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Concept paper risk culture risk governance and compensation study material

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INCREASING THE INTENSITY AND EFFECTIVENESS OF SUPERVISION THROUGH SUPERVISORY INTERACTION WITH FINANCIAL INSTITUTIONS (RISK CULTURE, RISK GOVERNANCE AND COMPENSATION PRACTICES) Office of the Supervisory Policy Development Bangko Sentral ng Pilipinas A CONCEPT PAPER By: Dr. Dexter W. Ginete June 2014 GUIDANCE ON SUPERVISORY INTERACTION WITH FINANCIAL INSTITUTIONS ON RISK CULTURE Background There exists an impending awareness to understand measure and enhance risk culture in organizations especially in the financial services industry. It is apparent that national and international regulators are putting more emphasis on how companies demonstrate risk culture. Risk culture, needless to say, should always be aligned to the risk profile and corporate objectives putting in mind that it is the responsibility of everyone in the organization to manage risks appropriately. The understanding of risks is a complex process yet with a simplified, concrete approach, risks can be mitigated albeit it can never be avoided. The decisions that flow throughout the organization are a matter of looking at the impact of risks and how adequately policies, strategies and directions are consistent with risk management. Obviously, changing the organization’s culture does not take overnight, reinforcement, revisiting, mobilization and monitoring may be the forefront solutions to adopting a certain culture in one’s organization. Nevertheless, this is not always the case. This is the reason why ...
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