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Nematrian Reference Library

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Introduction "Interest in the cultures of organisations and their effects on management practices goes back many years and there is an extensive body of scholarship on this topic. Yet this interest has increased dramatically in the period since 2008. The debate is led by the world of practice, particularly in the financial services sector. Furthermore, a new twist in the vocabulary of culture has taken place and companies, advisors and regulators now seem to have a specific focus on something called risk culture. What is this new object that features so prominently in discussion about financial regulation, at many industry events and on numerous blogs? Is it a single thing or does it have many faces? How do companies understand and operationalise it? Do they do this in similar ways? How do financial regulators influence conceptions of risk culture? Is the demand to improve risk culture at all coherent? Can it - whatever it is - be consciously managed? Is it auditable? Is there a single desirable risk culture or are there diverse and plural approaches? If so, are there any limits to this diversity? In this report we provide some answers to these questions based on our investigations over a period of 18 months. Our research into a constantly developing field is however necessarily incomplete and raises as many questions as it answers. We are also conscious that the debate about culture and risk culture is a very crowded one, with regulators, advisors and trade bodies seeking to provide thought leadership. We therefore offer this report as another contribution to the extensive public debate about the future of financial services."

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