ORGANIZAlIONAL CULTURE - FACTOR OF EFFECTIVENESS OF RISK MANAGEMENT PROCESS

Risk management is a structured and continuous process in an entity that aims to identify and assess risks and deciding on responses to the opportunities and threats that affect the achievement of objectives. The management entity creates and implements risk management process and monitor its effectiveness. Organizational culture is a set of beliefs, values that influence individual and collective performance of an organization. This is based on symbols and traditions and the essence of the organization. The role of organizational culture is to balance both at institutional level and between the organization and its external environment. Organizational culture is a much discussed topic lately, by experts in the field, but little considered by management to managing an organization.Effective management of risk management is assured if there is a risk appropriate organizational culture where staff at all levels and concept known risk strategy adopted within the organization and is aware that achieving organizational goals mastery of risk guarantees.