About 70% of UK businesses have failed to embed positive risk cultures, despite rising risk exposures, according to a QBE European Operations survey.

Companies with more than 250 staff are almost twice as likely to have good risk cultures than those with 50 staff or fewer, the study shows.

QBE European Operations Head of Risk Solutions Richard Thomas says businesses are struggling to develop risk management, even though it enables operational cost savings.

Only 30% of companies believe they have a positive risk culture that is embedded through their organisation, the survey of 377 UK risk decision-makers shows.

Sectors such as leisure, entertainment, manufacturing, engineering, IT, media and telecoms have weaker risk cultures than the professional and financial services sectors.

Most respondents have sought to develop risk management by involving senior management, encouraging employees to speak out on threats and providing regular training.

Successful businesses have also identified the type of culture their companies want, publicised key performance indicators and included positive risk management behaviours in employees’ annual assessments.

Mr Thomas says risk managers are making headway in gaining senior-level support, but they need to capitalise on this and leverage the expertise of their insurers to extend their risk management activities.