“We are in an age of risk, with pandemics, geopolitics, cyber warfare, and technology advancement producing a multitude of challenges for organizations,” said Nancy Foster, RMA president and CEO. “Creating and maintaining an appropriate risk culture provides employees with the solid foundation they need to take and manage risks in ways that fit their organisation’s strategy and values.
Assessment frequency
As well as the widespread adoption of regular risk culture assessments, FIs are also ensuring that they are conducted regularly.
Two thirds of respondents said that they evaluate their risk culture every year, with 10% doing so more frequently.
Incentivizing positive risk culture is most evident in the largest firms with FIS with assets above US$60 billion running a cross-team incentive program to participate in risk culture.
Conversely, none of the firms with assets below $10 billion have a specific incentive program for risk management.
