Skip to main content Accessibility help
×
Hostname: page-component-78c5997874-v9fdk Total loading time: 0 Render date: 2024-11-09T13:59:53.139Z Has data issue: false hasContentIssue false

Part II - A View of Risk Culture Concepts in Firms and Society

Published online by Cambridge University Press:  22 May 2020

Michelle Tuveson
Affiliation:
Judge Business School, Cambridge
Daniel Ralph
Affiliation:
Judge Business School, Cambridge
Kern Alexander
Affiliation:
Universität Zürich
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Beyond Bad Apples
Risk Culture in Business
, pp. 139 - 270
Publisher: Cambridge University Press
Print publication year: 2020

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Bank of England Quarterly Bulletin (BEQB)

Bank of England Statistical Abstract (BOESA)

The Economist

Financial Statistics

The Times

Ackrill, M. and Hannah, L. (2001). Barclays: The Business of Banking. Cambridge: Cambridge University Press.Google Scholar
Allen, W. A. (2012). Government debt management and monetary policy in Britain since 1919. BIS Working Paper no. 65.Google Scholar
Balogh, T. (1950). Studies in Financial Organization. Cambridge: Cambridge University Press.Google Scholar
Battilossi, S. (2000). Financial innovation and the golden ages of international banking: 1890–1931 and 1958–81. Financial History Review, 7(2), 141–75.CrossRefGoogle Scholar
Battilossi, S. (2002). Banking with multinationals: British clearing banks and the Euromarkets’ challenge, 1958–1976. In Battilossi, S. and Cassis, Y. (eds), European Banks and the American Challenge: Competition and Cooperation in International Banking under Bretton Woods. Oxford: Oxford University Press, pp. 103–34.CrossRefGoogle Scholar
Boleat, M. (1985) National Housing Finance Systems: A Comparative Study. London: Croom Helm.Google Scholar
Broadberry, S. N. and Howlett, P. (2005). The United Kingdom during World War I: business as usual? In Broadberry, S. N. and Harrison, M., eds., The Economics of World War I. Cambridge: Cambridge University Press, pp. 206–34.Google Scholar
Bryan, L. (1988). Breaking Up the Bank: Rethinking an Industry under Siege. Homewood, IL: Dow Jones-Irwin.Google Scholar
Calomiris, C. W. and Haber, S. H. (2014). Fragile by Design: The Political Origins of Banking Crises and Scarce Credit. Princeton, NJ: Princeton University Press.Google Scholar
Capie, F. H. (2010) The Bank of England: 1950s to 1979. New York: Cambridge University Press.Google Scholar
Collins, M. (1990). Money and Banking in the UK: A History. London: Croom Helm.Google Scholar
Daunton, M. J. (1987). A Property-Owning Democracy? Housing in Britain. London: Faber and Faber.Google Scholar
Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51, 393–41.CrossRefGoogle Scholar
Diamond, D. W. (2007). Banks and liquidity creation: a simple exposition of the Diamond–Dybvig model, Federal Reserve Bank of Richmond Economic Quarterly, 93(2), 189200.Google Scholar
Diamond, D. W. and Dybvig, P. H. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401–19.Google Scholar
Diamond, D. W. and Rajan, R. (2001). Liquidity risk, liquidity creation and financial fragility: a theory of banking. Journal of Political Economy, 109(2), 287327.Google Scholar
Dow, J. C. R. (1970) The Management of the British Economy, 1945–60. Cambridge: Cambridge University Press.Google Scholar
Einzig, P. (1971). The New Markets in London. Vol. 1 of Parallel Money Markets. London: Macmillan.Google Scholar
Fforde, J. S. (1983) Competition, innovation and regulation in British banking’, BEQB, 23(3), 363–76.Google Scholar
Fletcher, G. A. (1976). The Discount Houses in London: Principles, Operations, and Change. London: Macmillan.Google Scholar
Gilbart, J. W. (1827). A Practical Treatise on Banking, 1st ed. London: E. Wilson.Google Scholar
Goodhart, C. A. E. (1984) Monetary Theory and Practice: The UK Experience. London: Macmillan.Google Scholar
Goodhart, C. A. E. (2015). Competition and Credit Control: some personal reflections. Financial History Review, 22(2), 235–46.Google Scholar
Goodhart, C. A. E. and Crockett, A. D. (1970). The importance of money. BEQB, 10(2), 159–98.Google Scholar
Goodhart, C. A. E. and Needham, D. J. (2017). Historical reasons for the focus on broad monetary aggregates in post-WW2 Britain and the ‘Seven Years War’ with the IMF. Financial History Review, 24(3), 331–56.CrossRefGoogle Scholar
