Corporate Values

From Open Risk Manual

Definition

Corporate Values (Also: Core Values, Business Values, Business Principles) can denote both

  • a corporate document or set of documents that aim to encapsulate what the organization stands for (its values and principles), its operating philosophy and internal guide of conduct
  • the actual collection of attitudes, competencies and behaviour as those are practiced by the firm's staff

Role in Risk Management

Corporate values apply to the entire organization and hence are much wider than the scope of the risk management discipline. Nevertheless many of the statements and expectations laid out in this document / framework form also the basis for the risk management principles

Typical Contents of the Corporate Values Document

  • Relationship with clients
  • Role and position of employees
  • Role and position of shareholders
  • Role and position of other stakeholders (e.g., local communities and broader society)
  • High level risk appetite statement


Issues and Challenges

  • Can be a rather abstract and void document in day-to-day practice unless its main ideas are entrenched in the organization, for example in its Risk Culture

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