{"id":3133,"date":"2024-07-07T16:51:09","date_gmt":"2024-07-07T06:51:09","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=3133"},"modified":"2024-08-21T08:42:36","modified_gmt":"2024-08-20T22:42:36","slug":"cultivating-a-risk-smart-culture","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=3133","title":{"rendered":"Cultivating a Risk-Smart Culture"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Leadership and Governance<\/h2>\n\n\n\n<p>A risk-smart culture is not an accessory but a core component of any resilient organization. It is the shared value that underpins every decision and action, turning risk management into an instinct rather than a protocol. This Article post will illuminate how leadership and governance can foster a culture that doesn&#8217;t just manage risks but embraces them as fundamental to strategic decision-making and organizational success.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Series<\/h3>\n\n\n\n<p>This Article is just one within the series on <a href=\"https:\/\/murrayslatter.me\/?p=3123\">Enterprise Risk Management<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Enterprise Risk Management: Today&#039;s Leading Research and Best Practices for Tomorrow&#039;s Executives\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_ZqG0Z2G7j5ehUD&#038;asin=1119741483&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Imperative for a Risk-Smart Culture<\/h2>\n\n\n\n<p>In the face of rapid technological change, globalization, and increasing regulatory demands, fostering a culture that embeds risk management as a fundamental value is not optional; it is critical. As Dr. Paul J. Sobel, Chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), posits, &#8220;Culture sets the tone for the organization, and tone sets the framework for risk management&#8221; (Sobel, 2020). Strong governance and enlightened leadership are the twin pillars supporting this culture.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Best Practice Insights<\/h2>\n\n\n\n<p>The best practice insights for creating a risk-aware culture advocate for consistent messaging from the top, education and training programs, and robust governance frameworks that ensure accountability at all levels. Harvard Business School&#8217;s research on leadership and culture emphasizes the role of leaders in embedding risk considerations into the company\u2019s ethos (Kaplan, R.S., &amp; Mikes, A., 2016).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Risk Culture: A Practical Guide to Building and Strengthening the Fabric of Risk Management\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_NaEfWiX3Tfb4QV&#038;asin=B009M8YYBM&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Thought Leaders in the Field<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dr. Paul J. Sobel<\/strong>, COSO Chairman &#8211; A prominent voice on integrating risk management with governance and internal control.<\/li>\n\n\n\n<li><strong>Dr. Robert S. Kaplan<\/strong>, Harvard Business School &#8211; A leading thinker on strategy execution and risk management.<\/li>\n\n\n\n<li><strong>Dr. Anette Mikes<\/strong>, Oxford University &#8211; Specializes in risk management and organizational behavior.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Choice Additional Reading<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><em><a href=\"https:\/\/www.amazon.com.au\/Enterprise-Risk-Management-Practices-Executives\/dp\/1119741483?crid=2JOXSZGY6SU2R&amp;dib=eyJ2IjoiMSJ9.Al2AijfpQjAhQYRKDoq3ZQy1NyN5bnBVsZ-jGbU1CqQ4uGNIzFJLDYauu6Gh4a_k_rujHdpJMJgisPQvpI33-w.D-DAPmr45YyyfdHBXAsKMI_giUGSXelEg-ZC7l3M9Pw&amp;dib_tag=se&amp;keywords=Enterprise+Risk+Management%3A+Today%27s+Leading+Research+and+Best+Practices+for+Tomorrow%27s+Executives+by+John+Fraser+and+Betty+Simkins&amp;qid=1720334948&amp;sprefix=enterprise+risk+management+today%27s+leading+research+and+best+practices+for+tomorrow%27s+executives+by+john+fraser+and+betty+simkins+%2Caps%2C502&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu00-22&amp;linkId=186312a25a1db1d9687dfbe1ebe12676&amp;language=en_AU&amp;ref_=as_li_ss_tl\">Enterprise Risk Management: Today&#8217;s Leading Research and Best Practices for Tomorrow&#8217;s Executives<\/a><\/em> by John Fraser and Betty Simkins &#8211; A comprehensive overview of ERM best practices, including culture and governance.<\/li>\n\n\n\n<li><em>Creating a Risk Intelligent Enterprise: A guide to Risk Management and Governance<\/em> by Deloitte &#8211; Provides practical guidance on establishing governance structures that support risk intelligence.