1. (Mt) – Project Risk Management
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review to build my profile.Risk ManagementRISK CULTURE MANAGEMENTBy NameThe
Name of the ClassProfessorThe Name of the SchoolThe CityState where it is locatedThe
Date1Risk Management2RISK MANAGEMENTExecutive SummaryProject risk management
is a necessity for all organization as it works to assess theprobability of risks and their
outcomes in a bid to protect an organization and the project process,especially the various
objectives. Risk management is a process that should be followedmeticulously so that the
organization is in good hands and ready to handle crises when theyrepresent themselves.
With the right mannerisms to conduct a risk management process, then theorganization
develops a risk culture which enables them to have an advantage on how to handlethe crisis
from their previous crisis handled.Some organizations are invested in riskmanagement, but
they forget to nurture the risk culture. The risk culture provides kind of a roadmap for the
organization and its employees to follow in the case they have deal with a crisis orabout to
take risks and are not sure on how to go about it especially the decision making. Thispaper
will discuss and explain what risk culture entails, how it functions, its necessity as well
asthe various strengths that it has and how they can be improved (Hilson, D. 2013).In
addition to that, it will also cover the different ways in which risk managementinfluences an
organization and the different aspects that influence it, not forgetting the process inwhich a
risk culture comes to be. Remember it is a culture and culture is a combination of valuesor
norms that are similar within a community and helps identify them. Therefore, risk
culturedevelops overtime after an organization is launched. In most cases, it changes with
time toaccommodate the various changes in the economy, technology and communication
sectors.Development of risk culture is essential as established and thus should be done in
the rightRisk Management3manner and process. There are reasons why risk culture is
advised and even under legislationshowcasing its importance to an organization. When
people acknowledge that a factor or activityworks for their benefit, then they are more
inclined to ensure that it is developed and wellmaintained — the same case with risk
culture within an organization.Risk ManagementTable of ContentsExecutive
Summary……………………………………………………………2Introduction………………………………………
……………………………5Definition ……………………………………………………………………..6How Risk
Culture Works………………………………………………………7Developing Risk
2. Cultures………………………………………………………8Successful Risk
Cultures………………………………………………………10Importance of Risk
Cultures……………………………………………………12Risk Culture
Influencers………………………………………………………..13Strengthening Risk
Cultures……………………………………………………14Conclusion…………………………………………………
……………………154Risk Management5IntroductionOrganizations run the world as it is and
the business world , which means that we have toensure that they remain running. The
biggest percentage of people in the world work inorganizations as their source of
employment. When an organization fails, in as much as theeconomy suffers a great
percentage of the population suffers with it. Even so, the organizationdoes not grow over
night they take a lot of investments, hard work and commitment to ensurethat they achieve
their objectives as well as acquire the global expansion as well asacknowledgment. Every
organization started with just an idea that was groomed, invested in andput into action.
Every successful endeavor starts with risk-taking as nothing is ever black andwhite. People
invest in ideas as a risk; sure you can have statistics that foresee a success, butthere are
always unseen aspects which come in play after the first step is made. The unseenfactors
can either act as bumps to the …
