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Chapter 14 Changing Corporate Culture “ Good judgment comes from experience. Experience comes from bad judgment. ” Walter Wriston (1919– 2005), Citigroup chairman 1967 – 1984 he individual components of the integrated business process and operational risk framework are not new to most busi- Tnesses and institutions. Tying them together in an organized and structured manner, as strongly suggested and explained in this book, is a new concept. This concept is indispensable to the successful implementation of a proper operational risk framework. Yet, success can be short lived. In order to make this framework sustainable, the culture of the organization needs to adapt itself to the framework’s principles, processes, and objectives. You may see someone run ten miles and feel for the runner’s stress and pain, but you will never truly know the pain of that runner unless you run yourself. The same is true for managing operational risk 275 276 n e x t s t e p s through business process management (BPM). One must live it, make mistakes, and, most importantly, learn from those mistakes. An organ- ization without experience or willingness to learn leads to a culture empty of passion or progress. People Who Work in Glass Houses . . . Before 1929, there seemed to be very little appetite in the United States for regulation of securities markets. After the famous stock market crash of October 1929, that feeling changed. Many people and institu- tions lost large amounts of money. The crash greatly contributed to the impending Great Depression, a period in U.S. history that still fright- ens many who believe such events could be repeated. The Securities