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Banks fail to take strategic view of climate change
Only 10 per cent of banks are taking a strategic view of climate change – with an average planning horizon of just four years, according to Transition in thinking: The impact of climate change on the UK banking sector, a report by the Bank of England’s regulatory arm, the Prudential Regulation Authority (PRA). The PRA…
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Brexit: preparing for ‘no deal’
The UK government has published more than 100 technical notices advising businesses and the public on preparing for a ‘no deal’ Brexit. While the government states that “a scenario in which the UK leaves the EU without agreement (a ‘no deal’ scenario) remains unlikely”, it has been busy preparing guidance to minimise disruption and ensure…
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Cybersecurity is the single biggest risk for 2019
Cybersecurity is the single biggest risk organisations are likely to face over the next year, according to the European Confederation of Institutes of Internal Auditing’s (ECIIA) annual Risk in Focus 2019 report. While the related topics of data security and compliance were not considered by many companies to be the most important, they were rated…
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Big data: big risk
Hot on the heels of this year’s new general data protection regulation (GDPR), the UK government has identified business use of ‘big data’ as another potential area for legislation. The term ‘big data’ generally refers to the way businesses target customers through the collection, processing and analysis of large and complex data sets from a…
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Artificial intelligence and the transformation of risk management
Artificial intelligence promises to transform the risk profession for both good and bad, as delegates at an IRM Innovation special interest group (SIG) workshop in London heard recently. The session, hosted by Lexis Nexis, explored how risk managers are using artificial intelligence, the challenges and opportunities it presents, and how AI is being deployed in…
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Plain sailing: reducing risk in the shipping industry
With 90 per cent of the world’s trade transported via the shipping industry, the growth of global supply chains means that organisations naturally take an extreme interest in the safety and security of their cargo. However, according to Allianz’s annual safety and shipping review, more than 1,100 vessels have been lost over the past decade…
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The anatomy of a crisis
Nearly 60 per cent of senior crisis management executives feel that they are facing more crises than they did 10 years ago, according to research by Deloitte. From immediate events such as a cyber-attack to more subtle issues that can suddenly blow up (such as fraud), 80 per cent of organisations have faced some sort…
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IRM launches new Digital Risk Certificate
IRM officially launched its new Digital Risk Management Certificate developed this month, with the support of University of Warwick experts. The new specialist Certificate, awarded by the IRM and developed with support from the WMG Cyber Security Centre at the University of Warwick and the University’s Department of Politics and International Studies, has been designed…
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Facing fax – don’t risk an unsecure network
With the advent of GDPR, risk managers are already advised to undertake risk assessments to ensure technical and organisational measures are robust enough to secure their data. However, new research by security software provider Check Point has found a critical data risk in the humble fax machine. While it’s now nowhere near its heights of…
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The rise of drones – what’s the risk?
In July, the government announced a consultation on proposed policies governing the use of drones. Any subsequent draft Drone Bill could cover the powers required by enforcement bodies to police drone usage and penalise owners for improper use, as well as outlining a tracking system for certain types. Drones are now being used to monitor…
