The revamped governance code and guidance amount to a demand for cultural change in the boardroom. But how should boards change in order to better manage the risks associated with poor corporate culture?
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In 2002, a team of European insurance supervisors built on their inside knowledge and a decade’s worth of experience of insurance company crises to conclude that “management problems” were the root cause of every failure, or near failure.
A decade later, I was one of the team that researched Roads to Ruin, the Cass Business School report for Airmic. Having dissected a score of disparate crises, we concluded that their underlying causes emanated from boards.
Two years later, the knowledgeable Andrew Bailey, then
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