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A third of companies still to mitigate supply chain risk
A third of companies are still to mitigate supply chain risk, according to ICSA: The Governance Institute. ICSA’s Bellwether Summer 2017 survey of FTSE 350 companies asked, “has your board actively sought to review its supply chain risks, including modern slavery and corruption issues?” Seventeen percent said they had but needed external help. Eight percent said…
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Artificial Intelligence: The new normal
Managing data the way you always have doesn’t cut it Organizations are driving transformative initiatives to improve financial performance and competitive position in their industries. Examples of these initiatives include deepening customer relationships, optimizing operations, personalizing health care, prevention of fraud, cyber security, medical diagnosing procedures and analysis. It doesn’t stop there, though. Other AI-powered…
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Insurers mixed messages on IoT
Insurers are giving out mixed messages on their ability to adopt and take advantage of IoT – the internet of things. As smart devices enter more homes, offices and workplaces, insurers stand to benefit from real-time data analytics from their customers. But several studies show that they are unready. First, they lag behind in digitising…
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Are data regulations an opportunity?
Most risk managers at the IRM’s Big Debate event in London this July had started their GDPR projects. But from a show of hands, few considered the General Data Protection Regulation an opportunity to improve risk management processes. Julia Graham, deputy CEO and technical director at Airmic, told delegates that they should be doing just that.…
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Playing with big data
Organisations that find new ways to help staff play with big data get better results. That’s according to research by Dr Maggie Zeng from Kent Business School and Professor Keith Glaister from the Warwick Business School. Their findings suggest data scientists do not always generate better value creation working alone. Firms derived most benefit if…
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A more collaborative future
Risk managers are increasingly collaborating in their work with people from within and outside their businesses, according to interim research findings from the IRM’s Risk Agenda 2025 survey. “Risk managers are working closer with management, the board and external stakeholders to ensure they contribute to the future success of their organisations,” Clive Thompson, Risk Agenda…
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FinTech: Is disruption a good thing?
Remember your feelings the first time you heard about FinTech, InsureTech and RegTech? Perhaps there was a mixture of confusion, fear of an unknown future, impossible to implement or ignore? It is happening right now, and we should all embrace it. The Institute of Risk Management and EY recently welcomed a tech and finance savvy…
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Digital Charter objectives likely to clash
The government’s new pledge of a Digital Charter is likely to prove one of the more controversial aspects of the Queen’s Speech read in Parliament on 21st June. Prime Minister Theresa May says the charter will have two objectives. It will make it easier to run online companies. And it will make the UK “the…
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Living on the ceiling
When Iain Wright accepted the position of Chief Risk Officer at Old Mutual Wealth’s office in London last year, he knew it was going to be a challenge. The company’s £9.5bn London-listed parent company Old Mutual Plc was in the process of breaking up into four legally separate entities spanning Africa, the USA and the…
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The future of risk
The risk profession is at a crossroads. The first section of our two-part report looks at how stakeholders in the report Perspectives on the future of risk were both supportive of risk professionals and cautiously optimistic. But all saw the need for improved performance from risk departments if the potential benefits of future risk management practice were…