Gordon, C. (1993). The Cedar Story: The Night the City Was Saved. London: Sinclair–Stevenson.Google Scholar
Hotson, A. C. (2017) Respectable Banking: The Search for Stability in London’s Money and Credit Markets since 1695. Cambridge: Cambridge University Press.Google Scholar
House of Commons Treasury Committee (2008). The Run on the Rock: Fifth Report of Session 2007–08, vol. 1. London: The Stationary Office Limited. https://bit.ly/33oSBQ8Google Scholar
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money, 1st ed. London: Macmillan.Google Scholar
Kim, S. W. (2017). The Euromarket and the making of the transnational network of finance, 1959–1979. Unpublished PhD thesis, University of Cambridge.Google Scholar
King, W. T. C. (1936). History of the London Discount Market. London: Routledge.Google Scholar
London Clearing Banks (1977). Evidence by the Committee of London Clearing Bankers to the Committee to Review the Functioning of Financial Institutions. London: Committee of London Clearing Bankers.Google Scholar
Macmillan Committee (1931). Committee on Finance and Industry: Report (‘Macmillan Report’). London: HMSO.Google Scholar
Merris, R. C. (1979). Business loans at large commercial banks: policies and practices, Federal Reserve Bank of Chicago Economic Perspectives, 3(21), 1523.Google Scholar
Monopolies Commission (1968). Barclays Bank Ltd, Lloyds Bank Ltd, and Martins Bank Ltd: A Report on the Proposed Merger. London: HMSO.Google Scholar
Montgomery, C. J. (1977). The Clearing Banks, 1952–77: An Age of Progress: The Presidential Address of C. J. Montgomery. London: Institute of Bankers.Google Scholar
National Board for Prices and Incomes (1967). Report No. 34: Bank Charges, Cmnd 3292. London: HMSO.Google Scholar
Needham, D. J. (2014). UK Monetary Policy from Devaluation to Thatcher, 1967–82. Basingstoke: Palgrave Macmillan.Google Scholar
Needham, D. J. (2018). Mortgages and mismatching – the transformation of British clearing banks. The Property Chronicle, 19 October 2018. www.propertychronicle.com/mortgages-and-mismatching/Google Scholar
Nevin, E. T. and Davis, E. W. (1970). The London Clearing Banks. London: Elek.Google Scholar
Offer, A. (1981). Property and Politics, 1870–1914: Landownership, Law, Ideology and Urban Development in England. Cambridge: Cambridge University Press.Google Scholar
Offer, A. (2014). Narrow banking, real estate, and financial stability in the UK c.1870–2010. In Dimsdale, N. H. and Hotson, A. C., eds., British Financial Crises since 1825. Oxford: Oxford University Press.Google Scholar
Radcliffe Committee (1959). Committee on the Working of the Monetary System: Report (‘Radcliffe Report’). London: HMSO.Google Scholar
Rae, G. (1885). The Country Banker: His Clients, Cares and Work from an Experience of Forty Years, 2nd ed., London: Murray.Google Scholar
Reid, M. I. (1982). The Secondary Banking Crisis, 1973–75: Its Causes and Course. London: Macmillan.Google Scholar
Revell, J.R.S. (1972). A secondary banking system. In Johnson, H. G. and Associates, eds., Readings in British Monetary Economics. Oxford: Clarendon Press.Google Scholar
Rogers, D. (1999). The Big Four British Banks: Organisation, Strategy and Future. Basingstoke: Macmillan.Google Scholar
Sayers, R. S. Modern Banking, 7th ed. Oxford: Clarendon Press.Google Scholar
Schularick, M. and Taylor, A. M. (2012). Credit booms gone bust: monetary policy, leverage cycles, and financial crises, 1870–2008. American Economic Review, 102(2), 1029–61.Google Scholar
Sykes, E. (1947), Banking and Currency, 9th ed. London: ButterworthGoogle Scholar
Tucker, P. M. W. (2004). Managing the central bank’s balance sheet: where monetary policy meets financial stability, BEQB, 44(3), 359–82.Google Scholar
Turner, A. (2009). The Turner Review: A Regulatory Response to the Global Banking Crisis. London: Financial Services Authority. https://bit.ly/2NcXNRJGoogle Scholar
Vickers, J. (2011a). Interim Report: Consultation on Reform Options. London: Independent Commission on Banking.Google Scholar
Vickers, J. (2011b). Final Report of the Independent Commission on Banking. London: Independent Commission on Banking.Google Scholar
Wolf, M. H. (2014). The Shifts and the Shocks: What We’ve Learned – and Have Still to Learn – from the Financial Crisis. London: Allen Lane.Google Scholar

