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.

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.