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ISO 31000 – a guide for the perplexed
The IRM has published a guide to help risk managers navigate the newly revised ISO 31000 standard –A risk practitioner’s guide to ISO 31000: 2018. The overhaul of the standard was released at the end of last year and the ISO says that ‘This is not just a new version of ISO 31000… it gives new meaning to…
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The risks of protectionism for supply chains
With a looming trade war between the US and China and the potential for increased trade friction as the UK leaves the EU, the world is approaching a new era of protectionist trade policies – and the subsequent impact on global supply chains is a significant risk. In particular, ntermediate goods – the materials or…
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IRM guidelines on gender diversity
Organisations and individuals could do more to improve their gender diversity – and in doing so potentially benefit their business – according to attendees at the IRM’s ‘Women in risk’ roundtable event held on International Women’s Day in March. The event brought together more than 20 men and women from across the risk management industry…
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IRM’s Infrastructure Special Interest Group (SIG) discuss key topics facing risk managers
The Infrastructure SIG recently organised a meeting at the Shard in London, for over 35 risk professionals who work primarily in major rail, aviation, public utility and road programmes to discuss key areas of risk management practices affecting the infrastructure sector. The event was organised by Jemma Boyce, GradIRM, Risk & Reporting Manager at London…
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Mind the gender pay gap
The issue of a UK gender pay gap has been under the microscope recently, with reporting from the public sector due by March 30, and private sector companies with more than 250 employees required to report their gender pay gap – including bonuses – by April 4. While viewers may have been left shocked when…
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Socrates Coudounaris to chair IRM board
The IRM has announced that Socrates Coudounaris, CFIRM will step up from his position of deputy chair of the board when the current chair, Nicola Crawford, CFIRM, steps down in early May, 2018. Coudounaris is the executive director of risk for the EMEA region at Reinsurance Group of America. Crawford is stepping down to pursue…
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Artificial intelligence – friend or foe for risk managers?
In the IRM’s Risk agenda 2025 survey, there were two seemingly incompatible findings – that the number of risk managers is expected to go up, but also that the increased use of artificial intelligence (AI) is likely to threaten risk management jobs. So in the face of such divergent predictions, does AI actually present an…
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Weathering the storm of cyber risk
While the winter storms that hit the UK and Europe in the last week of February may have temporarily raised the spectre of traditional risks to business continuity, these are still being overtaken on the corporate ‘worry list’ by a more modern threat – that of cyber risk. Ironically, while the development of networked computer…
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Why ERM is crucial – Francis Lee CMIRM, one of the first IRM members to complete the Senior Executive Route.
The first training lesson I received on the topic of corporate failure when I joined Arthur Andersen as an external auditor over two decades ago, which included two primary reasons why companies failed: fraud and cash flow. Some years later, Arthur Andersen ceased to exist. There have been numerous after-the-fact articles analysing the failure of…
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Taking model validation one step further
While model validation as part of the Solvency II IMAP is now considered “business as usual” by insurers, there is more uncertainty around using model risk management (MRM), according to the latest guidance from the IRM’s Internal Model Industry Forum. According to the Federal Reserve, model risks are the adverse consequences arising from decisions based on incorrect…
