The latest enterprise risk management news from around the world

Airmic has announced the availability of a ‘Corporate Culture Toolkit’ to provide practical advice for risk managers seeking to understand and manage their organization’s culture.

According to Airmic, corporate culture has a significant impact on a company’s risk management performance and can also improve the long-term performance of a business. Risk managers can, and should, play an important role in influencing their organization’s culture. Airmic members who have addressed this issue report benefits such as improved employee performance, a reduction in incidents and near-misses, and reduced regulatory issues.

The resource consists of two parts:

1. A practical guide to help risk managers: understand the importance of managing culture; and identify the key drivers of culture.

2. An online tool which risk managers can use to:

  • assess and benchmark their existing culture;
  • understand best practice in managing culture;
  • create an action plan to develop corporate culture.

Last year, a survey of Airmic members revealed that over two thirds of respondents saw a lack of embedded risk culture in their organization as a top-three concern. Meanwhile many members said that despite having regular access to the board and senior management, integrating risk management across the business units continues to be a major challenge.

Georgina Oakes, research and development manager at Airmic and author of the guide, commented: “Corporate culture may be a hard-to-define concept but its tangible benefits are increasingly being recognised by business leaders, regulators and investors.  It cannot be changed by one person or one department; however, the risk manager is well equipped to sit at the centre of the discussion. This is not an easy task, but our guide is the first of its kind that is tailor-made for risk managers.”

More details.

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