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Culture is fundamental
When objective parties – armed with the benefit of 20/20 hindsight – can easily see warning signs that something was either wrong or wasn’t working, and executive management either missed or chose to ignore these signs, it is fair to assert that management was encumbered with a blind spot.
A culture that is conducive to effective risk management encourages open and upward communication, sharing of knowledge and best practices, continuous process improvement and a strong commitment to ethical and responsible business behaviour.
Effective risk management doesn’t function in a vacuum and rarely survives a leadership failure. The risk management function can review, inform, advise, monitor, measure and even resign. It cannot control, decide or abort – that’s management’s job.
Risk professionals need to demand an effective risk culture at executive management and board level.
Unfortunately, despite its importance, risk culture is often either given lip service or simply ignored.
Featured in Insight (Sep/Oct 2017)