Despite nearly two decades of investment, there remains a significant and consequential disconnect between the quality of risk capabilities and the quality of risk outcomes. Investment in risk capabilities is not yielding better outcomes. This is a paradox – a significant increase in investment while underlying results fail to improve or even decline.
Regulators, industry observers, and organisational influencers are rapidly concluding that the primary root cause of the risk culture paradox is a failure of risk culture – not risk management.
In this paper we identify some of the methods and approaches currently being used to address risk culture, their unintended consequences, and seven practices we believe could supplement traditional risk management approaches and support risk professionals as leaders and change agents in their organisations.
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