Risk Culture and Effective Risk Governance
First published:
ISBN: 9781782720997
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A View from the Remuneration Committee: Emerging Good Practice in the UK
Alan M Judes
Introduction: Understanding Risk Culture and What To Do About It
Risk Culture: Definitions, Change Practices and Challenges for Chief Risk Officers
Risk Culture: A View from the Board
The Views of the PRA on Risk Culture and Risk Governance in Banks and Insurers
Risk Appetite and Risk Culture: A Regulatory View
The Investor Perspective on Risk Culture
Values-driven Performance Management
Creating a Culture of Success: Reducing the Likelihood of Conduct Failures
Internal Audit and Risk Culture
Compensation and Risk: Regulation and Design of Incentive Schemes
A View from the Remuneration Committee: Emerging Good Practice in the UK
Risk Transparency and Risk Culture for Financial Institutions
The Importance of Data and IT for a Strong Risk Culture
The Role of Whistleblowing in Risk Culture and Effective Governance
Some of the largest collapses in firms and share prices during the financial crash of 2007–08 took place in organisations where top management held very significant shareholdings. A simple mantra of paying executives in the form of deferred shares would not have prevented the problems from occurring. The remuneration committee needs to take into account the link between culture and remuneration policies in designing the reward strategy. Risk is on the agenda for the remuneration committee more than at any other time. This chapter therefore considers the formation of the remuneration committee in the UK, its responsibilities to set policy for the company as a whole and the actual pay of the executive directors, how the Association of British Insurers (ABI) and Financial Reporting Council (FRC) have extended the requirement to consider risk in remuneration policy from the financial services sector to industry generally, how remuneration committees are dealing with their responsibilities and challenges, and how the concept of clawback is being significantly extended.
THE HISTORY AND ROLE OF THE REMUNERATION COMMITTEE
The remuneration committee is a sub-committee of the board of a
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