Corporate Culture and Risk Culture: The Chicken or The Egg?
Last week, the IERP held a Chief Risk Officer Networking Group (CRONG), where Mr. Khairul Azwa, director of risk and compliance at a prominent GLIC, spoke on his experiences developing the risk culture in his organization. With a background in banking, he had started as a treasury dealer, eventually going on to become a risk manager at one of the GLICs in Malaysia. One of the challenges that he faced was setting a new risk management department from scratch. A task that he gave himself three to five years to develop. At the company, he noticed two traits that were ingrained in their DNA, firstly they have a strong culture of service and secondly, they cannot afford to make mistakes as that will have repercussions on not only the company, but also on careers, stakeholders and the country. Read more