ABSTRACT
Centralisation of corporate services ensures greater consistency of decision making and reduced risks, so the focus of risk management was revised in the direction of establishing standardised procedures. As a retailer, its greatest risk is loss of custom, and so risk management systems will be focused on building and maintaining customer loyalty. Whilst many risks are long standing in nature, new risks also emerge over time as a result of external events. The new management style was much more visible – they introduced a new performance management system that also facilitated a clear prioritisation of risks and provided clear and efficient oversight. Risk culture is a subdivision of organisational culture, which specifically relates to the level and form of risk awareness amongst staff. The revised code of conduct, launched in 2015, included new sections on key areas of risk and was accompanied by mandatory training for all staff.
