Risk-culture self-assessment

1. Risk-culture self-assessment Your Result: Smart Player You have IT systems that provide you with reliable, up-to-date information about the risks your business is facing, you regularly assess those risks and you’ve established robust processes for managing them. You’ve also ensured that your employees understand the kind of risks and amount of risk they can take. But risk management is something they still have to think about. It’s not automatically engrained in everything they do. Steps towards improving your position Your business is in a stronger position than most, but you can’t afford to rest on your laurels. You should consider assessing your corporate culture to identify any factors that could be changed to embed risk management more effectively. Employee surveys and customer feedback are both valuable sources of information, but don’t ignore the tacit clues – the rituals, norms, informal networks and other such features that can undermine a company’s overt goals and prevent risk management from becoming ‘second nature’. You should also review the training, remuneration and incentive schemes you use to ensure that they reinforce the sort of behaviour you want. If you would like to speak to somebody in PwC about this assessment please visit www.pwc.com/getuptospeed