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Practice paper

Risk adjusting the culture of global finance

Allan D. Grody
Journal of Risk Management in Financial Institutions, 6 (2), 178-180 (2013)
https://doi.org/10.69554/MKWA5718

Abstract

The journey toward risk adjusting the financial system has begun in earnest. The pieces are being put in place: more resilient capital adequacy standards; more appropriate risk measurement techniques; central counterparties for over-the-counter (OTC) derivatives; new collateral and margin schemes; and the global identification coding system for financial market participants and their traded products. When completed, a long journey for sure, there will be a final piece left to do, risk adjusting the culture of global finance. That is certainly the most difficult of all as it effects people's attitudes and behaviour within newly evolving financial regulations, industry structures and financial institutions. It starts with hiring the ‘right’ people and then the way they are trained; it proceeds with the mentoring they receive and the habits they are taught within a tempered view of performance and risk; and its ends with a generational transfer of core principles from the seasoned to the young.

Keywords: risk management; financial culture; change management; behavioural modification; financial systems

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Author's Biography

Allan D. Grody is a founding board member of the Journal of Risk Management in Financial Institutions, founding professor (retired) of New York University’s graduate course in risk management systems, and founding partner (retired) of Coopers & Lybrand’s financial services consulting practice. He began his business career in General Electric’s finance business and later went on to hold increasingly responsible positions in investment management, the securities industry and international banking. He is President of Financial InterGroup Advisors and Financial InterGroup Holdings Ltd, and an advisory board member of ARC Best Practices Ltd.

Citation

Grody, Allan D. (2013, March 1). Risk adjusting the culture of global finance. In the Journal of Risk Management in Financial Institutions, Volume 6, Issue 2. https://doi.org/10.69554/MKWA5718.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 6 / Issue 2
© Henry Stewart
Publications LLP

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