Beyond Bad Apples

Michelle Tuveson is Chairman and Executive Director of the Cambridge Centre for Risk Studies, Cambridge Judge Business School. She is a board member, commentator and speaker and her articles have been published in reports such as Risk Analysis: An International Journal, and Financial Times Special Report on Risk Management. Danny Ralph is the founding Academic Director of the Centre for Risk Studies in Cambridge Judge Business School, and Fellow of Churchill College, at University of Cambridge. Danny works with leading international organisations, in financial services, energy and beyond, on identifying, assessing and managing systemic risks. Kern Alexander is Professor of Banking and Financial Market Regulation at the University of Zurich. His research focuses on the regulation of financial markets. He is the author of Principles of Banking Regulation (Cambridge University Press, 2019), and co-author of Brexit and Financial Services: Law and Policy (2018), and Economic Sanctions: Law and Public Policy (2009).

• Introduction Michelle Tuveson, Daniel Ralph and Kern Alexander; I. Risk culture conceptual underpinnings: 1. Individual agency and collective patterns of action: organisational culture through the lens of organisational theory Jennifer Howard-Grenville; 2. Risk culture and information culture: why an “appetite for knowledge” matters Michael Power; 3. A network view of tone at the top and the role of opinion leaders Michelle Tuveson and Daniel Ralph; 4. Rethinking risk management cultures in organisations: insights from innovation Stelios Kavadias and Kostas Ladas; II. A view of risk culture concepts in firms and society: 5. The changing risk culture of UK banks Duncan Needham and Anthony Hotson; 6. Regulating agency relationships and risk culture in financial institutions Kern Alexander; 7. What does risk culture mean to a corporation? Evidence for business value Andrew Freeman; 8. Values at risk: perspectives on the ethical turn in risk management Anette Mikes; conclusion Michelle Tuveson, Daniel Ralph and Kern Alexander; Appendix; Index.

'Culture is contagious, within and across organisations. The global financial crisis provides no better illustration of that cultural contagion and its adverse consequences for individual firms and society at large. That makes understanding culture, its origins and propagation, crucial if we are to keep organisations and our economic and financial systems at a safe distance from cultural cliff-edges. This volume, by international renowned experts in the field, is a valuable contribution to improving both our understanding of organisational culture and the policies needed to avoid a future crashing of cultures.' Andrew Haldane, Chief Economist, Bank of England