Behavioural Risk Management Matters – Be aware
03. November 2020
It is not that difficult to list a number of operational risk management failures, including fraud and corruption scandals, non-compliance, as well as major accidents. The London whale, the Libor-scandal, material fines for banks for lacking anti-money laundering controls, the BP oil spill and its consequences, to name a few.
A common denominator and explanatory factor seems to be – surprisingly – human behaviour.
Risk management practices have devoted a great deal of attention to develop standard frameworks and hard controls in terms of design, existence and operating effectiveness. But behavioural and cultural aspects – the soft side – are less frequently addressed.
It is too simple however, to assume that assessing and improving human behaviour only is enough to prevent operational risk management failures.
In this article, control frameworks and individual behaviour are connected to organisational culture.
Please follow the link to access the full article: Behavioral Risk Management Matters - Be aware, 3 November 2020
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