Managing embedded risks in the culture of an organisation needs a more co-ordinated approach between professional associations, according to speakers at the Risk Management Institute of Australasia (RMIA) conference in Sydney.

A panel of senior representatives from financial institutions including chartered accountants and actuaries says RMIA is the most “logical organisation” to take a leadership role in addressing the issue.

RMIA President Brain Roylett told the panel the core principals of professionalism would help aid their understanding and appreciation of risk management disciplines at the highest levels.

“RMIA membership will be defined by meeting the four pillars of professionalism – abiding by an established code of professional conduct, meeting specific professional qualification pathways for risk management, leadership in co-ordination of self-regulation across all aspects of risk management, and a commitment to continuous professional development and learning,” he said.