What is it about?
This study explores how different forces shape risk culture and Enterprise Risk Management (ERM) in the Indian insurance industry. It shows that companies don’t follow just one approach—regulations, professional standards, and global practices combine to create a mix of compliance-focused, defensive, and strategic risk cultures. The research highlights that strong ERM isn’t just about meeting rules; it requires embedding risk awareness, accountability, and learning throughout the organization. By understanding these hybrid risk cultures, insurers can better balance governance, strategy, and resilience.
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Why is it important?
This research shows that simply following rules isn’t enough to manage risk effectively. Understanding how different risk cultures coexist helps insurance companies create stronger, more adaptable systems. By embedding risk awareness and accountability throughout the organization, firms can better protect themselves, make smarter decisions, and respond to challenges more confidently.
Perspectives
From my perspective, what stands out in this research is how risk management goes beyond simply following rules—it’s about shaping an organizational mindset. I’ve seen that when insurers cultivate a culture where risk awareness, strategic thinking, and accountability coexist, ERM becomes a tool for real decision-making rather than a box-ticking exercise. This study highlights the importance of blending global standards with local practices to build resilient and responsible organizations.
Dr Ruchi Agarwal
Management Development Institute
Read the Original
This page is a summary of: Hybridization of Risk Cultures and Enterprise Risk Management in Insurance Sector, January 2025, Ethical Publication House,
DOI: 10.64526/iilr.33.s4.21.
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