Other Sources

Bank of England Quarterly Bulletin (BEQB)

Bank of England Statistical Abstract (BOESA)

The Economist

Financial Statistics

The Times

References

Ashby, S., Palermo, T. and Power, M., (2014). Risk culture: definitions, change practices and challenge for chief risk officers. In Patricia, J., ed., Risk Culture and Effective Risk Governance. London: Riskbooks.Google Scholar
Bailey, A. (2016). Culture in financial services – a regulator’s perspective. Speech at the City Week 2016 Conference, 9 May 2016. https://bit.ly/2rb72sZGoogle Scholar
Bandura, A. (1986). Social Foundations of Thought and Action. Englewood Cliffs, NJ: Prentice–Hall.Google Scholar
Bandura, A. (1997). Self-Efficacy: The Exercise of Control. New York: W. H. Freeman.Google Scholar
Bandura, A. (1999). Social cognitive theory of personality. In Pervin, L. A. and John, O. P., eds., Handbook of Personality. New York: The Guildford Press.Google Scholar
Bandura, A. (2000). Exercise of human agency through collective efficacy. Current Directions in Psychological Science, 9(3), 75–8.Google Scholar
Bandura, A. (2006). Toward a psychology of human agency. Perspectives on Psychological Science, 1(2), 164–80.Google Scholar
Bandura, A. (2009). Agency. In Carr, D. S., ed., Encyclopedia of the Life Course and Human Development. Detroit: Macmillan Reference USA.Google Scholar
Bank of England and Financial Services Authority (2011). The Bank of England, Prudential Regulation Authority – Our Approach to Banking Supervision.Google Scholar
Banks, E. (2012). Risk Culture: A Practical Guide to Building and Strengthening the Fabric of Risk Management. Basingstoke: Palgrave MacMillan.Google Scholar
Baxter, J. and Megone, C. (2016). Exploring the Role of Professional Bodies and Professional Qualifications in the UK Banking Sector. London: Banking Standards Board. https://bit.ly/2puA46BGoogle Scholar
BCBS (Basel Committee on Banking Supervision) (2009). Enhancements to the Basel II Framework. www.bis.org/publ/bcbs157.pdfGoogle Scholar
BCBS (Basel Committee on Banking Supervision) (2014). Consultative Document: Corporate Governance Principles for Banks. www.bis.org/publ/bcbs294.pdfGoogle Scholar
BSB (Banking Standards Board) (2016). Annual Review 2015/2016. https://bit.ly/2NIVhBNGoogle Scholar
CB:PBS (Chartered Banker Professional Standards Board) (2016a). CB:PSB Progress Report. https://bit.ly/32c6sIdGoogle Scholar
CB:PBS (Chartered Banker Professional Standards Board) (2016b). Foundation Standard Requirements for Professional Bankers. https://bit.ly/2qjp9fYGoogle Scholar
CB:PBS (Chartered Banker Professional Standards Board) (2018). The Chartered Banker Code of Professional Conduct. https://bit.ly/2Ndp4mWGoogle Scholar
Dow, J. (2000). What is systemic risk? Moral hazard, initial shocks, and propagation. Monetary and Economic Studies, 18(2), 124.Google Scholar
Dunkley, E. (2015). UK draws line under ‘banker bashing’ after scrapping assessment. Financial Times, 2015 December 30. https://on.ft.com/2NGehALGoogle Scholar
Emirbayer, M. and Mische, A. (1998). What is agency? The American Journal of Sociology, 103(4), 9621023.CrossRefGoogle Scholar
Ernst & Young (2014). Shifting Focus: Risk Culture at the Forefront of Banking. https://go.ey.com/32gtQofGoogle Scholar
ESRB (European Systemic Risk Board) (2015). Report on Misconduct Risk in the Banking Sector. https://bit.ly/2NIXFsfGoogle Scholar
FCA (Financial Conduct Authority) (2015). CP15/22 Strengthening Accountability in Banking: Final Rules (including Feedback on CP14/31 and CP15/5) and Consultation on Extending the Certification Regime to Wholesale Market Activities. www.fca.org.uk/publication/consultation/cp15-22.pdfGoogle Scholar
FMSB (FICC Markets Standards Board) (2016a). FICC Markets Standards Board proposes greater transparency in new issue process for debt. FMSB, 2016 November 18. https://bit.ly/2NhBN8nGoogle Scholar
FMSB (FICC Markets Standards Board) (2016b). Statement of Good Practice for FICC Market Participants: Conduct Training. www.femr-mpp.co.uk/wp-content/uploads/2016/12/16-12-08-SoGP-Conduct-Training_FINAL.pdfGoogle Scholar
FMSB (FICC Markets Standards Board) (2016c). Surveillance Core Principles for FICC Market Participants: Statement of Good Practice for Surveillance in Foreign Exchange Markets. www.femr-mpp.co.uk/wp-content/uploads/2016/12/16-12-08-SoGP_Surveillance-in-FX-Markets_FINAL.pdfGoogle Scholar
