An independent assessment of risk culture can be very useful for firms wishing to better understand their own culture and how it compares to peer organisations. Others seek assessment in order to demonstrate the robustness of their culture to external stakeholders such as regulators. Still others may wish to create a benchmark before embarking on a program of cultural change or to gauge the success of such a program.
Senior leaders (especially of large firms) often have an incomplete picture of their own firm's culture. An independent review that gathers the opinions of staff anonymously can uncover issues that may not have come to light in the normal course of business. Staff are more likely to offer their candid opinions if they are confident that they can remain anonymous.
We offer a suite of three survey instruments:
Macquarie University Risk Culture ScaleTM - Measures the shared perceptions among employees of the relative priority given to risk management, including the practices and behaviours that are expected, valued and supported'
Macquarie University Risk Behaviour ScaleTM - Strong culture results in desirable behaviour; these are the outcomes we examine in the survey. Participants report on their own behaviour as well as the behaviour they have observed in others.
Macquarie University Risk Structures ScaleTM - Structural factors play a role in determining culture. Employees are asked about their perceptions of: their knowledge of risk, training received, bank strategy, remuneration policy, performance measures, and the quality of risk management frameworks.