Risk Leadership: A Critical Adhesive to Risk Culture
By Katlego Majola
A featured article of our February 2021 edition of PRMIA's Intelligent Risk quarterly newsletter
Various risk culture models have surfaced over time; these include those from the Institute of Risk Management (IRM) and the Financial Stability Board (FSB), as well as consulting firms. Some models are quite similar and others somewhat different from one another. Power, M, Ashby, S and Palermo, T(2013) compare similarities and variances between the models, which indicates that there is currently no conclusive model for risk culture. Primarily because each model offers a new perspective, hence improvements and adjustments will continue to be made as researchers study the concept further.
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