Focus on risk culture is ‘remaking’ the banking system

Patricia Jackson highlights ‘big shift’ in banking as firms implement more rigorous risk frameworks; BoE’s Andrew Bailey sets out the PRA’s approach

looking up into the clouds between buildings in the City of London
Banks are grappling with changes to risk culture

The global financial system is undergoing fundamental changes as banks and insurers implement more rigorous approaches to risk culture, with major implications for central banks and regulators, according to Patricia Jackson, editor of a new book on risk culture.

The Financial Stability Board (FSB) has made it clear that an effective risk culture is a central element of maintaining a stable banking system. In April this year, the FSB published guidelines for supervisors on assessing risk culture

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