Risk governance of financial institutions: The growing importance of risk appetite and culture

Walter Gontarek

Journal of Risk Management in Financial Institutions, 2016, vol. 9, issue 2, 120-129

Abstract: Risk governance is increasingly a core responsibility of board members of financial institutions. While each firm may adopt its own specific approach, key elements of risk governance include board-level risk committees, empowered chief risk officers, the use of risk appetite statements, and establishing a robust risk culture. This paper scopes these developments and highlights the growing importance of risk appetite statements and culture as two increasingly prominent elements of risk governance.

Keywords: risk governance; boards of directors; risk appetite; culture and conduct (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2016:v:9:i:2:p:120-129

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