Business & Industry
Enterprise Risk Management 2020
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Organisations that don’t systematically horizon scan are at greater risk of disruption
In an increasingly disrupted, complex and interconnected world, organisations need risk managers to lead horizon scanning to prepare for future disruption. So, what is horizon scanning? Horizon scanning supports strategic decision makers by systematically identifying and managing emerging risks. Traditionally, enterprise risk management (ERM) efforts focus on identifying, controlling and reporting risks that are short...
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Don’t allow COVID-19 to obscure the bigger risk picture
The risk management community is fully engaged in the pandemic response, with many reporting that their investment in risk management and expertise has paid off. In a report published recently by the Institute of Risk Management (IRM), both the positive factors and realistic concerns about the ongoing crisis are revealed by over 1,000 risk managers...
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Financial institutions intensify focus on climate change risk
Banks and other financial institutions are intensifying their focus on climate risk management according to a new global survey conducted by the Global Association of Risk Professionals (GARP). GARP found that 90% of firms have board-level governance of climate-related risks and opportunities, up from 81% in 2019, but only 30% feel their firm’s strategies are...
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Insurance valuations in a digital era, uncovering hidden insights
Amid the growing uncertainty caused by COVID-19, valuation professionals are faced with new challenges requiring them to adopt new ways of working, particularly relating to the valuation of fixed assets. Tangible in nature, fixed asset valuation has historically relied upon physical site inspections to give the valuer a sense of the overall operations, a chance...
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Risky business in a post-COVID-19 world
COVID-19 has forced businesses to accelerate their move into digital processes, increasing opportunities and efficiencies but also bringing new and different risks. With risk control and claims management also moving to digital and data-driven responses, what have been the consequences so far? The power of data James Harvey, partner in insurance risk and commercial law...
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Robust risk management has never been more important for the economic recovery of organisations globally
The role of risk management is to help organisations achieve their objectives in an uncertain world. In 2020 that world was turned upside down as a long observed, although perhaps not sufficiently managed, risk – the global pandemic – became a live issue. We were pleased that nearly one thousand of IRM’s ten thousand members...
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Insurance can support you every step of the way
It’s never been more important to ensure risk management is a core part of a business plan. Whether it’s protection for property, workforce or customers, insurance has a vital role to play every step of the way. Insurance response to COVID-19 Like all industries, it’s been a year like no other for the UK’s insurance...
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How to manage risks in a time of global crisis
Over the last six months, the Federation of Small Businesses (FSB) has helped businesses through challenging times. Here’s how to protect your firm. COVID-19 has turned the world on its head, hitting the economy the hardest. Many small businesses, which spent years building up a brand, saw trade ebb, dip then crumble overnight, leaving them...
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COVID-19 stimulating a new era for the risk intelligent organisation
Contrary to some commentators, COVID-19 is not a “black swan” event. A global pandemic was not only predictable, it was predicted: scientists and experts have warned for decades that a global pandemic like COVID-19 was a plausible scenario. The pandemic is a high impact, low probability risk. This type of risk does make it onto...
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With risk management, prioritise the science
Expert opinion will always be useful, but experts can’t tell us how to prioritise the advice they give us against the advice other experts are giving. Whenever faced with a complex problem, one tends to defer to the experts. However, in the face of a problem like COVID-19, where the issues are so broad, it...