Participants in the “Aon Risk Maturity Index” most frequently cited “cultural factors” as a challenge to instituting a consistent, global risk management approach in emerging markets. Results were announced at the Risk and Insurance Management Society’s annual conference and exhibition on April 16, 2012.

“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,” said Michael Joiner, associate director of enterprise risk management for Aon Global Risk Consulting.

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