What is a risk intelligence culture? Scott Baret, a partner and global financial services leader with Deloitte & Touche LLP’s Enterprise Risk Services, says that risk culture intelligence is being aware of the risks a company faces, AND requires planning and focused effort. Creating a RIC is purposeful; where each employee is trained to understand how to make correct, risk-based decisions. Baret says that EVERYONE is involved in such a culture. Four things that a company can do are:
1. Training to help employees understand risk.
2. Create positive motivations to manage risk.
3. Work to strengthen relationships within the company.
4. Companies need to be prepared to change and implement company-wide changes.
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