Based on experience, it seems that the majority of companies in developing countries who are implementing risk management do not get the added value they expect. This is often because they are attempting to import risk management from a different cultural setting, from developed to developing parts of the world.
In many cases, it makes sense to begin by bringing in a system from a developed country, rather than starting from the beginning to build something new. But how can organizations in developing countries avoid the threats that come with importing a risk management approach from elsewhere? These steps will help:
Self-awareness
Knowing ourselves will help us to develop a more realistic approach to managing risk. We should study our history to discover how…
