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The relationship between risk culture and organisational performance has engaged the attention of researchers after the Global Financial Crisis of 2008. Extant studies on risk culture and organisation performance suggest risk culture has an effect on organisational performance. Unfortunately these studies are few and are concentrated on developed countries. Relying on the Financial Stability Board’s (FSB) risk culture model, due to its comprehensive coverage of all factors contributing to an effective risk management in an organisation as well as its simplicity, this study examined the relationship between risk culture and business performance in Ghana which is a developing country. Organisational performance was examined using both financial and nonfinancial measures. All factors of the two main variables of risk culture and organisational performance were measured using the FivePoint Likert Scale and were analysed using descriptive statistical measures. The data was obtained from the nineteen (19) banks listed on the Ghana Club 100 representing about 70% of the total market share of the Ghanaian Banking Industry, with both local and foreign origins. The analysis was based on 19 completed questionnaires, one (1) each from each respondent and interview responses from eleven (11) respondents. Individual respondents were purposively selected from risk related departments within the banks. The study revealed that there was no significant differences among the banks in terms of the risk culture determinants and organisational performance measures. In all cases, leadership action or inaction was identified as the attribute with the strongest potential for affecting the development an effective risk culture. Overall, there was a positive correlation between Risk Culture and Organisational Performance in the Banking Industry in Ghana. Finally, a generic Risk Culture Framework (RCF) was developed to facilitate the development of effective risk cultures across all organisations.

The Effects of Risk Culture on Organisational Performance - The Cases of Some Selected Financial Institutions in Ghana