Risk culture describes the collective mindset and shared assumptions of individuals within an organisation. It determines behavior and collective ability to identify, assess and act on the organisation’s risks. Risk management represents a proactive approach to protect the business against developments which could jeopardise the company’s continuity. It is assumed that individuals in a risk-oriented culture behave properly and that the level of risk monitoring and controls is increased far beyond what any tool or procedure alone can accomplish. From the literature, the author has developed several key aspects that may involve risk culture such as role model, accountability and commitment that represent the conceptual basis. By either telephone interview or email survey, management representatives of corporate real estate organisations in Germany were requested to describe and explain the target risk culture by assessing the relevance of the risk culture key aspects. Surprisingly, some risk culture key aspects that have high relevance in literature such as strategy, ethics and skills, resulted in a contrary view by, and controversial discussion within, the respective management representatives.
|Keywords:||Risk Culture, Corporate Real Estate, Organisational Risk|
Senior Project Manager, Strategic Expansion Management, Metro Properties Holding GmbH, Cologne, Germany