FMSB (FICC Markets Standards Board) (2017). New Issue Process Standard for the Fixed Income Markets. https://fmsb.com/wp-content/uploads/2017/04/FMSB_NewIssuesProcess_FIMarkets_2-May-FINAL.pdfGoogle Scholar
Foreign Exchange Professionals Association (2015). Focus On: Foreign Exchange Benchmarks. https://fxpa.org/wp-content/uploads/2015/06/fxpa-benchmarks-5-22final.pdfGoogle Scholar
FSB (Financial Stability Board) (2014). Guidance on Supervisory Interaction with Financial Institutions on Risk Culture: A Framework for Assessing Risk Culture. www.fsb.org/wp-content/uploads/140407.pdfGoogle Scholar
G30 (Group of Thirty) (2013). A New Paradigm: Financial Institution Boards and Supervisors. https://bit.ly/2JOXw5mGoogle Scholar
G30 (Group of Thirty) (2015). Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform. https://bit.ly/2qpKBQhGoogle Scholar
Hart, O. (1995). Firms, Contracts, and Financial Structure. Oxford: Oxford University Press.Google Scholar
House of Commons (2011). Uncorrected transcript of oral evidence, to be published as HC 1447-xii. Oral evidence taken before the Joint Committee on the Draft Financial Services Bill, 8 November 2011. https://bit.ly/2CbrQmnGoogle Scholar
HM Treasury (2012). The Wheatley Review of LIBOR: Final Report. https://bit.ly/2r8S3QdGoogle Scholar
HM Treasury (2015). Senior Managers and Certification Regime: Extension to All FSMA Authorised Persons. https://bit.ly/2C9kgZwGoogle Scholar
HM Treasury, Bank of England and FCA (Financial Conduct Authority) (2015). Fair and Effective Markets Review: Final Report. https://bit.ly/36yYg8tGoogle Scholar
Hölmstrom, B. (1979). Moral hazard and observability. The Bell Journal of Economics, 10(1), 7491.Google Scholar
IIF (Institute of International Finance) (2009). Reform in the Financial Services Industry: Strengthening Practices for a More Stable System. Washington, DC: IIF.Google Scholar
Jensen, M. C. (1998). Foundations of Organizational Strategy. Cambridge, MA: Harvard University Press.Google Scholar
Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–60.Google Scholar
Jensen, M. C. and Meckling, W. H. (1994). The nature of man. Journal of Applied Corporate Finance, 7(2), 419.Google Scholar
Khurana, R. (2002). The curse of the superstar CEO. Harvard Business Review, 80(9), 60–6.Google Scholar
Lambert, R. (2014). Banking Standards Review. https://bit.ly/32i7gLGGoogle Scholar
Malmendier, U. and Geoffrey, T. (2009). Superstar CEOs. Quarterly Journal of Economics, 124(4), 1593–638.Google Scholar
McDermott, T. (2015). Culture in banking. Speech to the British Bankers Association. https://bit.ly/36Af3YEGoogle Scholar
Nouy, D. (2015). Towards a new age of responsibility in banking and finance: getting the culture and the ethics right. Speech at Goethe Universität, Frankfurt, 23 November 2015. https://bit.ly/2PIcP3AGoogle Scholar
Ostrom, E. (2008). Tragedy of the commons. In The New Palgrave Dictionary of Economics. Basingstoke: Palgrave Macmillan.Google Scholar
PCBS (Parliamentary Commission on Banking Standards) (2013a). Changing Banking for Good, vol. 1. https://bit.ly/33hDwjyGoogle Scholar
PCBS (Parliamentary Commission on Banking Standards) (2013b). Changing Banking for Good, vol. 2. https://bit.ly/36xKjaTGoogle Scholar
Peltzman, S. (1975). The effects of automobile safety regulation. Journal of Political Economy, 83(4), 677726.Google Scholar
PRA (Prudential Regulation Authority) (2014). The Use of PRA Powers to Address Serious Failings in the Culture of Firms. https://bit.ly/36xjEefGoogle Scholar
Ralph, D. and Tuveson, M. (2015). Is regulation of risk culture the missing piece? Civil actions reconsidered. Banking and Financial Services Policy Report, 25(1), 1218.Google Scholar
Ross, S. A. (1974). On the economic theory of agency: the principle of similarity. In Balch, M., McFadden, D. and Wu, S., eds., Essays on Economic Behavior under Uncertainty. Amsterdam: North-Holland.Google Scholar
Sants, W. H. (2010). Do regulators have a role to play in judging culture and ethics? Speech at the Chartered Institute of Securities and Investments Conference, 17 June 2010. www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0617_hs.shtmlGoogle Scholar
Shleifer, A. and Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–83.Google Scholar
Tversky, A. and Daniel, K. (1974). Judgment under uncertainty: heuristics and biases. Science, New Series, 185(4157), 1124–31.Google Scholar
Walker, P. (2016). FCA drops banking culture review. FTAdviser, 2016 January 4. https://bit.ly/2JOMFZeGoogle Scholar

