Dealing with multicultural environments

Julien Haye

In a world of increasing cultural diversity, psychological safety becomes the foundation for effective risk management. When individuals feel psychologically safe, they are more likely to contribute their unique insights, challenge assumptions, and collaborate towards comprehensive risk mitigation.

Managing risks in a multicultural environment requires embracing diversity, and adapting risk management approaches to accommodate different perspectives and cultural nuances. As our world becomes increasingly interconnected, organisations are expanding their operations across borders, engaging in diverse markets, and working with multicultural teams. The complexities inherent in this multicultural landscape necessitate a fresh perspective on risk management – an approach that acknowledges the influence of cultural factors on risk perception, response, and overall organisational resilience.

Throughout my career in large financial conglomerates, operating in dozens of countries on all continents, I have experienced first-hand the challenges and opportunities that arise in managing risks within a multicultural environment. I have encountered those famous moments of being “lost in translation