The Growing Importance of Risk Culture

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Ashby, SimonLast year we had Professor Simon Ashby, Plymouth Business School, speak about Risk Culture, and it’s growing importance in banking and insurance companies.

The topic raises numerous questions; can Risk Culture be measured?  How do you define, as a top management board, the type of Risk Culture you would like to see and observe in your company?  Simon discusses how there is no ‘one right culture’ for everyone, but there are commonalities, one of which is avoiding too many sub-cultures, you want consistency.

What do companies need to understand about Risk Culture?  Change is often a slow and steady process, organisations need to recognise they are never going to change that quickly, but build over a period of time.

Simon also touches on the cultural differences between banks and insurance companies, and how it does vary.  Banks like models, and doing things more mechanistically and numerically.  Insurance companies are more organic, often more confident about themselves as organisations.

Will Regulators start asking for measurement and reporting on the status of risk culture?  Simon mentions that we are already seeing the development of the new financial conduct authority, looking at more human/cultural aspects of an organisation.  Regulators want to do more to understand risk culture, but there is not yet a desire to set up a formal mechanism of measuring risk culture.  Good regulators consider cultural aspects instinctively.

Watch the full interview below of Professor Simon Ashby’s thoughts on Risk Culture.  Simon will be back at RiskMinds Insurance in March.

Phil Rivett: Observations from 20 Years of Attending the RiskMinds International

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It is hard to believe that RiskMinds International has now been around for two decades!  In 2013, we celebrated the conference’s twentieth anniversary; two decades during which some of our speakers and attendees have been regular attendees. Phil Rivett, Chariman of Financial Services Leadership Team, PwC, attended the very first RiskMinds event back in 1994,…

Alistair Milne – Central Counterparties, what are they?

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Professor Alistair Milne expands on the debate he took part in at RiskMinds 2013 on Centre Counterparties, one of the main regulatory developments since the financial crisis.  Will Centre Counterparties help solve systemic risk?  Will it address all the things the regulators want it to do?  Watch our exclusive interview with Alistair Milne for some…

RiskMinds International 2013 – A Photo Essay

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After a momentous 20th Anniversary RiskMinds International event last December in Amsterdam, we look back on the highlights of the leading Conference in Risk Management.  Were you at the event?  Did we get your picture?  Why not have a flick through and see! For more information on RiskMinds, visit the website, or check here to see…

Alden Toevs looks back on 20 Years of RiskMinds

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Alden Toevs joins us at RiskMinds 2013 in our 20th Anniversary event. Alden also spoke at the inaugural RiskMinds conference, and takes a look back at how the industry has changed over the last two decades.   You spoke at the very first RiskMinds conference 20 years ago- do you have any specific memories of the event and the topics…

Norman Loayza – What impact does the World Development Report 2014 have?

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This December, Norman Loayza (Director, World Development Report 2014, The World Bank) joins us at RiskMinds 2013, where he will be speaking on Risk Management and its importance for development.  Ahead of the Norman’s talk, we find out more about the results that came from the World Development Report.   What’s keeping you busy at the moment? Preparing…

Hear about what Ottmar Bongers will be talking about at RiskMinds

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  Ottmar Bongers joins us, prior to his presentation at RiskMinds 2013, to give us a little preview about what he will be speaking about at this years event in Amsterdam, and also tells us a bit about himself for good measure! What’s keeping you busy at the moment? Two major topics: debate about models…

If Professor Moorad Choudhry wasn’t a Risk Manager, what would he be?

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This year at the 20th Anniversary RiskMinds, in Amsterdam, we are delighted to have Professor Moorad Choudhry speaking.  Professor Choudhry will be presenting a session which explores the interaction between liquidity, funding and monetary policy.   You can download the programme here. Ahead of the event, we get to know a little more about Professor Moorad Choudhry.  …

30 Seconds with….Professor Robert Engle

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Our 30 Seconds with…. series continues, as we quickly get to know Professor Robert Engle, Michael Armellino Professor of Management and Financial Services, Stern School Of Business, New York University & Director The Volatility Institute. Professor Robert Engle will be joining us at RiskMinds this December, presenting an Academic New Research Address titled ‘A Quantitative Assessment Of Endogenous Systemic Risk’. You can downlaod…

What can you expect at RiskMinds 2013?

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RiskMinds 2013 is not far away!  Ahead of this years 20th Anniversary event in Amsterdam, Conference Director Victoria Chatterton provides a snapshot of what we can expect at RiskMinds in December.    What was the most interesting trend you came across during your research for  RiskMinds? The big trend that I noticed was increased interest in emerging…