The activity of a bank is based on trust, which takes years to build and a moment to lose. Do you remember the crisis of 2008?
It originated from a number of failures, cultural first of all, in different financial institutions. Apart from the technical measures adopted, which in many cases proved to be effective, what came to light was a common weakness related to the risk-taking culture.
It is necessary to be aware of the various facets and types of risk. Traditionally, it is associated with poor credit underwriting but risk has also different natures, as it can be operational, financial, reputational, among many others. The level of risk culture depends on the actions of each member of the organization and everyone needs to understand how to identify it in all the activities and transactions carried out by a company. That is why I think that risk management should not be confined solely within the internal control functions but should pervade the life of the structure.
Upholding this principle is something that we owe to our shareholders, first of all, as well as to our employees, the business community and the general public.
It is a commitment that is translated into reality through spontaneous compliance with the rules set by the regulators: No one is forcing us but being alert to risk is just the right thing to do.