Risk Culture
What is Risk Culture?
The shared values, beliefs, knowledge, and attitudes within an organization that influence how risks are identified, assessed, and managed.
Terms that appear alongside risk culture
Each of these is named in at least one of the same controls as risk culture. The number is how many controls name both.
- governance 9 shared controls
- risk appetite 6 shared controls
- risk appetite statement 5 shared controls
- enterprise risk management 3 shared controls
- risk governance 3 shared controls
- material risk 3 shared controls
- compliance 3 shared controls
- risk reporting 3 shared controls
Frameworks that govern risk culture
What the standards actually require on risk culture
Requirements naming risk culture across 6 standards, quoted from the control text.
Foster a positive risk culture in which open, proactive AI risk management is part of everyday practice, uncertainties and opportunities are discussed openly, staff are encouraged to raise concerns, and processes exist to escalate to the right accountable part...
australia-national-framework-for-the-assurance-of-ai-in-government-2024::8.3 · 8.3 Embed a positive risk culture →Reporting on risk, on culture and on performance happens throughout the entity and at several levels. Report users and their roles are identified (board, executives, operating management, risk owners, regulators) with the level of detail each needs;
coso-enterprise-risk-management-erm-framework-2017::P20 · Principle 20: Reports on Risk, Culture, and Performance →The insurer must have an effective risk management function able to help it identify, assess, monitor, mitigate and report its key risks in a timely way, and to promote and sustain a sound risk culture.
iais-insurance-core-principles-icps::8.4 · 8.4 A risk management function that identifies, assesses, monitors, mitigates and reports key risks and sustains a risk culture →Cyber risk management should begin with senior management. Senior managers should themselves take the relevant training, build awareness of cyber risk into every level of the organization, and make sure the cyber risk management regime is holistic and adaptabl...
imo-maritime-cybersecurity-guidelines-msc-fal-1-circ-3-rev-4::3.3 · 3.3 Senior management leadership, training and cyber risk culture →The risk management strategy must at least describe each material risk identified and the approach to managing it, list the policies and procedures dealing with risk management matters, summarise the role and responsibilities of the risk management function, d...
CPS220-P30 · Minimum Contents of the Risk Management Strategy →The governing body should oversee how the organization manages risk (6.4), making sure that: every relevant kind of risk is seen as a whole; strategies are pursued within the agreed limits and tolerance; risk treatments fit the governance policies;
iso-37000-2021::6.9.3.4 · 6.9.3.4 Oversee risk management →Questions people ask about risk culture
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