-
Averting a perpetual hangover in South Africa
Risk managers in South Africa are calling for a unified response to the country’s problems to cure what they call the perpetual hangover that has threatened the region. In its report South Africa Risks 2020, the Institute of Risk Management South Africa (IRMSA) has said: “From our analysis, all the risks we face as a…
-
Firms and auditors face a climate reporting shakeup
Firms and auditors face a climate reporting shakeup as the industry regulator the Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change. The FRC has said it intends to review the extent to which UK companies and auditors are responding to…
-
Disrupting the human resources process
Disrupting the human resources (HR) process has moved up the corporate agenda recently as businesses have struggled to attract and retain the right talent. Achieving this aim is unlikely to be possible unless organisations drop the tried and trusted techniques of yesterday, according to a recent paper by The World Economic Forum. “The post-digital economy…
-
Coronavirus risks spread
The World Health Organisation (WHO) has declared a global health emergency over a new coronavirus that broke out in China and which has killed an estimated 1,000 people in mainland China. Additional cases have been confirmed elsewhere in the Asia-Pacific region, the UK, Europe, North America and the Middle East. In such uncertain times, it…
-
Cyber threats top risk poll
Risk managers have voted cyber threats as the top danger their organisations face in the 2020 Allianz Risk Barometer. This year’s poll saw 39% of the 2,700 participants choosing cyber-risk as their biggest risk compared to only 6 per cent of those taking part in 2013 when the risk ranked as the 15th most important.…
-
Risk, Science and Decision Making: How should risk leaders of the future work with Artificial Intelligence (AI)?
Findings from a CRO roundtable from the Institute of Risk Management (IRM) Developments in technology continue to disrupt industries and organisations globally, presenting both opportunities and risks. Preparing the risk community for this challenge through education, training, research and networking events is one of the key strategic objectives of the IRM. IRM were therefore delighted…
-
Climate threats dominate World Economic Forum 2020 risk outlook
Climate threats dominate the World Economic Forum’s (WEF) long-term risk outlook in its Global risks report 2020 for the first time in its history. They also comprise three of the five most impactful threats to the planet (see long term risk outlook). “On the environment, we note with grave concern the consequences of continued environmental…
-
Australia’s fires reignite climate debate
The bush fires that have ravaged Australia since September 2019 have reignited climate debate among the country’s politicians. Long-known as a climate change sceptic, Australian Prime Minister Scott Morrison has apparently shifted his position on the country’s approach to limiting its emissions. He recently said that he wanted to “do better” and would review his…
-
Risk maturity lags behind developing threats
Regulatory risk and economic uncertainty have topped a poll conducted by the consultancy Protiviti as the top threats according to executives for 2020. Regulatory risk was seen as the biggest overall risk with 70% of respondents to the survey rating this strategic threat as significant (Executive perspectives on top risks 2020). “The overarching issue relates…
-
Risky algorithms
As algorithms become more sophisticated, the risk of spreading hidden bias in organisational decision-making is increasing, according to a recent paper contained in the Canadian Institute of Actuaries’ newsletter Enterprise risk management 2019: the new wave of risks. Alogorithms are becoming increasingly embedded in business processes. Machine-learning algorithms tend to break away from the rules…
