The article advises multinational companies to accommodate cultural differences to mitigate risk exposures. Experts point out the variations of the appetite, awareness and ownership of risk among regions such as that in Eastern and Western Europe, North America and South America. Also indicated is the importance of knowing the differences in attitudes about risk tolerance and risk retention. Emphasis is given on the need for businesses to consider the culture of offshore suppliers and providers, local insurance brokers and underwriters to manage risk.
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