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Discussion: Risk culture – fact or myth

Published on 21 October 2013

“Risk Culture – fact or myth?”
When: 11 November 2013 – 6.30 p.m.
Where: The Box, LSE
5th Floor, LSE Tower 3
Clements Inn
London WC2A 2AZ
Who: Professor Michael Power of the London School of Economics & Richard Anderson of Crowe Horwath Global Risk Consulting

Building on our series of talks and dinners, we thought that you might be interested this time in a discussion about”Risk Culture”. This phrase is popping up everywhere, and as the pundits say it is widely recognised that problems with organisational culture played a major role in the financial crisis which crystallised in in 2007. Yet while”Risk Culture” in particular has become an object of focus and discussion by regulators and other bodies, there is little by way of consensus on exactly what it is or how it might be managed.

To put this all in context and to provide food for thought, we have invited Professor Michael Power to commence the debate with some observations based on his research report”Risk Culture in Financial Organisations” which he wrote jointly with Tommaso Palermo (also at the London School of Economics) and Simon Ashby (a professor at the University of Plymouth). The report was launched on 30th September 2013, at the Lloyd’s Old Library, London. While the report focuses on Financial Services, it also looked at some non-FS comparisons and it is interesting to see to what extent the lessons are transferable to other sectors.

Professor Michael Power, Professor of Accounting and Director of the Centre for the Analysis of Risk and Regulation (CARR) at London School of Economics (LSE). Mike was educated at St Edmund Hall, Oxford; Girton College Cambridge; and LSE. He is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and an Associate member of the UK Chartered Institute of Taxation. Mike is also an Honorary Fellow of the Institute of Risk Management (IRM) and has held visiting fellowships at the Institute for Advanced Study, Berlin and at All Souls College, Oxford. He holds an Honorary Doctorate in Economics from the University of St Gallen, Switzerland, which was awarded in 2009.

Richard Anderson, Managing Director of Crowe Horwath Global Risk Consulting will chair the discussion. We want to know what you are doing about risk culture: whether you and your board are in the middle of a risk culture transformation programme or if you have not even looked at the subject, we would like you to take part in our debate! If our previous experience is anything to go by, we will hear lots of different viewpoints, and over a buffet supper and a glass of wine, we’re looking forward to a stimulating discussion.

We invite you to join us for what we know will be a lively evening. I should also add that numbers are limited, so do let me know as soon as possible if you would like to join us.

Please RSVP to [email protected] if you wish to attend.