References

APEC (Asia–Pacific Economic Cooperation) (2013). Enhancing Supervision of Financial Institutions’ Risk Appetite Frameworks, APEC#213-SO-01.1. https://bit.ly/36BNMoRGoogle Scholar
Australian Prudential Regulatory Authority (APRA) (2004). Report into Irregular Currency Options Trading at the National Australia Bank. Sydney: APRA.Google Scholar
Beck, U. (1992). Risk Society: Towards a New Modernity. London: Sage.Google Scholar
Beck, U. (2000). Risk society revisited: theory, politics and research programmes. In Adam, B., Beck, U. and van Loon, J., eds., The Risk Society and Beyond: Critical Issues for Social Theory. London: Sage, pp. 211–29.Google Scholar
Casson, M. (1991). The Economics of Business Culture: Game Theory, Transaction Costs, and Economic Performance. New York: Oxford University Press.Google Scholar
Cowell, F. and Levins, M. (2016). Crisis Wasted? Leading Risk Managers on Risk Culture. Chichester: John Wiley & Sons.Google Scholar
Crémer, J. (1993). Corporate culture and shared knowledge. Industrial and Corporate Change, 2(3), 351–86.Google Scholar
De Nederlandsche Bank (2009). The Seven Elements of an Ethical Culture: Strategy and Approach to Behaviour and Culture at Financial Institutions 2010–2014. https://bit.ly/2NHHj39Google Scholar
Douglas, M. (1966). Purity and Danger: An Analysis of Concepts of Pollution and Taboo. London: Routledge.Google Scholar
Douglas, M. and Wildavsky, A. (1982). Risk and Culture: An Essay on the Selection of Technical and Environmental Dangers. Berkeley: University of California Press.Google Scholar
Financial Conduct Authority (2018). Transforming Culture in Financial Services, DP18(2). www.fca.org.uk/publication/discussion/dp18-02.pdfGoogle Scholar
Freeman, A. (1993). New tricks to learn: a survey of international banking. The Economist, 10 April 1993, 1–37.Google Scholar
Freeman, A., Buehler, K. and Hulme, R. (2008a). The new arsenal of risk management. Harvard Business Review, 86(9), 93100.Google Scholar
Freeman, A., Buehler, K. and Hulme, R. (2008b). The Risk Revolution. New York: McKinsey & Company.Google Scholar
Freeman, A., Buehler, K. and Hulme, R. (2008c). The strategy: owning the right risks. Harvard Business Review, 86(9), 102–10.Google Scholar
FSB (Financial Stability Board) (2013). Increasing the Intensity and Effectiveness of Supervision: Guidance on Supervisory Interaction with Financial Institutions on Risk Culture. www.fsb.org/wp-content/uploads/c_131118.pdfGoogle Scholar
FSB (Financial Stability Board) (2014). Guidance on Supervisory Interaction with Financial Institutions on Risk Culture: A Framework for Assessing Risk Culture. www.fsb.org/wp-content/uploads/140407.pdfGoogle Scholar
Goffee, R. and Jones, G. (1996). What holds the modern company together? Harvard Business Review, 74(6), 133–48.Google Scholar
Gordon, G. and DiTomaso, N. (1992). Predicting corporate performance from organizational culture. Journal of Management Studies, 29(6), 783–98.Google Scholar
Hermalin, B. (2001). Economics and corporate culture. In Cooper, C., Cartwright, S. and Earley, P., eds., The International Handbook of Organizational Culture and Climate. Chichester: John Wiley & Sons.Google Scholar
ICFI Risk Institute (2004). About the Institute. Website. http://ifci.ch/about.htmGoogle Scholar
