Kultura ryzyka w warunkach post-pandemicznych, transformacji cyfrowej i wyzwań XXI wieku

Lech Kurkliński; Stanisław Kasiewicz

doi:10.26354/bb.5.3.92.2023

Published : 2023-11-03

Vol. 92 No. 3 (2023)

Risk culture in the post pandemic environment, digital transformation and challenges of the 21st century

Lech Kurkliński

https://orcid.org/0000-0002-1049-2200

Stanisław Kasiewicz

https://orcid.org/0000-0003-3758-5033

DOI: https://doi.org/10.26354/bb.5.3.92.2023

Abstract

The research and publications conducted so far have been paying a limited attention to the impact of the COVID-19 pandemic on the risk culture, in regards to financial institutions in particular. On the basis of the qualitative analysis and literature review, the main cultural post-pandemic effects of economic activity were reviewed. The aim of the study is to identify changes and make an initial assessment of the transforming risk culture in traditional financial institutions. The article consists of three sections. In the first one we discuss the role, features and values of risk culture, emphasizing the differences in traditionally managed entities and those focused on functioning in a digital environment. In the second section, we focus on showing contemporary determinants shaping the risk culture. These include four groups of factors: digital transformation, risk management system, regulators' approach, customer risk culture and the phenomenon that complements this analysis - growing, widespread fear and anxiety. The third part is a summary of the effects of the COVID-19 pandemic on the formation of a new shape of risk culture. We believe that the crisis phenomena had the strongest impact on two main areas of functioning of financial institutions, especially banks: the decision-making process and the risk management system. Based on the presented review, recommendations are formulated both for further research and applications.

Keywords:

risk culture, financial institutions, digitalization, fear

JEL Codes

G20, G28, G32

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Kurkliński, L., & Kasiewicz, S. (2023). Risk culture in the post pandemic environment, digital transformation and challenges of the 21st century. Safe Bank, 92(3), 88–107. https://doi.org/10.26354/bb.5.3.92.2023

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