The risk culture of an organisation is an integral part of the organisation’s overall culture. It takes many years for practices, assumptions and attitudes to shape the risk culture. To fully embed risk culture change initiatives across the organisation is also a long term and complex process. In addition, changing risk culture has implications for how the risks associated with poor organisational culture and behaviours are managed.
In this session, Enda Twomey shared guidance on how to identify the key levers for understanding and changing the risk culture of an organisation and developments in culture and behavioural risk management. Enda covered following topics during the session: –
- The importance of culture and behaviours in in organisational performance and implications for risk management.
- What do we mean by culture and risk culture?
- How is risk culture being assessed within Financial Institutions
- How the disciplines of organisational psychology and risk management are merging to manage culture and behavioural risk.
- Implications for Operational Risk Managers
Enda Twomey is a senior banking executive who has delivered high quality risk and governance solutions in the Financial Services Industry for over 25 years. A qualified Solicitor and a holder of a Master in Business Studies (UCD) and numerous post graduate qualifications including most recently a post graduate Diploma in Managing Risk and System Change (Trinity College Dublin).
His roles have included: in-house counsel for the National Treasury Management Agency of Ireland; Deputy CEO of the Irish Bankers Federation; Chief Risk Officer of Wells Fargo Bank International; and a variety of roles within AIB Banking Group and Ulster Bank. His career has spanned both the private and the public sector and across wholesale and retail banking. In recent years he has focused on operational risk management, conduct risk, product risk and risk culture and the management of culture and behaviours.
He also heads up the Irish Chapter of the Institute of Operational Risk and lectures at the Institute of Bankers (a college of University College Dublin) on managing Culture Risk.
This session was hosted by Manoj Kulwal. He is passionate about utilising risk management as a business management tool for designing effective business strategy and successfully implementing the selected strategy. He has been involved in development of the international risk management standard ‘ISO 31000’ and in development of ‘Certificate of Operational Risk Management’ offered by The Institute of Operational Risk. He has trained more than 1,000+ operational risk management practitioners from financial services firms globally over the last 5 years. He is currently the Co-Founder and Chief Risk Officer at RiskSpotlight. At RiskSpotlight, he leads the team that developed the world’s first forward-looking operational risk news service – RiskSpotlight Portal.