IIF (Institute of International Finance) (2008a). Final Report of the IIF Committee on Market Best Practices: Principles of Conduct and Best Practice Recommendations. Washington, DC: IIF.Google Scholar
IIF (Institute of International Finance) (2008b). Interim Report of the IIF Committee on Market Best Practices. Washington, DC: IIF.Google Scholar
IIF (Institute of International Finance) (2009). Reform in the Financial Services Industry: Strengthening Practices for a More Stable System. Washington, DC: IIF.Google Scholar
Kroeber, A. and Kluckhohn, C. (1952). Culture: A Critical Review of Concepts and Definitions. Cambridge, MA: Harvard University Press.Google Scholar
Lamarre, E., Levy, C. and Twining, J. (2010). Taking Control of Organizational Risk Culture. McKinsey Working Papers on Risk, No. 16. https://mck.co/2JS3NNvGoogle Scholar
Lo, A. (2016). The Gordon Gekko effect: the role of culture in the financial industry. FRBNY Economic Policy Review, August, 22(1), 1742.Google Scholar
Lupfer, T. (2009). Managing the bad apples and protecting the barrel. Deloitte Idea Labs.Google Scholar
Lupton, D. (1999). Risk: Key Ideas. London: Routledge.Google Scholar
Peters, T. and Waterman, R. (1982). In Search of Excellence: Lessons from America’s Best-Run Companies. New York: Warner.Google Scholar
Power, M. (2005). Organizational responses to risk: the rise of the chief risk officer. In Hutter, B. and Power, M., eds., Organizational Encounters with Risk. Cambridge: Cambridge University Press, pp. 132–48.Google Scholar
Power, M. (2007). Putting categories to work: the invention of operational risk. In Organized Uncertainty: Designing a World of Risk Management. Oxford: Oxford University Press.Google Scholar
Power, M. (2016). Riskwork: Essays on the Organizational Life of Risk Management. Oxford: Oxford University Press.Google Scholar
Power, M., Ashby, S. and Palermo, T. (2013). Risk Culture in Financial Organisations: A Research Report. London: Centre for Analysis of Risk and Regulation, London School of Economics.Google Scholar
PwC (PricewaterhouseCoopers) (2004). An Investigation into Foreign Exchange Losses at National Australia Bank. https://bit.ly/2qllKxlGoogle Scholar
PwC (PricewaterhouseCoopers) (2015). Risk Culture: Where to from Here? www.pwc.com.au/pdf/2015-risk-culture-and-conduct-report.pdfGoogle Scholar
Ring, P., Bryce, C., McKinney, R. and Webb, R. (2016) Taking notice of risk culture – the regulator’s approach. Journal of Risk Research, 19(3), 364–87.Google Scholar
Sackmann, S. (2011). Culture and performance. In Ashkanasy, N., Wilderom, C. and Peterson, M., eds., The Handbook of Organizational Culture and Climate, 2nd ed. Los Angeles: Sage, pp. 188224.Google Scholar
Schein, E. H. (1985). Organizational culture & leadership. The Academy of Management Review, 3(3).Google Scholar
Schein, E. H. (2004). Organizational Culture and Leadership, 3rd ed. San Francisco: Jossey–Bass.Google Scholar
Selznick, P. (1957). Leadership in Administration: A Sociological Interpretation. New York: Harper & Row.Google Scholar
Simon, H. (1957). Administrative Behavior, 2nd ed. New York: Free Press.Google Scholar
Vaughan, D. (1996). The Challenger Launch Decision: Risky Technology, Culture and Deviance at NASA. Chicago: University of Chicago Press.Google Scholar

