Far from being an intangible asset, the strength of a company’s risk culture can and should be measured, according to Mark Steward, the recently appointed director of enforcement and market oversight at the UK Financial Conduct Authority (FCA).

Despite the doubts of some risk practitioners, there were methods available to determine the effectiveness of financial firms’ risk culture, Steward said. And for chief executives, in particular, striking the right tone could make a noticeable difference