RiskMinds Awards 2019
Congratulations to our winners!
The award for innovation in risk goes to Kaustav Das, Chief Risk Officer, Kabbage
The award for leading the way in risk culture goes to the Operational Risk Management Team, Siam Commercial Bank
The award for excellence in risk management and modelling goes to the Superfly analytics team, Danske Bank
The award for research paper of the year goes to Elizabeth Sheedy, Patrick Garcia and Denise Jepsen at Macquarie Business School for the paper The Role of Risk Climate and Ethical Self-interest Climate in Predicting Unethical Pro-Organisational Behaviour
Leading the way in risk culture
The Operational Risk Management team,
Siam Commercial Bank
We catch up with Ornsiri Serisantiwong, Operational Risk Management, Siam Commercial Bank, to find out what sets SCB's risk culture aside.
How does it feel to win the award for leading the way in risk culture?
Fantastic! It’s such an honour for our team to win this award as we can take another step in our risk management and build our bank’s reputation at a global scale. This is our wonderful moment to recognise our team for their hard work.
Tell us more about the risk culture at Siam – how does it stand out?
We have been driving our risk culture in Siam Commercial Bank (SCB) since 2016. Our strategy is to turn risk management into something that staff can touch and feel in a simple and fun way, so that they can engage with our programmes and gain a better understanding of risk and skills for their day-to-day work, which would absolutely benefit the bank’s effectiveness at the end.
We use technology to help staff learn easier, for example with attractive, cartoon style eLearning platforms. We also use mobile applications to report incidents, and we applied gamification to teach about crisis management, etc. One of the key strategies is the use of cartoon posters to raise awareness in the toilets, which is a place everyone visits many times a day. This strategy is quite effective in promoting and raising awareness amongst all staff and executives. We will never stop doing this!
How did you find your risk culture and how do you define it?
We started engaging all key stakeholders in the bank, who had experience in culture reform to brainstorm what is fit for our people. Finally, we initiated the awareness campaign ‘7OR’ together with mandatory training because we believe that everyone can help protect the bank from any threat. Then we kept improving and developing our campaign and we never stopped since. We utilised the campaign survey to improve the way we communicate while raising awareness of the campaign. This helps us define and re-define our culture and better understand our people.
Did you encounter any challenges? What were they? How did you overcome them?
SCB overcame silo mentality and confusion over roles and responsibilities. Although there were some control lapses in technology user acceptance tests, the collaboration within the fact-finding team to fix the problems at the root improved our risk culture. Today we, are able to do turbo incident escalation, crisis communication, and safety standards improvements, which helped decrease our net operational losses significantly – all thanks to the support of our fact-finding team.
What’s the biggest improvement your team made for your organisation?
I would say that our team reduced the net operational losses for the bank, thanks to our actions. SCB net loss recovery improved from a low of 22% in 2016 to 95% in 2019 because SCB embedded a strong risk culture within our employees.
What advice would you give to teams embarking on similar projects?
Just do it! Let’s start now and keep improving. Let’s find out your staff’s insight and engage them with your projects. The staff’s heart and mind (mindset) are the key. We are in a new era of business and marketing/ contents have such an important role in this.
Excellence in risk management and modelling
The Superfly analytics team, Danske Bank
This award is for the team who has tirelessly designed, developed and implemented new models and risk management techniques that have helped their financial institution manage risk more accurately and/or helped their institution comply with regulatory requirements.
The SuperFly analytics department built and implemented in production a unique risk platform. Its core libraries include cutting edge models, mostly invented in-house, with algorithmic and system design innovations. The models and algorithms respect a strict model hierarchy ensuring valuation and risk consistency across the board.
SuperFly was extended in 2019 to simulate training sets, allowing Deep Learning models to learn the future value and risk of trading books.