Risk culture: banks fall short in eyes of staff

Many risk managers believe their banks have work to do on understanding, measurement and management of risk culture

A new survey has revealed widespread failings in the way banks approach risk culture, despite general agreement that a firm’s culture is a crucial part of risk management.

In the survey of more than 130 risk managers by Risk.net and advisory firm Catalyst, 87% of respondents say risk culture is key to the understanding of risk. Yet only 57% say it is well defined at their employer, and even smaller percentages say it is well understood (45%), well measured (27%) and well recognised and rewarded