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Tag Archives: Leadership
This article was originally written for and included in the ACCA Quarterly Newsletter for Financial Services, AB.Direct.
What is the risk culture of an institution? When assessing the economic and competitive sustainability of an organisation, is it good enough to focus solely on the risk culture? Continue reading
Can you imagine a major industry which suffers a near death experience, angers its entire customer base—wholesale and retail, domestic and international—and yet refuses to publicly apologise and adopt a plan of action that commits the industry to not repeating the mistakes of the past. That is where the banking industry is at right now.
This lack of decisive action on the part of the industry’s leadership will do lasting damage to not only the industry but also to its as yet unforgiving customers and the global economy. Part of the problem is that the industry does not appear to even realise that it is in a crisis—one which has been brought about by a complete loss of public faith in its activities. That is a tragedy. Continue reading
It is impossible for any industry to survive if it relies on the actions of governments and regulators to watch over it in order to make sure that it does not blow itself apart. Yet, this is the precise position in which the banking industry now finds itself. Continue reading
The following is the seventh and final article in a series on bank risk culture. The previous articles can be accessed here or by clicking the HOME tab on the blog.
A total meltdown in any industry requires nothing less than a total rethink of the way forward. However, rather than finding themselves engaged in a total rethink of the how and why they must transform their business, banks have been engaged in responding to more legislation and regulation as well as improving their governance and internal controls.
The problem for banks is that neither governments nor regulators can create a better future with great institutions—only bankers themselves can. Continue reading
A few years ago, I went to a reunion of my Cass Business School MBA class. Immediately on seeing me, one of my former classmates started laughing. I was, of course, puzzled and asked him what was so funny. He apologized for his outburst but confessed that, in the past several years, he had, on several different occasions, taken great pleasure in telling some of his friends a joke about me.
I will share that joke with you. Continue reading
The following is the sixth in a series of articles on bank risk culture. The previous articles can be accessed here or by clicking the HOME tab on the blog.
A total meltdown in any system requires nothing less than a total rethink of the way forward.
Legislators and regulators have blamed the subprime financial crisis on a whole host of issues including derivatives, proprietary trading, deregulation, the collapse of Glass Steagall and the integration of retail and investment banking, as well as the overall failure of risk management and corporate governance. What we have learned so far in this series of articles is that the actual reasons are somewhat different as they relate to the overall culture of banking. Continue reading