Professional Documents
Culture Documents
towards the area of risk management. Embedding Risk culture into the DNA of the Institution is being seen as a priority today, because it can have a potent effect on the Institutions well being and success.
Inspirational Leadership
risks. It is important for the Organization to assimilate these various ideas and create a big picture that can be understood by everybody in the Organization irrespective of their hierarchy. This would help the Organization create a common goal, purpose and a vision for the Organization. Appropriate forums and channels should be created for all employees to express their view about risk management without getting involved in the hierarchies of the Organization. It is only through these discussions the Institution can expect to unearth the long-standing cultural weaknesses in the Organization. If these weaknesses are not identified and corrective steps not taken then these risks will take root and grow within the Organization. When an external or internal trigger event happens, then Organizational failure can happen because of these risks. The scandals and fraud that had been committed by traders in prestigious banks is also a result of the weaknesses in the Risk culture of these Institutions.
Formal and Continuous training for all levels of employees Long Term Focus
Creating a consistent behavior and attitude towards risk management within organization has become an area of key focus to organizations because they are learning that it is the only way for them to survive, grow and create competitive advantage in the long-term.