Culture and Accountability Reviews

You can’t regulate for culture. Regulators acknowledge this, however, increased regulation seeks to address perceived culture and accountability gaps that have hurt public trust in financial services, governments and large corporates and brought issues around social licence, operating models, incentives and remuneration, to the fore. Boards and Executives need meaningful methods to measure their risk culture and demonstrate how they will influence and shape it, including through appropriate and robust accountability frameworks.

How we can help

Our team have years of experience designing, implementing and managing tailored solutions that provide meaningful qualitative and quantitative measurement of an organisation’s risk culture.  Incorporating both hard and soft data points, these approaches go beyond simple models that contain mixed assumptions, biases, and insights. By utilising our proven methodologies APRA regulated entities can demonstrate how they meet the Risk Culture requirements of CPS220 – Risk Management, and all organisations can demonstrate how they are measuring and monitoring their risk culture to help achieve expected levels of conduct and business performance.

Accountability frameworks are a key part of any cultural construct, and our approach here helps organisations document and then demonstrate, in a holistic enterprise-wide way, who is accountable for the most important decisions in your organisation, how they are accountable, and the often unrealised level of overlap, reliance, and complexity that exists across functions, levels and geographies that slows down effective decision making. As complexity and change accelerates, discover, for example, who you rely on to make the top 100 decisions in your organisation and identify opportunities to become more robust, yet flexible and responsive, in your market.

Key areas of focus

Our team can help you:

• Restructure and enrich your accountability data (from sources that include, for example, HR Management Systems, Delegations, Business Processes, Finance and Procurement systems) to allow you to understand which of five accountability types each decision maker has across your key business activities
• Use this holistic and enterprise-wide view to optimise your accountability model for faster, better and more agile decision making – address pinch points, misaligned resourcing, capability gaps, governance issues or anything else that prevents you making the best possible business decisions, utilising the best inputs available, in the shortest possible time
• Enhance an existing model, or develop a new risk culture measurement and monitoring capability that allows you to regularly reiterate and demonstrate how your organisation is meeting its Vision and Purpose through an appropriate risk based culture that delivers on your Values, ethics and conduct expectations
• Prepare a meaningful, cost effective, and implementable strategy for BEAR, CoBP, Risk Culture, and general CPS220 requirements (for financial services) or any other Standard or benchmark that is meaningful for you
• Respond to concerns that your risk culture is not what you think it is and provide validation or actionable insight to support organisational goals

Get actionable and meaningful insights

Whichever service or support we deliver, we will provide you with a report that presents a meaningful view of your organisation’s risk culture and the measures required to safeguard your business. The report includes:

• Actionable insights based on our engagement and industry expertise
• Where relevant, benchmarking data to call out leading or lagging behaviours
• Overall risk rating, based on our self-assessment of your business risk