Her extensive work in the area of purpose, people and culture has shown Alex Walker the important role that workplace rituals play in embedding culture. She points out that rituals increase team bonds, boost performance and lead to an increase in meaningful work and organisational citizenship behaviours. This is good news for an organisation’s risk culture, she says, as introducing appropriate rituals can influence attitudes to risk and help create a more risk aware environment.
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Effective risk oversight: why culture matters
Risk and culture pervade all aspects of an organisation’s operations and strategy, argues Bryan Foss. In a panel discussion on Transpire Global’s Risk Faculty webinar, he considers the key connections and crossovers between risk and culture which are too often kept in silos. Key considerations in relation to the intersection of risk and culture include recent regulatory developments relating to culture, the need to create a physiologically safe work environment, and the increasing focus on the people and culture dimensions of cyber and technological risk.
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Does culture influence risk?
Often, getting traction behind culture change that supports the management of risk and, in particular, initiatives that encourage people to ‘speak up’ can be difficult. And, with inflation now a real threat to businesses, there is now a risk that culture drops to the bottom of boardroom agendas. Alex Walker, argues that the challenging environment is a great opportunity to bring people together, aligned behind a clear purpose and strategy. She says that there are two crucial elements to ensuring your team are both able to spot potential risks quickly and feel safe enough within the organisation to speak up.
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How culture impacts risk
Toxic cultures have recently been at the heart of some of our biggest corporate scandals and yet many organisations are still not putting culture high on the agenda when looking to identify or manage risk. In today’s Risk Coalition blog, Alex Walker discusses the two crucial elements to ensuring your team are both able to spot potential risks quickly and feel safe enough within the organisation to speak up.
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