January 2014 Global Regulatory Network - Ernst & …

Assessing risk culture questions firms should be asking An outcomes-based approach to culture for supervisors and firms This Global Regulatory Network (GRN) briefing highlights the key elements of the recent Financial Stability Board (FSB) Consultative Document1 and provides banks with practical tools to assess their risk culture against the FSB expectations. A strong risk culture in firms is essential to their safety and soundness and to financial stability 2. Risk culture has moved to the front of the Global Regulatory agenda, and the FSB paper lays out the outcomes or behaviors supervisors will expect to see when they assess culture in firms.

GRN Executive Brief: assessing risk culture 2 The FSB Thematic Review on Risk Governance4 — One of the most wide-ranging FSB papers to date, this report sets out supervisory expectations for risk governance.

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