References

Ahrens, T. and Dent, J. F. (1998). Accounting and organizations: Realizing the richness of field research. Journal of Management Accounting Research, 10(1), 139.Google Scholar
Andersen, E. (2013). What happens when leaders only care about money? Forbes, 2013 December 18. https://bit.ly/2Nhgzr0Google Scholar
Badaracco, J. L. Jr. (1997). Defining Moments: When Managers Must Choose between Right and Right. Boston: Harvard Business School Press.Google Scholar
Bazerman, M. H. and Sezer, O. (2016). Bounded awareness: implications for ethical decision making. Organizational Behavior and Human Decision Processes, 136, 95105.Google Scholar
Buehler, K., Freeman, A. and Hulme, R. (2008). The Risk Revolution. McKinsey Working Papers on Risk, No. 1. https://mck.co/2Chfg57Google Scholar
Chugh, D. and Bazerman, M. (2007). Bounded awareness: what you fail to see can hurt you. Mind and Society, 6(1), 118.Google Scholar
COSO (Committee of Sponsoring Organizations) (2009). Strengthening Enterprise Risk Management for Strategic Advantage. https://bit.ly/2JSW8i6Google Scholar
COSO (Committee of Sponsoring Organizations) (2016). Enterprise Risk Management: Aligning Risk with Strategy and Performance (Public Exposure). https://bit.ly/2PO3BCLGoogle Scholar
Edmondson, A. et al. (2005). The recovery window: organizational learning following ambiguous threats. In Starbuck, W. H. and Farjoun, M., eds., Organization at the Limit: Lessons from the Columbia Disaster. Malden, MA: Blackwell, pp. 220–46.Google Scholar
European Commission (2011). Green Paper: The EU Corporate Governance Framework. https://bit.ly/2CiH2hOGoogle Scholar
Grant Halvarson, H. and Rock, D. (2015). Beyond Bias. Strategy+Business, 2015 July 13. www.strategy-business.com/article/00345?gko=ed7d4Google Scholar
Haidt, J. (2001). The emotional dog and its rational tail: a social intuitionist approach to moral judgment, Psychological Review, 108(4), 814–34. DOI: 10.1037/0033-295X.108.4.814Google Scholar
Hall, M., Mikes, A. and Millo, Y. (2015). How do risk managers become influential? A field study of toolmaking in two financial institutions. Management Accounting Research, 26, 322.Google Scholar
Hillson, D. and Murray-Webster, R. (2012). A Short Guide to Risk Appetite, 1st ed. Abingdon: Routledge.Google Scholar
Hood, C. (1996). Where extremes meet: ‘SPRAT’ versus ‘SHARK’ in public risk management. In Hood, C. and Jones, D. K. C., eds., Accident and Design. London, UCL Press, pp. 208–27.Google Scholar
IBM Financial Services (2008). Risk Appetite: A Multifaceted Approach to Risk Management. https://bit.ly/2rjoVWRGoogle Scholar
ISO (International Organization for Standardization) (2009). Risk Management – Principles and Guidelines, ISO/FDIS 31000:2009. Geneva: ISO.Google Scholar
KPMG (2013). Developing a Strong Risk Appetite Program. https://bit.ly/2WQhNgiGoogle Scholar
Marsh (2009). Research into Definition and Application of the Concept of Risk Appetite. https://bit.ly/32hoRDtGoogle Scholar
Mikes, A. (2009). Risk management and calculative cultures. Management Accounting Research, 20(1), 1840.Google Scholar
Mikes, A. (2011). From counting risk to making risk count: boundary-work in risk management. Accounting, Organizations and Society, 36( 4–5), 226–45.Google Scholar
Mikes, A. (2012). Enterprise risk management at Hydro One (A). Harvard Business School Case 109-001.Google Scholar
Mikes, A., Hall, M. and Millo, Y. (2013). How experts gain influence. Harvard Business Review, 91(7–8), 70–4.Google Scholar
Mikes, A. and Hamel, D. (2012). Enterprise risk management at Hydro One (B): how risky are smart meters? Harvard Business School Supplement 112-073.Google Scholar
Mikes, A., Oyon, D. and Jeitziner, J. (2017). Risk management: towards a behavioral perspective. In Libby, T. and Thorne, L., eds., The Routledge Companion to Behavioral Accounting Research, Abingdon: Routledge.Google Scholar
