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SYNOPSIS OF THE REPORT:
The report undertaken did (Michael Power, 2016) conduct Risk Culture in Financial Organizations (from here on referred to as “the report or report”). The purpose of this report is to evaluate risk culture in financial organizations.
The research considers that there are two different styles of interfering with the present culture, organic and engineered.
It also takes into account the reasons for the financial crisis as loss of focus on end clients, failures of risk culture and unsupervised risk appetite.
The report assumed that risk culture is a perpetual process, which is not explicitly formal. Also, it says that a single organization can have different risk cultures.
The report also claims that structural formalization of Three Lines of Defense (TLD), the creation of new watchdog departments and integration of risk information has kicked back to life, slowly but consistently.
There are six trade-offs. Business partnering and structural independence, free network building or formal processes, clarity and enforcement of trading limits, internal change or use of expert advice, self-regulatory or legal regulation and ethics or incentives.
The methods used in this report were interviews (with top-notch chief risk officers), qualitative and survey methods using Likert scale including internet-based short reviews and follow up sessions. However, the researchers do not have a high set of data for banking sector organizations……
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