Blogs

Derek Bishop

Director

A risk management culture

Date added: 11th Dec 2015
Category: Organisational Culture Change

Risk management starts with people

As the year draws to a close our thoughts naturally turn to 2016, particularly in terms of the changing business landscape. With measures such as the senior managers regime impacting on financial services next year, two recent reports have caught our eye

The first came from the Bank of England in the form of their half yearly systemic risk survey. Although unsurprisingly 72% of respondents cited the risk of an economic downturn as one of their key areas of concern, the risk of cyber attack came in at 46%, a considerable rise on 30% reported in H1 and just 10% reported in H2 2014. The second report which caught our eye came from Savant Recruitment which revealed that 50% of senior finance professionals expect their organisation to have difficulty in attracting and retaining key talent in 2016, with this figure rising to 80% in respect of risk, compliance and governance specialists.

When we talk about organisational culture reform, about the culture assessments and leadership programs which will help to drive new beliefs and behaviours which will in turn enable trust in the finance sector to revert to acceptable levels, we tend to concentrate on customer outcomes and on ‘doing things right.’ But back-office specialists who may never even come into contact with customers have an equal part to play in delivering secure systems which protect business and customers alike.

Risk management starts with people. With the risk of cyber attack rising up the agenda, if organisations want to attract and retain people who will oversee secure systems and processes then they have to have to ensure that they offer a strong culture allied to high employee engagement structures.

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