A First Look at Risk Culture

Erik Banks

Chapter 2 in Risk Culture, 2012, pp 21-44 from Palgrave Macmillan

Abstract: Abstract To begin our journey we shall lay out in this chapter a series of definitions of risk culture presented by different sources, and then propose a working definition of our own. We shall then consider some of the general characteristics of risk culture, and introduce a simple diagnostic test that can reveal areas in which a firm may be strong or weak. We shall then consider the practical manifestation of a strong risk culture; in other words, we shall describe some of the qualities that exist in firms which have a successful risk culture. Note that we shall revisit these points later in the book when we consider deficient risk cultures and the steps that can be taken to build and strengthen a culture. Finally, we shall consider some overarching “simple rules” of risk relating to risk culture; these can be viewed as commonsense considerations when implementing a risk culture.

Keywords: Risk Management; Risk Process; Risk Awareness; Risk Strategy; Risk Appetite (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-26372-8_2

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DOI: 10.1057/9781137263728_2

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