Honesty and transparency 'are key'
LONDON – Carol Sergeant, chief risk director at Lloyds TSB, has urged risk managers to create a culture of honesty and transparency at firms to help prevent loss events that spring up unexpectedly as a result of fundamental flaws in business strategy or tactics.
A member of the audience at the OpRisk Europe conference, held in early April in London, asked Sergeant how a chief risk officer could 'know' all that goes on in an organisation. "This is, of course, the thing that keeps all chief risk directors awake at night – 'Do I know?'" said Sergeant. "I think the best way of being sure that 'I know' is being sure that the people who run the businesses know
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