Setting risk appetite key foundation for risk culture, speakers at OpRisk Asia say
'Risk champions' should lead on cultural change, conference hears
Speakers at the OpRisk Asia conference in Singapore today (July 29) acknowledged that culture and conduct risk lay at the root of many operational risk failures, but warned that trying to impose company-wide cultural change could be an impossible task.
Instead, companies should try to drive change by picking a few 'risk champions' in each department and linking their compensation to culture and conduct risk metrics, argued Andrew Koh, deputy chief risk control manager at China Construction Bank
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