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Risk governance of financial institutions: The growing importance of risk appetite and culture

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Risk governance is increasingly a core responsibility of board members of financial institutions. While each firm may adopt its own specific approach, key elements of risk governance include board-level risk committees, empowered chief risk officers, the use of risk appetite statements, and establishing a robust risk culture. This paper scopes these developments and highlights the growing importance of risk appetite statements and culture as two increasingly prominent elements of risk governance.
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Keywords: boards of directors; culture and conduct; risk appetite; risk governance

Document Type: Research Article

Publication date: March 1, 2016

More about this publication?
  • Journal of Risk Management in Financial Institutions is the essential professional and research journal for all those involved in the management of risk at retail and investment banks, investment managers, broker-dealers, hedge funds, exchanges, central banks, financial regulators and depositories, as well as service providers, advisers, researchers and academics. Guided by expert Editors and an eminent Editorial Board, each quarterly 100-page issue does not publish advertising but rather in-depth articles, reviews and applied research by leading professionals and researchers in the field on six key inter-related areas: strategic and business risk, financial risk, including traditional/exotic credit, market and liquidity risks, operational risk, regulatory and legal risks, systemic risk, and sovereign risk.

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