Risk Culture: Getting It Right
INTRODUCTION
It is generally agreed and held, as both a business and societal truth, that culture is crucially important. But can the same be said for risk culture? What should directors, executives and managers do if there is a fear that a business is taking too much risk – or not enough? This paper seeks to examine aspects and the characteristics of risk culture, explaining what it is, why both business and society need to 'get it right' and why this doesn’t seem to be manifesting as effectively as it should be. This paper also explores important aspects of risk culture including the concepts of resilience, Presilience™, VUCA and the central role of risk attitude as a key underlying driver of risk behaviour and risk culture. The paper also suggests how an organisation can impact risk culture by actively managing its attitude to risk.
Events took place in Brisbane, Canberra, Melbourne and Sydney in August and September 2018. The sessions were led by Dr Gavriel Schneider and covered the following key themes:
- Risk culture – a definition
- Why we are failing at getting risk culture right
- VUCA
- Risk intelligence
- Dynamic risk equilibrium
- New risk culture approaches
- Risk leadership in a VUCA world
- The social psychology of risk
- Five stages of tribal culture
- Psychology of risk and enhanced decision making
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