3 Core ingredients of a Strong Risk Management Culture.

Basel’s Principles for the Sound Management of Operational Risk defines risk culture as “the combined set of individual and corporate values, attitudes, competencies and behavior that determine a firm’s commitment to and style of operational risk management.” It is no coincidence that — of the 11 principles Basel cites — risk culture is at the core of the very first principle:. Strong risk culture is ONLY achievable in concert with strong firm-wide culture.

Be smart make sure you have Risk Documentation that is current, objective and actionable.

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John Thackeray
How to Make Regulatory Change Actions Work For Your Company

The volume, velocity and range of regulatory change actions today are overwhelming. By having a regulatory change management system to track and monitor regulatory change activity, you can provide your executives and regulators with more visibility and a clear outline of what you are doing to minimize compliance risk. Regulators want to see that organizations have a transparent process to manage regulatory change, and that employees have a clear understanding of their roles and responsibilities. For this, you need a clear, auditable and automated process in place with the major components of the process being planning, identification, and clear and consistent definitions.

Be smart make sure you have Risk Documentation that is current, objective and actionable.

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John Thackeray