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Organizational risk culture: A literature review on dimensions, assessment, value relevance, and improvement levers

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  • Bockius, Heike
  • Gatzert, Nadine

Abstract

The topic of organizational risk culture has gained increased attention after the financial crisis from 2007 to 2009, emphasizing the need to establish risk awareness beyond the boundaries of a dedicated risk management department. Despite its importance, the concept of organizational risk culture is not uniquely defined to date. In this paper, we conduct a structured literature review that includes 83 peer-reviewed academic articles, based on which we derive a comprehensive presentation of the concept of organizational risk culture for four major aspects: (i) dimensions of risk culture, (ii) instruments to assess and diagnose risk culture, (iii) insight on the value effect of risk culture (dimensions) on firm performance and applied methodologies, and (iv) improvement levers along the identified dimensions with further influencing factors. We conclude with a discussion of avenues of future research. Our analysis emphasizes the considerable value of a strong organizational risk culture, which should be regularly assessed in firms and improved along the dimensions identified in the paper.

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  • Bockius, Heike & Gatzert, Nadine, 2024. "Organizational risk culture: A literature review on dimensions, assessment, value relevance, and improvement levers," European Management Journal, Elsevier, vol. 42(4), pages 539-564.
    • Handle: RePEc:eee:eurman:v:42:y:2024:i:4:p:539-564
    DOI: 10.1016/j.emj.2023.02.002
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    More about this item

    Keywords

    Risk culture; Organizational culture; Risk management; Firm performance;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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