Well under half of senior managers working in large companies trust their boards to promote effective risk management strategies, a new survey has revealed.
Only 34 of the 90 executives interviewed by risk consultancy Protiviti felt that their directors promoted comprehensive risk management functions and provided all the necessary support, finance and direction needed in this area.
Only a quarter of the interviewees said they were confident that their boards were providing the impetus needed to create an effective risk management framework for the future.
"Our research reveals that the biggest challenge to embedding risk management in an organisation is the management culture," said Sukhdev Bal, a director at Protiviti. "If this is going to change, it has to come from the top, which means support...