risk culture definition
risk culture means a credit institution’s norms, attitudes and behaviours related to risk awareness, risk-taking and risk management, and the controls that shape decisions on risks. Risk culture influences the decisions of management and employees during the day-to-day activities and has an impact on the risks they assume;
risk culture means the approach, awareness and behavior of the bank towards risk taking and management, which influence the decision making related to risks.
risk culture means bank’s norms, attitudes, behaviors towards risk awareness, risk-taking, risk management and controls that shape decisions on risks. Risk culture influences the decisions of management/employees during the day-to-day activities and has an impact on the risks they assume;
More Definitions of risk culture
risk culture means ethical norms, attitudes and behaviours related to risk awareness, risk assumption and risk management, and the controls that shape decisions on risk;
risk culture means the set of the combined set of individual and corporate values, attitudes, competencies and behaviour that determine an institution’s commitment to and
risk culture means, ‘the norms and traditions of behaviour of individuals and of groups within an organisation that determine the way in which they identify, understand, discuss, and act on the risks the organisation confronts and the risks it takes.’ For a further discussion of development and management of risk culture, see: Institute of International Finance, Reform in the Financial Services Industry: Strengthening Practices for a More Stable System, December 2009, at p. 31-2 and Appendix III, Risk Culture. Available at http://www.iif.com/press/press+125.php. While other definitions are available, in this report the term uses this definition.