Last week, the Association of Chartered Certified Accountants (ACCA), a Starling Insights partner, published a new report entitled "Risk Cultures and Banking: Where Next?"
Therein, Rachael Johnson, Head of Risk Management and Corporate Governance at the ACCA, examines the risk culture landscape in the banking sector amid major structural and economic shifts. This analysis references surveys, roundtables, and one-on-ones with ACCA members who work at and with the banks globally.
The report highlights trends in the adoption of behavioral metrics, embracing accountability, and supporting behaviors compatible with sound risk management. The ACCA also provides ten recommendations for actions that risk and accounting professionals can take to build stronger cultures.
"The banking turmoil in the first quarter of 2023 has thrust bank risk management back into the limelight," Johnson writes, “exposing cultural and governance cracks that would make any sort of organisation exceedingly vulnerable, especially with today's tsunami of change and uncertainty.”
The report features contributions from Ted MacDonald, Senior Technical Specialist at the Financial Markets Standards Board (another Starling Insights partner), and Pav Gill, the whistleblower who exposed a massive fraud at defunct German fintech firm Wirecard.
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