Risk Culture: Building Resilience and Seizing Opportunities

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In recent years our world has experienced profound behaviour-transforming disruption. In early 2022, we decided to collaborate and explore how these interconnected issues, including climate change and other intensifying global macro threats, are influencing the way members of our three professional bodies approach risk management. Given the new perma-crisis norm, we decided to take a deeper dive into what risk culture means and find out to what extent risk and accountancy professionals understand its impact on performance.

As a continued string of corporate failures also reminds us of the long-standing disconnection between risk management and accountancy, we remain focused on how our professions can collaborate more on fostering cultures that allow organisations to get where they want to be.

Risky behaviours brought down the Wirecards and FTXs. Other collapses continue to grab headlines, indeed even as we write, with Silicon Valley Bank and Signature Bank in the US (Pound 2023). Yet the predictable question that always comes up in the aftermath is: where were the risk managers and accountants? In today’s digital, vox pop world, we also see the likes of Trustpilot, Glassdoor and other social media giving regulators a new lens for observing beyond what is stated in annual reports and other public statements.