11. The Role of Whistleblowing
Carol Sergeant (Danske Bank)

12. Internal Audit and Risk Culture
Stephen Gregory (EY)

13. Risk Transparency and Risk Culture for Financial Institutions
Sylvie Matherat (Banque de France)

14. The Importance of Risk Data and IT for a Strong Risk Culture
Andrew Cross and Darren Smith (RBS)

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