Wednesday, January 8, 2020

Questions On Risk Management Culture Essay - 820 Words

Chapter 4: Analysis 4-1 Reliability statistics Table 2 shows the reliability coefficients based on the Cronbach Alpha, the score is good for both risk management culture and risk control while moderate for emerging risks management, which means that the researcher can trust the questionnaire in exploring enterprise risk management practices. Table 2: Reliability statistics ERM Components Cronbach Alpha N of items Risk Management Culture 0.782 15 Risk Control 0.747 6 Emerging Risks Management 0.646 3 4-2 Current enterprise risk management practices in the Lebanese insurance sector The questions aim to understand risk management practices in the insurance sector. They are split into 3 sections: risk management culture, risk control and emerging risks management, in order to explore the enterprise risk management practices through examining the components. 4-2-1 Risk Management Culture In understanding enterprise risk management practices, it is important to have risk management culture, because it is people who manage risk. Employees throughout the organization should have knowledge and be aware of risk management culture. The risk management culture indicator is split into 4 variables: risk governance, incentive compensation structure and organization structure, risk appetite framework, risk reporting and risk communication and reporting. Referring to table 3, the respondents perceived that only three elements of risk management culture as having a high importance needShow MoreRelatedGeneral Guidelines And Rules On Risk Management1550 Words   |  7 PagesISO 31000:2009 explains the general guidelines and rules on risk management. 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