Risk management maturity: what shapes and enhances an innovative company’s risk culture?

This paper aims to improve the current understanding of enterprise risk management and summarize empirical research regarding the risk management practice and risk culture formation in a radio-electronic industry company. The risk-based management approach is not widely implemented in Russian companies, and it is mainly well adapted in most financial and some industrial companies. When researching the risk-based approach implementation in the management of a company, it is important to analyze how the risk culture is represented and answer the questions: how to organize the risks control, whether the business processes repository with clear lines of authority and responsibility has been formed, whether decision-making system in terms of risk management is transparent, how competent employees are in managing risks. The results showed that it is possible to apply a certain algorithm to assess the level of risk culture formation and to develop activities to enhance the risk culture of the organization.