Corporate risk culture planning: theoretical and practical aspects

The article reflects the results of a study on the issues of planning corporate risk culture in a new digital and polycentric reality. Corporate risk culture is considered as a basic element of the risk management system and an important part of the risk management policy. Improving the quality of the process and effectiveness of risk management in a public company cannot be achieved without continuous growth of corporate risk culture. The article provides a comprehensive consideration of planning corporate risk culture within the framework of risk management process, risk management system and risk management policy. It is proposed to conduct an independent assessment of the level of corporate risk culture of public companies. The assessment should be carried out by the Moscow Stock Exchange.
To calculate the integral index of the level of corporate risk culture, a six-factor regression model similar to the Altman's Z-score model is used. To calculate the regression coefficients in the proposed model, it is suggested to use information about public companies that have gone bankrupt in the last 3-5 years. The author also talks about risk capital planning as an indicator of risk culture balance (the first of the six indicators of the model) and about the Consolidated Register and Risk Passports as tools for planning corporate risk culture.

risk culture, cultural capital, forecasting, planning, risk management process, risk management system, risk management policy