Risk culture development and its impact: the case of the Caribbean Development Bank
Article Metrics Report
Views, downloads, citations, engagementCited by
Current citation countResearch summary
Previous risk culture research has concentrated on the regulated commercial banking and insurance sectors in developed economies. The paucity of studies for developing economies has prompted this research. The objective of this paper is to examine risk culture development and its impact within the Barbados-based Caribbean Development Bank. Given the unregulated nature of development banking, it was anticipated that the risk culture environment within this type of institution would be different to the risk culture environment inherent in regulated entities and will provide a good platform for new findings.
Primary data were collected via an interview with the Chief Risk Officer in August 2015 and a three-month field observation at the Bank. The paper utilizes the KPMG risk culture maturity model in conjunction with an adapted version of the Horst Simon risk culture maturity scale to classify the maturity level of risk culture within the Bank.
An important finding from the research is that accountability, awareness, communication and leadership have become strong indicators of the Caribbean Development Bank’s risk culture and have contributed to increased uniformity in risk management knowledge, improved coordination of risk data collation and better escalation of risk management issues. Thus, there has been enhanced efficiency of risk management practices within the Bank.
Article History
How to Cite
Wood, A. & Lewis, A.. (2018). Risk culture development and its impact: the case of the Caribbean Development Bank. International Journal of Business and Economic Development, Volume 06 Issue 1.
Citation Context
APA
Wood, A. & Lewis, A.. (2018). Risk culture development and its impact: the case of the Caribbean Development Bank. International Journal of Business and Economic Development, Volume 06 Issue 1.
MLA
Wood, Anthony, and Anya Lewis. "Risk culture development and its impact: the case of the Caribbean Development Bank." International Journal of Business and Economic Development, Volume 06 Issue 1, 2018.
Chicago
Anthony Wood and Anya Lewis. "Risk culture development and its impact: the case of the Caribbean Development Bank." International Journal of Business and Economic Development Volume 06 Issue 1 (03 Apr 2018).
Harvard
Wood, A. & Lewis, A. (2018) Risk culture development and its impact: the case of the Caribbean Development Bank. International Journal of Business and Economic Development, Volume 06 Issue 1