Risk culture course for boards and senior management

PwC’s risk culture course has been curated to support members of board and senior management in acquiring the basic know-how in managing the risk culture of their organisation. Learning outcomes for course participants include:

• A comprehensive understanding of their duties, roles and responsibilities in relation to risk culture
• Practical insight on how to implement these responsibilities effectively within the organisation
• Specialist knowledge, incorporating principles of behavioural science, to enable proficient management and oversight of risk culture

Risk culture is a key driver of an organisation’s ability to meet its strategic objectives and manage risks (defined as uncertainties in meeting objectives) effectively. 

PwC’s 2025 Annual Corporate Directors Survey shows that boards increasingly recognise their ultimate accountability to establish and oversee a strong risk culture throughout the organisation. This responsibility is reinforced by regulatory expectations and industry developments, including the SGX Code of Corporate Governance 2018, which calls for the board to establish appropriate culture, values and conduct standards across the organisation.  In addition, the Institute of Internal Auditors (IIA) has recently released the Organisational Behaviour Topical Requirement, effective on 15 December 2026, which requires internal auditors to assess the effectiveness of the board and senior management’s behavioural risk management. 

For the banking sector, risk culture is particularly pertinent, given the heightened focus by the Monetary Authority of Singapore (MAS) on this topic. This is further underscored by the issuance of the Industry Practice Notes (IPNs) by the Association of Banks in Singapore’s Culture and Conduct Steering Group (CCSG) in September 2025, which sets the industry benchmark for good culture and conduct practices for banks to consider and adopt.

Beyond regulatory compliance, PwC’s CEO Survey also highlights that leadership tone and culture significantly impact performance, behaviour, and stakeholder confidence. Boards that actively promote and manage risk culture are better equipped to mitigate risks, adapt to change, and deliver sustained organisational value.

This risk culture course is designed exclusively for:

• Board members with accountability and oversight on risk culture
• Senior management responsible for managing risk culture (typically, Chief Executive Officer, Chief Risk Officer, Chief Human Resource Officer, and Chief Compliance Officer)
• Any other senior management interested in acquiring knowledge to foster the desired risk culture within the functions under their purview

You should attend if you do not fully understand the following:

• roles and responsibilities of the board and senior management for risk culture
• governance structures over risk culture
• framework for managing risk culture
• application of behavioural decision science to managing risk culture
• practical considerations when implementing risk culture initiatives

• Evolution of governance codes, industry bodies and professional standards to address risk culture concerns
• Duties, roles and responsibilities of the board and senior management for managing risk culture
• Governance structures and risk culture framework for maintaining visibility and proper accountability over risk culture across the organisation
• Key components of a risk culture framework, including:
  • Setting desired behaviours
  • Steering desired behaviours
  • Measuring, analysing and remediating behaviours
• Introduction to behavioural decision science and its application to risk culture
• Assessment (multiple choice questions)