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Risk Culture What are we talking about? You can influence and direct the risk culture of your organisation © NWU Prof Hermien Zaaiman [email protected] http://commerce.nwu.ac.za/uarm Aug 2017 Aim of this session: Introduce risk culture and the indicators of risk culture Risk culture questions to ask in your organisation 1) What is the perceived value of risk management to this organisation? 2) How do we know what our risk culture is? 3) How will we improve the risk culture of the organisation? A value of risk view of risk culture: employee perception of the value attributed to consideration of risk when making decisions. Improving risk culture Consider: 1) The optimal risk culture for your organisation; 2) Differences in risk culture in between groups in the organisation: functions (e.g. risk management, business management); management levels Risk culture has to do with the perceived value of risk management in organisations. This perception will influence the contribution that risk management makes to the organisation. Organisation Stated value of considering risk during decision making may differ from the Risk Culture Perceived value of considering risk when making decisions (BCBS, 2015) ‘Why we manage risk’ Risk Management Framework (Structural symbols) Risk Management Structures Risk appetite statement Risk management strategy Policies Data Processes Systems Incentives Roles and responsibilities: • Accountability • Role clarity • Risk ownership Reporting Risk Governance Functions Risk Compliance Internal audit Risk Behaviour (Rituals and Heroes) Risk awareness, Risk taking and Risk management ‘How we manage risk’ Organisational Culture Perceived shared values of members of an organisation ‘Why we do what we do’ (DNB, 2016) Perceived Risk Culture Inferred value of considering risk when making decisions based on perception of actual practices Role clarity (Structural DNB) Incentives (Structural FSB) Accountability (Behavioural FSB) Active consideration of risk during decision making (Value of risk) (Behavioural DNB & FSB) leads to Influence(s) Quality of information (Structural DNB) Risk Culture Assessment Model Risk Culture Indicators Risk management framework (functions, systems, processes, data) (Structural) Risk management strategy (Structural) informs Effective communication and challenge (Behavioural FSB & DNB) leads to Leadership: Tone from the top (Behavioural FSB) Determines Shared understanding and awareness of risk and culture (Behavioural) Training (Intervention) Group differences: Impeding group patterns (Behavioural DNB) leads to facilitates leads to influences Influence(s) require require requires leads to facilitates sets

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Page 1: R is k C u ltu r e W h a t a r e w e ta lk in g a b o u t Documents... · R is k C u ltu r e W h a t a r e w e ta lk in g a b o u t ? Y o u c a n in flu e n c e a n d d ir e c t t

RiskCultureWhatarewetalkingabout?

Youcaninfluenceanddirecttheriskcultureofyourorganisation

© NWU

ProfHermienZaaiman

[email protected]

http://commerce.nwu.ac.za/uarm

Aug2017

Aimofthissession:Introduceriskcultureandtheindicatorsofriskculture

Riskculturequestionstoaskinyourorganisation

1) Whatistheperceivedvalueofriskmanagementtothisorganisation?

2) Howdoweknowwhatourriskcultureis?

3) Howwillweimprovetheriskcultureoftheorganisation?

Avalueofriskviewofriskculture:employeeperceptionofthevalueattributedtoconsiderationofriskwhenmaking

decisions.

Improvingriskculture

Consider:

1) Theoptimalriskcultureforyourorganisation;

2) Differencesinriskcultureinbetweengroupsintheorganisation:functions(e.g.

riskmanagement,businessmanagement);managementlevels

Risk culture has to do with the perceived value of risk management in organisations. This perception will influence the

contribution that risk management makes to the organisation.

Organisation

Statedvalueofconsideringriskduringdecisionmakingmaydifferfromthe

RiskCulturePerceivedvalueofconsidering

riskwhenmakingdecisions(BCBS,2015)‘Whywemanagerisk’

RiskManagementFramework(Structuralsymbols)

RiskManagementStructuresRiskappetitestatementRiskmanagementstrategyPoliciesDataProcessesSystemsIncentivesRolesandresponsibilities:• Accountability• Roleclarity• RiskownershipReporting

RiskGovernanceFunctions

Risk

Compliance

Internalaudit

RiskBehaviour(RitualsandHeroes)

Riskawareness,RisktakingandRiskmanagement‘Howwemanagerisk’

OrganisationalCulturePerceivedsharedvaluesof

membersofanorganisation‘Whywedowhatwedo’(DNB,2016)

