MANAGEMENT

Detailed explanation-1: -a system of shared values (that define what is important) and norms that define appropriate. attitudes and behaviours for organisational members (how to feel and behave)’.3. Risk culture is the application of this concept to the way an organisation takes and manages. risk.

Detailed explanation-2: -Risk culture: “The norms of behavior for individuals and groups within an organization that. determine the collective ability to identify and understand, openly discuss and act on the. organization’s current and future risks” 1.

Detailed explanation-3: -What is Risk Attitude? Risk Attitude can be defined as a chosen state of mind concerning those uncertainties that could have a positive or negative effect on objectives. Risk Attitudes are generally implemented subconsciously and without mindful validation.

Detailed explanation-4: -Using risk attitude to develop risk culture If we can manage and modify risk attitudes, then those changed risk attitudes will influence risk behaviour in the right direction, and hence build a new and more risk-mature risk culture.