Organisations have begun to reflect on the culture and sub-cultures of their organisations. They are intent on assessing whether issues exist, their underlying causes and what actions could be taken to either change or enrich their organisational culture.
Organisations need to tackle the issue of culture in its broadest sense to effect lasting change. While conduct risk and risk management are critical factors – and gain significant attention from regulators, boards and management – they are not enough in themselves.
This article, Organisations’ cultural assessment and transformation, explores taking a more holistic approach, understanding and addressing an organisation’s core strengths and weaknesses as regards leadership, individual beliefs and other organisational mechanisms, and associated operationalisation, so a genuine transformation can occur.
While cultural change is a challenging undertaking, it is an essential element in an organisation’s long-term sustainability.