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1、Chapter14ChangingCorporateCultureGoodjudgmentcomesfromexperience.Experiencecomesfrombadjudgment.WalterWriston(1919–2005),Citigroupchairman1967–1984heindividualcomponentsoftheintegratedbusinessprocessandoperationalriskframeworkarenotnewtomostbusi-Tnessesandinstitutions.Tyingthemtogetherinanorganize
2、dandstructuredmanner,asstronglysuggestedandexplainedinthisbook,isanewconcept.Thisconceptisindispensabletothesuccessfulimplementationofaproperoperationalriskframework.Yet,successcanbeshortlived.Inordertomakethisframeworksustainable,thecultureoftheorganizationneedstoadaptitselftotheframeworksprincip
3、les,processes,andobjectives.Youmayseesomeoneruntenmilesandfeelfortherunnersstressandpain,butyouwillnevertrulyknowthepainofthatrunnerunlessyourunyourself.Thesameistrueformanagingoperationalrisk275c14.indd27510/24/083:45:58PM276nextstepsthroughbusinessprocessmanagement(BPM).Onemustliveit,makemistake
4、s,and,mostimportantly,learnfromthosemistakes.Anorgan-izationwithoutexperienceorwillingnesstolearnleadstoacultureemptyofpassionorprogress.PeopleWhoWorkinGlassHouses...Before1929,thereseemedtobeverylittleappetiteintheUnitedStatesforregulationofsecuritiesmarkets.AfterthefamousstockmarketcrashofOctobe
5、r1929,thatfeelingchanged.Manypeopleandinstitu-tionslostlargeamountsofmoney.ThecrashgreatlycontributedtotheimpendingGreatDepression,aperiodinU.S.historythatstillfright-ensmanywhobelievesucheventscouldberepeated.TheSecuritiesActof1933andtheSecuritiesExchangeActof1934providedrulestohelprestoreinvesto
6、rconfidenceinthesecuritiesmarketsandtohope-fullypreventrepeatsofpriorevents.OneoftheproductsofthesenewlawswasthecreationoftheU.S.SecuritiesandExchangeCommission(SEC),apowerfulfederalagencyresponsibleforissuingandenforcingrulesthatrelatetotheinvestmentinpubliccompanies.Apreviousdiscussionregardingth
7、egrowthinoperationalriskaware-nessprovidedinChapter2includedanaccountofthecreationandpas-sageoftheSarbanes-OxleyActof2002(SOX)anditsSection404(SOX404),whichrequiresacompanyschiefexecutiveandseniormanagement,plust
