risk

management
culture
by: group 8
 reporters:
01 02 03 04

03

Noralyn Ursua Samantha leal climarie acosta reynmazel alcausin

 Introduction to risk
management culture
Risk management culture refers to the mindset and practices that
entrepreneurs adopt to identify, assess, and mitigate risks associated with
their ventures. It involves creating an organizational culture that promotes a
proactive approach to risk management and embraces the inherent
uncertainties and challenges of entrepreneurship.
 Managing and creating value from a third party involves effectively leveraging
external resources, relationships, and expertise to enhance your business
operations and overall value proposition. Here are some steps you can take to
manage and create value from a third party:
1. Identify Strategic Objectives:
-Clearly define your strategic objectives and determine how collaborating with a third party can
help you achieve those objectives.

2.Identify Potential Partners:

-Identify potential third-party partners that align with your strategic objectives.

3.Establish Clear Value Proposition:

- Define the value proposition you can offer to third parties and articulate the benefits of
collaborating with your organization.
4.Negotiate Agreements:
-Once you have identified a potential third-party partner, negotiate mutually beneficial agreements that
outline the scope of the collaboration, roles and responsibilities, performance metrics, intellectual
property rights, confidentiality, termination clauses, and dispute resolution mechanisms

5.Foster Collaboration:
-Establish effective communication channels, governance structures, and regular touchpoints to foster
collaboration with the third party.
 8 Key Success factors in implementing a
detection and prevention system
Implementing a detection and prevention system in risk management culture is a crucial aspect of maintaining
a resilient entrepreneurial mindset. Here are eight key success factors:
1. Awareness:
Everyone in the organization should be aware of the importance of risk management. This includes
understanding the potential risks and the damage they can cause.

2. Training:
Regular training sessions can ensure that all employees are up-to-date on the latest risk management
strategies and techniques.

3. Communication:
Open and clear communication is key. Everyone should feel comfortable reporting potential risks and
discussing them openly.

4. Leadership:
5. Integration 7. Proactiveness:
Risk management should be integrated into all Instead of just reacting to risks after they occur,
aspects of the business, not treated as a the system should focus on anticipating and
separate entity. preventing potential risks.

8. Continuous Improvement:
6. Adaptability:
The system should be regularly evaluated and
The system should be flexible enough to adapt to
updated to ensure it remains effective. Feedback
changes in the business environment.
should be sought to make necessary
improvements.
 Key to Achieve the following
benefits from companies and
industries.
Establishing a strong risk management culture within a company or industry is
crucial for minimizing potential threats and ensuring long-term stability. To
achieve various benefits from a risk management culture, here are key steps:
 Key to Achieve the following benefits
from companies and industries.
1. Integration:
Integrate risk management into overall business strategy to ensure alignment and a holistic approach.

2. Proactive Approach:
Adopt a proactive rather than reactive stance by identifying and addressing potential risks before they
escalate.

3. Technology Utilization:
Leverage technology for data analytics, predictive modeling, and real-time monitoring to enhance risk
assessment and response capabilities.

4. Collaboration:
5. Training and Awareness:
Invest in training programs to enhance risk awareness and management skills among employees, creating a
risk-aware culture throughout the organization.

6. Regulatory Compliance:
Stay updated on industry regulations and compliance requirements to avoid legal issues and reputational
damage.

7. Continuous Improvement:
Establish a culture of continuous improvement, regularly reviewing and refining risk management strategies
based on evolving business landscapes.
 Types of
Business Sectors:
Risk management culture is important in various business sectors to
effectively mitigate and respond to potential risks. Different sectors may have
unique risk management needs and approaches, but there are common
elements. Here are some types of business sectors and how risk
management culture plays a role in each:
 Types of
Business Sectors
• Financial Services:
Banks, investment firms, and insurance companies need robust risk management cultures to protect against
financial and market risks.
Regulatory compliance, credit risk, operational risk, and fraud prevention are key areas of focus.
Stress testing and risk modeling are common practices.

2. Healthcare:
In healthcare, a risk management culture is essential for patient safety and regulatory compliance.
Areas of concern include medical errors, malpractice claims, data security, and compliance with health and safety
regulations.
Continuous training and monitoring of staff are crucial.
 3. Manufacturing:
Manufacturers must manage risks related to supply chain disruptions, quality control, and workplace safety.
Lean manufacturing and Six Sigma methodologies can be integrated into risk management to improve processes and reduce
errors.

4. Information Technology:
The IT sector is vulnerable to cybersecurity threats, data breaches, and technology disruptions.
Strong cybersecurity protocols, incident response plans, and employee training are essential to risk management culture.

5. Energy and Utilities:

This sector faces risks related to environmental regulations, energy price fluctuations, and infrastructure integrity.
Environmental impact assessments, asset maintenance, and emergency response planning are critical.

6. Retail:
Retail businesses need to manage risks associated with inventory management, theft, and customer data security.
Loss prevention programs and cybersecurity measures are part of the risk management culture.
 thank
you very
much