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UK businesses feel less prepared for geopolitical risk
UK businesses said that they felt less prepared for geopolitical in a survey conducted by the insurer Beazley. Its Risk and resilience survey found that confidence in resilience against war and terror dropped between 2021 and 2022. For example, 42 per cent of real estate respondents said they were resilient in those areas in 2021…
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Green adverts must consider full environmental impact
Green adverts must consider the full environmental impact of the products they describe following recent rulings by the UK’s Advertising Standards Authority (ASA). In a ruling against the supermarket Tesco, ASA said it accepted that eating plant-based foods could generally be better for the environment. That was one of the claims made about Tesco’s Plant…
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Embed strategic risk management
Organisations must embed strategic risk management into its decision-making process to get full value from its capabilities. Risk functions need to adapt to provide real-time insight in today’s fast-moving world, according to PWC’s Global risk survey 2022. In fact, risk departments need to be agile and able to reflect changing risk appetites. “The organisations that…
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Whitepaper: 3 Innovative Ways to Add Value through Operational Risk Management
Operational Risk continues to be a topic of interest across industries. Uncertainties abound. Cyber risks are pervasive as ever and political change brings new complexities to compliance activities. As organizations face continuing cycles of disruptions, operational management leaders are taking a closer look at risk management technology, processes and skills to help manage change. Integrated…
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UK and Hungary governments launched windfall taxes
The governments of the UK and Hungary launched windfall taxes to tackle the rises in living costs because of soaring energy prices. In the UK, chancellor Rishi Sunak announced a 25 per cent energy profit levy, which increased taxes for North Sea oil companies from 40 per cent to 65 per cent. The levy could…
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Risk of food shortages grows
The risk of food shortages increased from already high levels because of the conflict in Ukraine, said leading world agencies. The number of severely food insecure people has doubled in two years – from 135 million pre-pandemic to 276 million today, the United Nations said. More than half a million now experience famine conditions –…
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Banks must improve operational resilience
The Bank of England regulator said the financial sector must improve operational resilience in its first annual review of the topic since rules came into force last year. In particular, David Bailey, executive director of deposit takers supervision at the PRA, said there were too many outages. Frequently occurring operational outages included payments, app and…
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Ransomware attacks increased in 2021
Ransomware attacks increased by 80 per cent over the last 12 months, according to a Sophos white paper. That means that ransomware attacks hit two out of three organisations in 2021. This demonstrates “that adversaries have become considerably more capable at executing the most significant attacks at scale,” it said. Attackers are using ransomware-as-a-service where hackers…
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Businesses shielding customers from price hikes
Businesses are attempting to shield customers from price hikes by absorbing costs where they can, according to government figures. More than one third (36 per cent) of businesses absorbed costs because of recent price rises. But 29 per cent passed those costs on to customers, said respondents to an April 2022 survey by Office of…
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Clean technology revolution
Earlier this year, storms Malik, Corrie, Dudley and Eunice, and the crisis in Ukraine demonstrated the weakness of the UK’s centralised energy supply. The UK’s infrastructure needs to be more environmentally sustainable to increase operational resilience to inevitable future physical, geopolitical, and market-driven events. In fact, there is an urgent need to change the way…
