|Title:||Towards an ideal risk culture for (re)insurance companies|
|Authors :||Zeier, Angela|
|Advisors / Reviewers :||Schmeiser, Hato|
|Publisher / Ed. Institution :||Universität St. Gallen|
|Publisher / Ed. Institution:||St.Gallen|
|License (according to publishing contract) :||Licence according to publishing contract|
|Series :||IVW HSG Schriftenreihe|
|Subject (DDC) :||332: Financial economics |
658.1: Organization and finance
|Abstract:||The power of risk culture comes from its influence on how employees perceive the relative priorities of different organizational goals and how perception guides risk behavior. Risk management places a premium on scientific orientation, uncertainty avoidance, collaboration and intrinsic motivation. An empirical study provided additional insight into selected questions such as the existence of subgroup risk cultures and the relationships between the four desirable value orientations and the perception of risk management. Risk culture is dynamic because it is continuously shaped by the common experience of organizational members and subgroups. Against this background, the meaning of embeddedness is addressed and the argument is made that the current focus by the risk and insurance practice on alignment and consistency as well as viewing risk culture as a fourth line of defense puts a limit to the understanding and potential contribution of risk culture. Furthermore, the notion of the ideal risk culture is challenged and how a strong emphasis on one desirable value orientation at the expense of others entails risks. As expected, respondents in the second line of defense place a stronger premium on avoiding uncertainty in comparison to respondents in first line roles. Such inconsistency is not unhealthy but rational.|
|Departement:||School of Management and Law|
|Publication type:||Doctoral Thesis|
|Appears in Collections:||Publikationen School of Management and Law|
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