RIM has established its Graduation Model as a meaningful tool and set of recommendations for risk management best practices.
Guidelines included in the risk culture foundation component refer only to internal and external transparency, but do not take into consideration a series of factors than can encourage or discourage an institution’s risk culture: leadership, decision-making styles, measurement and assessment of risk culture, communication, incentives, involvement of staff in risk management design processes, etc.
Developing a set of well-defined guidelines will support MFIs in understanding what minimum elements should be in place to build an effective and strong risk culture.
Building on RIM’s Mission and Vision
Risk culture is one of the foundation components of RIM’s Graduation Model. This working group will develop a set of guidelines to improve the assessment of an institution’s risk culture and, as a result, support organizations in building a sound and effective risk culture. This group’s work will assist Graduation Model users in developing a stronger risk culture as they seek to adopt RIM’s Graduation Model over time.
Expected Outputs/planned Accomplishments
The working group will develop a short paper addressing the following:
- Consolidation of relevant material on institutional risk culture
A comprehensive set of recommended best practices for MFIs, including:
- Guidelines for MFIs to assess and measure soundness of risk culture
- Guidelines for MFIs to instill cultural change and build stronger risk culture
Frequency of Meetings:
5-6 times a year
Chair: Anantha Krishnan
First Secretary: Open
Second Secretary: Vida Graham
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