Risk Culture Within an Organization

Running head: MANAGEMENT OF RISK
MANAGEMENT OF RISK
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MANAGEMENT OF RISK1
Executive Summary
Risk management has been considered to a primary component for the undertaking of
projects as a result of avoiding the after effects of a successful completion related to a project
that shall be undertaken by any of the project teams belonging to an organization. This report
clearly identifies such necessities along with the importance of incorporating the risk culture
with the individual team members of a project in order to have the primary motive of
identifying and assessing the risks with required methods of mitigation for avoiding the
future consequences that might be causing any harm to the project.

MANAGEMENT OF RISK2
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Conclusion..................................................................................................................................8
References..................................................................................................................................9

MANAGEMENT OF RISK3
Introduction
On the primary basis, this report unpacks the primary characteristics belonging to that
of culture putting forward the explanation of what shall be done throughout the report that
has been undertaken (Hillson and Murray-Webster, 2017). Culture specifically arises from
the behaviour from repeating the same things over and over again in to have a common
motive of developing the a shared approach among the members of a team working towards a
the successful completion of a project. The Institute of Risk Management (IRM) had
conducted a major study upon the risk culture in the year of 2012 that made proper utilization
of the ABC model as the primary foundation to understand the risk culture within the field of
risk management is a better way (Chaly et al., 2017). The A-B-C model for risk management
in order to undertake the risk culture can be primarily categorized into risk attitude, risk
behaviour as well as risk culture. However, it is considered important to maintain a specific
risk culture for the developing as well as maintaining a strong along with a positive
management of all the risks that are directly associated with the project that is undertaken.
This also includes influence upon the compliance, effectivity and organizational performance.
Discussion
The importance of risk culture within an organization or a team of project members is
necessary for a number of reasons that can be explained with the help of three primary
categories namely the likes of Compliance, Organizational performance and effectiveness of
the risk management that is usually done within the organization (Bromiley et al., 2015).
At the level of business organization or might as well be present within the project
team has the general requirement of understanding as well as expressing of the culture that is
directly associated with the risk as a part of the compliance requirement for the method of
corporate governance. In this regard, the management should be liable to maintain and check