NACD (National Association of Corporate Directors) (2009). Risk Governance: Balancing Risk and Reward. Arlington: NACD.Google Scholar
National Commission on the Causes of the Financial and Economic Crisis in the United States (2011). The Financial Crisis Inquiry Report. Washington: US Government Printing Office.Google Scholar
Oliver Wyman (2007). What’s Your Risk Appetite? https://owy.mn/32gTgBXGoogle Scholar
Palermo, T., Power, M. and Ashby, S. (2017). Navigating institutional complexity: the production of risk culture in the financial sector. Journal of Management Studies, 54(2), 154–81.Google Scholar
Pidgeon, N. (1997). The limits to safety? Culture, politics, learning and man-made disasters. Journal of Contingencies and Crisis Management, 5(1), 114.Google Scholar
Power, M. (2009). The risk management of nothing. Accounting, Organizations and Society, 34(6–7), 849–55. https://doi.org/10.1016/j.aos.2009.06.001Google Scholar
Power, M., Ashby, S. and Palermo, T. (2013). Risk Culture in Financial Organizations: A Research Report. London: London School of Economics.Google Scholar
Purdy, G. (2010). ISO 31000:2009 – setting a new standard for risk management. Risk Analysis, 30(6), 881–86. https://doi.org/10.1111/j.1539-6924.2010.01442.xGoogle Scholar
PwC (PricewaterhouseCoopers) (2008). Risk Appetite – How Hungry Are You? https://pwc.to/33mAQB7Google Scholar
Quail, R. (2012). Defining your taste for risk. Corporate Risk Canada, Spring 2012, 24–30.Google Scholar
Robinson, D. (2007). Control theories in sociology. Annual Review of Sociology, 35, 157–74.Google Scholar
Sabato, G. (2010). Financial crisis: where did risk management fail? International Review of Applied Financial Issues and Economics, 2(2), 315–27.Google Scholar
SAS Institute Inc. (2011). The Art of Balancing Risk and Reward: The Role of the Board in Setting, Implementing and Monitoring Risk Appetite. Cary, NC: SAS Institute Inc.Google Scholar
Selznick, P. (2000). On sustaining research agendas: their moral and scientific basis: an address to the Western Academy of Management. Journal of Management Inquiry, 9(3), 277–82.Google Scholar
Soltes, E. (2016). Why They Do It: Inside the Mind of the Quail-Collar Criminal, New York: PublicAffairs.Google Scholar
Stinchcombe, A. L. (2001). When Formality Works: Authority and Abstraction in Law and Organizations. Chicago: University of Chicago Press.Google Scholar
Turner, B. (1976). The organizational and interorganizational development of disasters. Administrative Science Quarterly, 21(3), 378–97.Google Scholar
US Department of Justice (2016a). Goldman Sachs agrees to pay more than $5 billion in connection with its sale of residential mortgage backed securities. Press release, 2016 April 11. https://bit.ly/2CsykxDGoogle Scholar
US Department of Justice (2016b). GS Settlement Agreement. www.justice.gov/opa/file/839891/downloadGoogle Scholar
US Department of Justice (2016c). Statement of Facts. www.justice.gov/opa/file/839901/downloadGoogle Scholar
Vaughan, D. (1996). The Challenger Launch Decision: Risky Technology, Culture, and Deviance at NASA. Chicago: University of Chicago Press.Google Scholar
Vaughan, D. (1999). The dark side of organizations: mistake, misconduct, and disaster. Annual Review of Sociology, 25, 271305.Google Scholar
Wade Benzoni, K. (1999). Thinking about the future: an intergenerational perspective on the conflict and compatibility between economic and environmental interests. American Behavioral Scientist, 42(8), 1393–405.Google Scholar
Weick, K. (1998) Foresights of failure: an appreciation of Barry Turner. Journal of Contingencies and Crisis Management, 6(2), 72–5.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×