There are many factors to consider in cultivating a risk culture within your organization. In Part 1 of this series, we discussed the critical nature of getting people involved and engaged in risk management processes. In Part 2, we looked at other internal factors and how to take a systematic approach to reviewing them. In the prior installment, we explored how external factors can have profound impacts on the risk culture. In this fourth and final article, we’ll review how to get started with risk culture development at your organization.
Never underestimate the time it takes to shift people’s way of thinking. If your organization already understands risk management, this initiative will be a breeze. If people in your organization can’t spell the word ‘risk,’ it will take much longer, as you will need to spend significantly more time on education and implementation. Cultivating a culture of risk management will have lasting positive impacts. By enabling quick responses to potentially devastating risks, the management team will have deeper insight into areas they may not have seen otherwise.
Julia O’Connell is Quantivate’s senior vice president of product development and works with customers to define product requirements and determine ongoing development strategies.