Controlling individuals risk assessments : The impact of level of hierarchy and experience

Abstract: This qualitative research aims to explain the individuals relationship between the level of hierarchy, and experiences, and the impact of Risk Management Control (RMC) on individuals risk assessments. The study focuses on a Swedish fintech company that offers diverse financial services.  Through a case study approach, the authors conducted an in-depth examination of the company ́s risk management practices and the factors that influence individuals risk assessments. The findings of the study reveal a two-dimensional model that takes into account both the level of hierarchy and experience.  The study ́s conclusion emphasizes that the combination of a high level of hierarchy and a high level of experience significantly influence how RMC affects individuals risk assessments. Furthermore, the paper highlights the importance of RMC within organizations, particularly in rapidly expanding industries facing emerging threats. It argues that by implementing RMC practices, organizations can ensure effective risk assessment throughout the entire organization, regardless of individuals hierarchical positions or expertise. The study emphasizes the significance of individuals risk assessments in shaping the overall risk strategy and emphasizes the need for consistent and standardized guidelines for risk management. Such guidelines empower all employees to act as a risk manager within their respective areas of expertise.  Overall, this research contributes to the understanding of how organizational factors and individual experiences interact within RMC. By exploring these dynamics, the study provides valuable insights for organizations to enhance their risk management practices.