Risk Culture
What is Risk Culture?
The shared values, beliefs, knowledge, and attitudes within an organization that influence how risks are identified, assessed, and managed.
Terms that appear alongside risk culture
Each of these is named in at least one of the same controls as risk culture. The number is how many controls name both.
- governance 9 shared controls
- risk appetite 6 shared controls
- risk appetite statement 5 shared controls
- enterprise risk management 3 shared controls
- risk governance 3 shared controls
- material risk 3 shared controls
- compliance 3 shared controls
- risk reporting 3 shared controls
Frameworks that govern risk culture
What the standards actually require on risk culture
Requirements naming risk culture across 6 standards, quoted from the control text.
The IRM Risk Architecture + Strategy + Protocols (RASP) framework defines the governance + structural + behavioural enabling elements of effective enterprise risk management.
IRM-Architecture-Strategy-Protocols-Appetite-Culture-Board-Audit-Committee-CRO-Three-Lines · IRM RASP - Risk Architecture + Strategy + Protocols + Risk Appetite Statement + Risk Culture + Board + Audit Committee + Chief Risk Officer + Three Lines of Defence + Tone at the Top →The organization reports on risk, culture, and performance at multiple levels and across the entity.
INFO-20 · Reports on Risk, Culture, and Performance →The risk management strategy must at least describe each material risk identified and the approach to managing it, list the policies and procedures dealing with risk management matters, summarise the role and responsibilities of the risk management function, d...
CPS220-P30 · Minimum Contents of the Risk Management Strategy →The risk management strategy must describe each material risk identified and the approach to managing it, the policies and procedures covering risk identification and assessment, establishing, implementing and testing mitigation strategies and control mechanis...
SPS220-P22 · Minimum Contents of the Risk Management Strategy →HKMA C-RAF Domain 1 GOVERNANCE + Domain 2 IDENTIFICATION. DOMAIN 1 GOVERNANCE (5 sub-areas): (1) CYBER RISK GOVERNANCE - board + senior management oversight + governance structure + reporting lines + delegation; board cyber-risk literacy + training;
HKMA-CRAF-Domain1-2-Governance-Identification · HKMA C-RAF Domain 1 (Governance) + Domain 2 (Identification) - Cyber Strategy, Risk Management, Asset Management, Threat Assessment →Insurers establish corporate governance frameworks with effective oversight, defined roles and risk culture.
ICP7 · Corporate Governance →Questions people ask about risk culture
What is Risk Culture?
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