Fast Fast Forward

The Value of a Robust Risk Culture as Times Change

Jacob Rosengarten, Chief Enterprise Risk Officer, XL Group

By

Proposed regulatory updates and initiatives coupled with an uncertain economic outlook have added new layers of complexity to our own risk management processes.  According to Jacob Rosengarten, XL Group’s Chief Risk Officer, to manage risks associated with these changes, “It takes years to create an effective risk culture. Cultures are ultimately created by routines, practices, processes and a sense of trust that is built around those. We need to always take care that the best of our risk cultures do not degrade, either through arrogance or laziness. There are many unfortunate stories where very smart companies made very silly mistakes caused, in good part, by tears in the cultural fabric of that company. Maintaining effective risk cultures thus requires constant vigilance and nurturing, and a population of colleagues willing to step forward and initiate constructive change when they observe practices that are not working as intended, or any form of degradation in the risk culture.” 

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