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ERM concepts and Risk categorisation [24]

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Bullet points include: Culture should encourage good risk management Risk consciousness, accountability, collaboration, openness Compensation incentives Learning from mistakes/near misses Need to prevent potential bias in Assessing risk of adverse events or reporting of actual or near miss events Project appraisal Reviewing project outcomes See also Power et al. (2013) and FSB (2014) regarding risk culture in financial institutions

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