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.amazon.com.au\/Risk-Culture-Practical-Strengthening-Management-ebook\/dp\/B009M8YYBM?crid=1IFSSJ5A2IB2J&amp;dib=eyJ2IjoiMSJ9.nlijevTFXyz-GII3Y1WbtIC_r6dgpWl4Pw8DUhHKJaU.5Ua4j3mltgj5wLXY1sJTBFnuBR2ejeYFFcSwaLXL5T4&amp;dib_tag=se&amp;keywords=Risk+Culture%3A+A+Practical+Guide+to+Building+and+Strengthening+the+Fabric+of+Risk+Management+by+Erik+Banks&amp;qid=1720335024&amp;sprefix=risk+culture+a+practical+guide+to+building+and+strengthening+the+fabric+of+risk+management+by+erik+banks+%2Caps%2C268&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu00-22&amp;linkId=8cb325f4c0c8b951da56f292d30d26c5&amp;language=en_AU&amp;ref_=as_li_ss_tl\"><em>Risk Culture: A Practical Guide to Building and Strengthening the Fabric of Risk Management<\/em> by Erik Banks <\/a>&#8211; A hands-on guide for risk managers looking to build a strong risk culture.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">What Separates Great from Good<\/h2>\n\n\n\n<p><em>Great Risk-Smart Culture<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Integrated Leadership<\/strong>: Exceptional leaders do not delegate risk management; they integrate it into their leadership style, ensuring it permeates every level of the organization.<\/li>\n\n\n\n<li><strong>Transparent Governance<\/strong>: A hallmark of great governance is transparency, which fosters trust and encourages open discussion about risks and opportunities.<\/li>\n\n\n\n<li><strong>Empowered Engagement<\/strong>: Great organizations empower all members to take ownership of risk management, fostering a proactive stance on identifying and addressing risks.<\/li>\n<\/ul>\n\n\n\n<p><em>Good Risk-Smart Culture<\/em>, while effective, often:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Delegated Responsibility<\/strong>: Good cultures may view risk management as a responsibility of a particular department, rather than a shared organizational value.<\/li>\n\n\n\n<li><strong>Check-Box Governance<\/strong>: Good governance may comply with regulations but without the strategic integration that inspires a true risk-aware culture.<\/li>\n\n\n\n<li><strong>Inconsistent Commitment<\/strong>: Even with good intentions, the commitment to a risk-smart culture can be inconsistent, often wavering during periods of change or pressure.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Enterprise Risk Management: Today&#039;s Leading Research and Best Practices for Tomorrow&#039;s Executives\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_ZqG0Z2G7j5ehUD&#038;asin=1119741483&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Key takeaways<\/h2>\n\n\n\n<p>Cultivating a risk-smart culture requires more than policies and procedures; it requires a shift in mindset from the boardroom to the breakroom. Through strong governance and strategic leadership, organizations can foster a culture that not only manages risks but also leverages them for strategic advantage. Embrace the challenge and lead the change toward a risk-smart culture.<\/p>\n\n\n\n<p><strong>Call to Action<\/strong><\/p>\n\n\n\n<p>Assess the state of your organization\u2019s risk culture. Is risk management viewed as a core value across all levels? How can leadership and governance structures better support a risk-smart culture? Let&#8217;s commit to cultivating a culture where risk management is second nature.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Risk Culture: A Practical Guide to Building and Strengthening the Fabric of Risk Management\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_NaEfWiX3Tfb4QV&#038;asin=B009M8YYBM&#038;tag=bywineexecu00-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Do you want to 2x, 5x or 10x your Profits?<\/h2>\n\n\n\n<p><a href=\"https:\/\/outlook-sdf.office.com\/bookwithme\/user\/ffef0aaaf9ce4fa9bc29e062d1cb0d0f@qfactor.com.au\/meetingtype\/Pm-jEq3270-FEyHgAHjEmw2?anonymous&amp;ep=mcard\">Download the Playbook and connect to tailor <\/a>or Join our Master Class Club: <a href=\"https:\/\/share.hsforms.com\/1BOVrPBN0SZSyE6N4ppjRqAeiskf\"><strong>Join for free<\/strong><\/a><\/p>\n\n\n\n<p><strong>Want More<\/strong>?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Connect on <a href=\"https:\/\/www.linkedin.com\/in\/murrayslatter\/\">LinkedIn<\/a><\/li>\n\n\n\n<li>Checkout more <a href=\"https:\/\/murrayslatter.me\/?cat=22\">Book Review in this series<\/a><\/li>\n\n\n\n<li>Connect for more free <a href=\"https:\/\/share.hsforms.com\/1BOVrPBN0SZSyE6N4ppjRqAeiskf\">material and coaching<\/a><\/li>\n\n\n\n<li>Connect for <a href=\"http:\/\/www.qfactor.com.au\">more<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Leadership and Governance A risk-smart culture is not an accessory but a core component of any resilient organization. It is the shared value that underpins every decision and action, turning risk management into an instinct rather than a protocol. This [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[66,30],"tags":[68,51],"class_list":["post-3133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coe-enterprise-risk-management","category-series","tag-enterpriseriskmanagement","tag-series","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cultivating a Risk-Smart Culture - 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