Mastering Risk Management

Summary

Culture runs through risk management and this book. This chapter explains how to embed and sustain risk management culture. It involves the firm’s leadership, strategy, values and behaviours. It relies on good governance, but it does not come solely from that. If it succeeds, then the business strategy will more likely succeed. Each firm will do it differently and each will change and evolve as the business and the external environment change. Annoyingly, there is no right answer. You have to work on it – all the time. Maybe T S Eliot put it well,

‘They constantly try to escape

From the darkness without and within

By dreaming of systems so perfect that no one will need to be good.’22