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|‘Risk culture’ focus at banks is not enough, say academics at Cambridge Centre for Risk Studies|
|Wednesday, 02 March 2016|
Two academics at the Cambridge Centre for Risk Studies at Cambridge Judge Business School argue in a new paper that a growing focus on “risk culture” at banks and other organisations is not sufficient, and that civil and administrative sanctions are needed to enforce personal behaviour.The paper is timely in light of debate over the recent decision by the UK Financial Conduct Authority (FCA) to cancel a broad review of banking culture. “Risk culture as a regulatory tool that is divorced from business relevance [incentives and disincentives] cannot sustainably steer corporate behaviour,” Dr Michelle Tuveson and Professor Daniel Ralph of the Cambridge Centre for Risk Studies argue in a paper published in the journal Banking & Financial Services Policy Report. “A more realistic alternative is needed that enforces personal accountability through greater use of civil and administrative sanctions.”
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