Lloyds Banking Group, one of the largest financial institutions in the UK, is restructuring its risk management division following an internal review that identified it as a "blocker to [its] strategic transformation."
Chief Risk Officer Stephen Shelley stated in a memo that two-thirds of executives perceive risk management as obstructing progress, and less than half of the workforce believes in promoting intelligent risk-taking. The overhaul will primarily focus on non-financial risk management, aiming to facilitate faster operations with clearer roles and responsibilities, Shelley said. Despite criticism from the independent BTU union, which warns against the potential consequences of loosening risk controls, Lloyds is pushing forward with its plan.
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