PerceivedRiskCulture

Inferredvalueofconsideringriskwhenmakingdecisionsbasedonperceptionofactualpractices

Roleclarity(StructuralDNB)

Incentives(StructuralFSB)

Accountability(Behavioural FSB)

Activeconsiderationofriskduringdecisionmaking(Valueofrisk)

(Behavioural DNB&FSB)

leadsto

Influence(s)

Qualityofinformation(StructuralDNB)

RiskCultureAssessmentModel

RiskCultureIndicators

Riskmanagementframework(functions,systems,processes,

data)(Structural)

Riskmanagementstrategy

(Structural)

informs

Effectivecommunicationandchallenge

(Behavioural FSB&DNB)

leadsto

Leadership:Tonefromthetop(Behavioural FSB)

Determines

Sharedunderstandingandawarenessofriskandculture

(Behavioural)

Training(Intervention)

Groupdifferences:Impedinggrouppatterns

(Behavioural DNB)

leadsto

facilitates

leadsto

influences

Influence(s)

require

require

requires

leadsto

facilitates

sets

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ESKOM TO FACE ACTION OVER TRILLIAN,

MCKINSEY PAYMENT LIE? http://ewn.co.za/2017/08/29/questions-raised-on-whether-to-take-action-against-

eskom-over-trillian-lie

ZUMA: MYENI CAN'T BE BLAMED FOR SAA'S PROBLEMS http://ewn.co.za/2017/08/31/zuma-myeni-can-t-be-blamed-for-saa-s-problems

SCOPA BELIEVES EX-CEO NTSHANGA SHOULD BE ACCOUNTABLE

SA EXPRESS' FINANCIAL MESS Scopa is probing the more than R35 million in irregular expenditure incurred by the airline

during 2016. http://ewn.co.za/2017/08/30/scopa-believes-ex-ceo-ntshanga-should-be-accountable-sa-express-financial-mess

GuptaLeaks: Kickbacks for Transnet crane contracts 2017-07-17 06:59 http://www.news24.com/SouthAfrica/News/guptaleaks-kickbacks-for-transnet-crane-contracts-20170717

Denel’s shrinking order book a cause for concern

31 Aug 2017 http://www.defenceweb.co.za/index.php?option=com_content&view=article&id=49089&catid=74&Itemid=30

DENEL ENDS PARTNERSHIP WITH GUPTA-OWNED VR LASER ASIA

http://ewn.co.za/2017/08/25/denel-ends-partnership-with-gupta-owned-vr-laser-asia

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Organisation

Stated value of considering risk during decision making may differ from the

Risk Culture Perceived value of considering risk when making decisions (BCBS, 2015) ‘Why we manage risk’

Risk Management Framework (Structural symbols)

Risk Management Structures Risk appetite statement Risk management strategy Policies Data Processes Systems Incentives Roles and responsibilities: • Accountability • Role clarity • Risk ownership Reporting

Risk Governance Functions

Risk

Compliance

Internal audit

Risk Behaviour (Rituals and Heroes) Risk awareness, Risk taking and Risk management ‘How we manage risk’

Organisational Culture Perceived shared values of members of an organisation ‘Why we do what we do’ (DNB, 2016)

Perceived Risk Culture

Inferred value of considering risk when making decisions based on perception of actual practices

Page 6: R is k C u ltu r e W h a t a r e w e ta lk in g a b o u t Documents... · R is k C u ltu r e W h a t a r e w e ta lk in g a b o u t ? Y o u c a n in flu e n c e a n d d ir e c t t

Role clarity (Structural DNB)

Incentives (Structural FSB)

Accountability (Behavioural FSB)

Active consideration of risk during decision making

(Value of risk) (Behavioural DNB & FSB)

leads to

Influence(s)

Quality of information (Structural DNB)

Risk Culture Assessment Model

Risk Culture Indicators

Risk management framework (functions, systems, processes,

data) (Structural)

Risk management strategy

(Structural)

informs

Effective communication and challenge

(Behavioural FSB & DNB)

leads to

Leadership: Tone from the top (Behavioural FSB)

Determines

Shared understanding and awareness of risk and culture

(Behavioural)

Training (Intervention)

Group differences: Impeding group patterns

(Behavioural DNB)

leads to

facilitates

leads to

influences

Influence(s)

require

require

requires

leads to

facilitates

sets


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