Navigating cultural currents : a qualitative analysis of cross-cultural aspects in organisational risk management based on Trompenaars' cultural framework

Abstract

This dissertation aims to research how cultural currents influence risk management practices in multinational organisations. It focuses on the frameworks developed by Geert Hofstede and Fons Trompenaars, with a particular emphasis on Trompenaars' dimensions of Universalism vs. Particularism, Neutral vs. Emotional, Specific vs. Diffuse, and Achievement vs. Ascription. A qualitative methodology was applied, conducting surveys with open-ended questions to collect insights from professionals working in multicultural environments, primarily in the banking and financial industry. While Hofstede’s and Trompenaars' frameworks, along with other methodological theories, are reviewed, the central focus remains on Trompenaars' Seven Dimensions of Culture for survey and analysis. The findings demonstrate the critical role of cultural factors in developing organisational risk management strategies. Practical recommendations are provided for improving these strategies in culturally diverse settings, helping organisations to navigate cross-cultural challenges more effectively. Additionally, this research contributes to the existing literature on cultural implications in organisations, focusing specifically on individual behaviour in decision-making processes. It concludes by detailing the key cultural dimensions and discussing their broader impact on risk management, while offering valuable insights for academic researchers and practitioners in cross-cultural organisational studies.