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FCA keeps an eye on disappearing cash
With access to free cash disappearing from some highstreets, the UK regulator the Financial Conduct Authority (FCA) has issued fresh guidance to banks and financial institutions on the provision of ready money. The regulator has told banks and building societies that they now need to inform the authority if they plan to remove free-to-use cash…
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Competition risk – new guide by IRM and CMA
Competition risk is a growing problem despite the fact that it is illegal. That is why IRM and Competition and Markets Authority (CMA) has teamed up to create a guide to the key risks – with case studies to help businesses mitigate the risks. Businesses that collude with competitors are cheating consumers and other businesses…
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Climate change: the next focus for boards
High-impact threats such as climate change are moving up the agenda as board rooms reassess their priorities in light of the current pandemic, according to the World Economic Forum. The influential body suggests that boards take six steps today to ensure that climate risk is given the attention it deserves in the coming months and…
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Banks must do better on ICT risk says ECB
Banks must do better on their management of critical ICT risks, according to a comprehensive survey by the European Central Bank. The results are likely to be replicated in other organisations as many sectors spend considerably less money on mitigating ICT risks. The annual survey identifiied five main shortcomings among those taking part in the…
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Disruption, uncertainty and the role of risk management in the energy and renewables sector
This publication, by Grant Griffiths, Deputy Chair of the IRM Energy and Renewables SIG, explores the latest industry trends and challenges and risk management’s crucial role in underpinning the future success of the global energy sector. Alexander Larsen, CFIRM, Chair of the Group was also a key contributor. The report sets out some of the…
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Regulator advises better reporting on Covid-19
Companies need to clearly state the assumptions over issues such as whether the business is a going concern due to the impact of the Covid-19 pandemic, according to the Financial Reporting Council (FRC). While most companies had provided sufficient information to the users of their statements to understand the impact of Covid-19 on their “performance,…
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Integrated thinking key to managing crisis
Integrated thinking is key to managing the crisis that has followed the spread of coronavirus around the globe, according the global body of professional accountants IFAC. That is particularly true of those in senior management and those charged with governance it said in its report Maintaining trust and confidence during a crisis. “The ability of…
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Putting customers and safety first
Additional safety measures will be in place when specialist insurer Ecclesiastical’s risk management team (IRM group scheme member) returns to field based work from July 13. Following a thorough risk assessment, the Gloucester based insurer’s frontline teams will once again be able to visit customers on site for the first time since Government restrictions were…
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East Africa plagued by locust risk
East Africa could suffer a drop in GDP growth because swarms of locust have been devastating crops in countries in Africa including Ethiopia and parts of Kenya and Uganda, according the ratings agency Fitch. The swarms are the worst seen in the region for 17 years and have their origin in heavy rains that hit…
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New cyber risks for electricity sector
While the electricity industry thoroughly addressed security risks in order to protect critical infrastructure and ensure continuity and quality of power supply, the new era of automation brings additional cyber risks. according to a new report by the World Economic Forum (WEF). “With increased automation and digitization, electricity companies are exposed to new cybersecurity risks…
