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The risky business of space
Talking with risk practitioners in the space industry about how their industry takes and manages risk is always invigorating and a terrific learning experience. Many of the approaches and solutions learned from them can be applied to other risk management activities. Yes, the industry deals with rocket science, but there are many aspects of its…
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New IRM certificate to address emerging digital risks
The IRM is introducing a new Certificate in Digital Risk Management to help risk managers get up to speed with the implications of new digital technologies and possible ways to manage the evolving risks and opportunities they bring. As discussed by Carolyn Williams, the IRM’s director of corporate relations, in the latest issue of Enterprise…
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Making informed insurance decisions
In April this year, the IRM’s Internal Model Industry Forum (IMIF) released a report which outlined how insurance companies can factor operational risk into their insurance purchasing decisions – and many of its points are relevant to risk managers within all organisations. Historically, the tasks of modelling operational risk and purchasing insurance have been handled…
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Expand your risk appetite to spark growth
How chief risk officers help strategy and finance think and fund big. In business, risk is like cholesterol. There are good and bad strains. Just like in health news, where bad cholesterol makes the headlines, the negative risks that face large organizations dominate — from cybersecurity threats and widespread employee misconduct to the latest round…
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Instinct or insight – decision making in a crisis
Some years ago, I did a personality test that assigns colours to your behaviours. This particular test showed the difference between how you tend to operate in ideal circumstances versus under stress. In ideal circumstances, I tend to the green / analytical and structured thinker approach. When crises hit and stress levels soar, my tendencies…
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Pay ratio reporting set to be a risky business
Legislation looks set to come into force in 2020 which will compel the UK’s largest companies to publish and justify the pay ratios between their CEOs and workers. Its introduction was first announced by business secretary Greg Clark in August 2017, as part of a series of corporate governance reforms. The new reporting requirements will…
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UK productivity increase – reason to celebrate or a red herring?
Optimists were given reason to celebrate recently when reported rates of UK productivity in 2017 showed some improvement after years in the doldrums, but economists then seemingly spoiled the party by warning that UK businesses still lag behind much of Europe – and that the stats may not be quite as positive as they seem.…
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Sharing the risk of cyber threat
The leading cyber threats to UK businesses last year were ransomware attacks, data breaches, supply chain threats and fake news stories, according to the 2017/18 report from the National Cyber Security Centre (NCSC) and the National Crime Agency(NCA). The report also highlighted the increasing interconnectivity of the risks that businesses face and “the real-world harm…
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Departure platform
Network Rail is spending £40bn in the five years to 2019 on an ambitious plan to upgrade the UK’s rail infrastructure. Helen Hunter-Jones, Head of Group Risk at the organisation, explains how her team are building a risk platform to support the project. When Helen Hunter-Jones joined the UK’s train infrastructure business Network Rail in…
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Hot topics in infrastructure
Discussions at an IRM infrastructure special interest group meeting have highlighted hot topics for the sector, including embedding risk management across an organisation, dealing with uncertainty and differing levels of complexity, and the use of key risk indicators (KRIs). The February event brought together risk professionals from across major rail, road, public utility and aviation…
