Senior risk and finance leaders most often say cultural factors are the primary challenge to instituting a consistent global risk management approach in key emerging markets, according to the Aon Risk Maturity Index by Aon Risk Solutions, the global risk management sector of Aon.
These emerging markets include Asia-Pacific excluding Australia and New Zealand, Central America, Eastern Europe, the Middle East, Africa and South America.
"Just as an organization must consider cultural differences in its decisions around new market or product entry, it must also consider cultural differences when setting its risk management framework strategy," says Michael Joiner, associate director of enterprise risk management for Aon Global Risk Consulting.
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