Recent output

Groucho Redux:
Culture soup

Article by Peter Bonisch in
Financier, August 2016

view online here

Keynote speech to IRM Risk Leaders' conference 2015

Why boards don't get risk
(actually, often, they do)

Looking at what boards are being asked to do in relation to risk and why it will (and will not) improve the contribution of boards to firms' corporate strategic debate

Recent research on governance

Research on the 2014 changes to the FRC Code & risk guidance

The FRC's changes to the UK Corporate Governance Code and its related risk guidance are the most significant in fifteen years; the completely update the FRC's thinking on risk and change how corporate businesses are required to consider and disclose their risks.

On-going research

Culture in Practice – research on organisational culture

Amidst invocations to 'manage culture' coming thick and fast in the wake of analyses of failure during the global financial crisis, the Culture in Practice initiative began in 2013. Its purpose was to understand more deeply and more usefully culture in organisations. 

Our thinking from predecessor firms

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Original research

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Controlling systemic risk

A major review from 2010 of the data infrastructure required to control systemic risk.

Risk, culture & the lessons of LIBOR

Extensive official and corporate commentaries of the banking crisis and LIBOR scandal have failed to understand the nuances of corporate culture.

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Data, investment & Solvency II

Solvency II is a clear example of rationalist regulation. However, few insurance firms have the data or analytic infrasructure in place to support it.

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Taking care of business (or not)

Peter Bonisch, Mustafa Cavus & Colin Johnston, Risk & Compliance magazine, January 2014

There remains much unfinished business in relation to the financial crisis of 2008. We look at the unintended consequences of financial regulation and question what should come next.

In conversation

An interview with Tim Leech and Peter Bonisch on current issues in internal audit, ACCA Internal Audit Bulletin online, April 2013

From where I sit

Peter Bonisch, Capita Registrar's magazine November 2011

Risk management has become focused defensively on reducing risk. But firms need to take more risk, which is the source of wealth creation.

Understanding and addressing the crisis in financial regulation

Peter Bonisch, CARR Risk & Regulation, Summer 2011

The financial crisis of 2008 exposed serious flaws in the assumptions of the economics on which financial regulation is based. 


Submission to FRC on their April 2014 consultation paper

Proposed revisions to the UK Corporate Governance Code

Peter Bonisch, Dr Colin Johnston & Dr Mustafa Cavus

Proposing language to revise the provisions in the FRC's Corporate Governance Code in relation to risk management and internal control

Hard-hitting submission to FRC in response to their consultation paper

Risk Management, Internal Control & the Going-Concern Basis of Accounting

Peter Bonisch, Dr Colin Johnston, Dr Mustafa Cavus & Dr John Collins, February 2014

Submission to the Financial Stability Board on the consultation on the guidance paper on

Supervisory Interaction with Financial Institutions on Risk Culture

Peter Bonisch, Dr Colin Johnston & Dr Mustafa Cavus, February 2014

Feedback & comments to

COSO Internal Control Integrated Framework Public Exposure Draft 

Peter Bonisch, 29 March 2012

Understanding the future

KBMstrategy's leadership team are among the founders and directors of Futurespherea not-for-profit think tank based in London.  

Futuresphere examines the scientific, technological, economic, social, political and human forces shaping our changing world. It looks at how the world is changing, the effects of that change on people, institutions, geopolitics and the planet. It questions what we need to do now to prepare for the change and the future. It looks at how we can influence what the change will be and how it will occur.

Futuresphere will reflect on government policies and private decisions; it will examine from the personal to the local through to the global. It will seek to promote more informed debate and to influence decisions, locally and globally. It will offer a different, more integrated way of looking at change that is happening and what needs to change. It will think and act.

It will seek to understand what the past and the present can tell us about the future and to understand potential discontinuities – what the past cannot tell us. 

Dealing with the legacy of the past

Finding an industry solution to
dormant and unclaimed assets

Sometimes, collaborating with others is the best way to get things done. Faced with an unresolved problem in the asset management sector, KBMstrategy is collaborating with a number of major firms and industry bodies to work out the scope and scale of the asset management sector's dormant and unclaimed assets and to figure out solutions. This research will impact right across the commercial and regulatory space in asset management and will set the baseline for responding to the unclaimed assets problem for the industry, government and regulators alike.


Formulating strategy effectively requires understanding both markets and broader contexts. It requires understanding how markets work and, to some extent, how the world works. These ideas will help with that ambition.

Strategy ideas

Some of the best ideas in strategy – both the commercial and international relations varieties.

Risk ideas

Some of the best ideas in risk aren't really 'risk' ideas at all; uncertainty plays a major role.

Culture ideas

Few, if any, ideas are as misunderstood or misused. Sooner or later, someone will go home crying.

Other great ideas

Really good ideas – universal ideas – come from all sorts of places and end up in even more surprising ones.