This document provides an agenda and presentation materials for a workshop on strategic risk management. The workshop is organized by MakeITWork Consulting ME and will take place in Ramallah, Palestine. The agenda covers topics such as defining risk, the importance of risk management, enterprise risk management as a factor for organizational success, developing a simple strategy and framework for ERM, and benefits of Basel III recommendations for risk management practices. One session introduces the speaker, Dr. Jorge Vaz Girão, who has over 30 years of experience in program, project, and risk management.
This document provides an introduction to enterprise risk management (ERM). It discusses how ERM aims to protect and increase value for an organization by taking an integrated approach to managing risks across the entire enterprise. ERM calls for high-level oversight of all risks on a portfolio basis. The document provides background on the evolution of risk management and outlines some of the key risks organizations face today from globalization and other factors. It also notes that chief risk officers and risk committees are important for overseeing ERM.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
Aerice, a London-based management consultancy, has appointed Dan Geoghegan as their new Global Head of Risk & Compliance. Dan has over 13 years of risk management experience from Deutsche Bank. This appointment further extends Aerice's specialization in risk and compliance consulting. Aerice aims to provide a comprehensive set of risk management services to help financial institutions address increasing regulation and operational risks.
This document discusses risk management at Rolls-Royce. It defines risk and risk management, and explains why risk management is important through examples of past issues Rolls-Royce has faced. It describes Rolls-Royce's risk management framework, process, and techniques used, including bow tie analysis and risk matrices. It emphasizes the importance of planning, governance, assessment, treatment, review and culture to effective risk management.
The document discusses enterprise risk management (ERM) and its importance for organizations. ERM involves identifying, assessing, and managing risks across an entire organization in a holistic manner. It helps organizations align strategy and risk appetite, enhance decision making, reduce surprises, seize opportunities, and improve capital allocation to create long-term shareholder value. The document outlines key concepts of ERM including its components, implementation steps, and how it benefits organizations.
CFO Risk Intelligence - Harvey ChristophersAzure Group
The document discusses the evolving role of the CFO from financial risk manager to strategic leader in enterprise-wide risk management. It outlines 6 key focus areas for CFOs to play a role in building a risk intelligent organization: 1) Prepare for expected and unexpected risks, 2) Recognize strategy is not fixed and engage in strategic risk conversations, 3) Distinguish vital few risks from trivial many, 4) Determine risk appetite, 5) Manage reputational risks, and 6) Conduct compliance stress tests for operating globally. The CFO's role is important for oversight, risk reporting, and ensuring risks are managed effectively across the organization.
How to embed emerging risk identification and management IRMindia AffiliateIRM India Affiliate
The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management
(ERM). We drive excellence in managing risk to ensure organisations are ready for the opportunities
and threats of the future. We do this by providing internationally recognised qualifications and training,
publishing research and guidance, and setting professional standards.
For over 30 years our qualifications have been the global choice of qualification for risk professionals and
their employers. We are a not-for-profit body, with members working in all industries, in all risk disciplines and
all sectors around the world. In 2019, the IRM welcomed the Institute of Operational Risk (IOR) into the IRM
group. www.theirm.org
We hope that you have read the first and second guides An Introduction to Identifying Emerging Risks, and
How to assess and treat Emerging Risks. These publications help you to identify and tackle potential risks
that may impact your organisation’s strategic objectives should they occur. In part one of this publication,
we offer tools and techniques to take that work and embed it within your organisation, with part two
providing ideas on how to tackle the leadership conversation about emerging risk management.
This document provides an agenda and presentation materials for a workshop on strategic risk management. The workshop is organized by MakeITWork Consulting ME and will take place in Ramallah, Palestine. The agenda covers topics such as defining risk, the importance of risk management, enterprise risk management as a factor for organizational success, developing a simple strategy and framework for ERM, and benefits of Basel III recommendations for risk management practices. One session introduces the speaker, Dr. Jorge Vaz Girão, who has over 30 years of experience in program, project, and risk management.
This document provides an introduction to enterprise risk management (ERM). It discusses how ERM aims to protect and increase value for an organization by taking an integrated approach to managing risks across the entire enterprise. ERM calls for high-level oversight of all risks on a portfolio basis. The document provides background on the evolution of risk management and outlines some of the key risks organizations face today from globalization and other factors. It also notes that chief risk officers and risk committees are important for overseeing ERM.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
Aerice, a London-based management consultancy, has appointed Dan Geoghegan as their new Global Head of Risk & Compliance. Dan has over 13 years of risk management experience from Deutsche Bank. This appointment further extends Aerice's specialization in risk and compliance consulting. Aerice aims to provide a comprehensive set of risk management services to help financial institutions address increasing regulation and operational risks.
This document discusses risk management at Rolls-Royce. It defines risk and risk management, and explains why risk management is important through examples of past issues Rolls-Royce has faced. It describes Rolls-Royce's risk management framework, process, and techniques used, including bow tie analysis and risk matrices. It emphasizes the importance of planning, governance, assessment, treatment, review and culture to effective risk management.
The document discusses enterprise risk management (ERM) and its importance for organizations. ERM involves identifying, assessing, and managing risks across an entire organization in a holistic manner. It helps organizations align strategy and risk appetite, enhance decision making, reduce surprises, seize opportunities, and improve capital allocation to create long-term shareholder value. The document outlines key concepts of ERM including its components, implementation steps, and how it benefits organizations.
CFO Risk Intelligence - Harvey ChristophersAzure Group
The document discusses the evolving role of the CFO from financial risk manager to strategic leader in enterprise-wide risk management. It outlines 6 key focus areas for CFOs to play a role in building a risk intelligent organization: 1) Prepare for expected and unexpected risks, 2) Recognize strategy is not fixed and engage in strategic risk conversations, 3) Distinguish vital few risks from trivial many, 4) Determine risk appetite, 5) Manage reputational risks, and 6) Conduct compliance stress tests for operating globally. The CFO's role is important for oversight, risk reporting, and ensuring risks are managed effectively across the organization.
How to embed emerging risk identification and management IRMindia AffiliateIRM India Affiliate
The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management
(ERM). We drive excellence in managing risk to ensure organisations are ready for the opportunities
and threats of the future. We do this by providing internationally recognised qualifications and training,
publishing research and guidance, and setting professional standards.
For over 30 years our qualifications have been the global choice of qualification for risk professionals and
their employers. We are a not-for-profit body, with members working in all industries, in all risk disciplines and
all sectors around the world. In 2019, the IRM welcomed the Institute of Operational Risk (IOR) into the IRM
group. www.theirm.org
We hope that you have read the first and second guides An Introduction to Identifying Emerging Risks, and
How to assess and treat Emerging Risks. These publications help you to identify and tackle potential risks
that may impact your organisation’s strategic objectives should they occur. In part one of this publication,
we offer tools and techniques to take that work and embed it within your organisation, with part two
providing ideas on how to tackle the leadership conversation about emerging risk management.
A structured approach to Enterprise Risk Management (ERM) and the requirement...Hassan Zaitoun
This document provides a structured approach to implementing enterprise risk management (ERM) based on ISO 31000. It discusses key risk management principles, including defining risk, establishing a risk management process, and creating a risk-aware culture. The document advocates developing a risk architecture, strategy, and protocols to provide proper context for risk activities. It also summarizes ISO 31000's risk management process of risk identification, evaluation, response, resourcing, reaction planning, and reporting.
Enterprise risk management (ERM) is a process designed to identify and manage risks across an organization so the entity can achieve its objectives. It involves assessing all potential risks an organization faces from various areas including operations, strategy, finance, technology and more. The key goals of ERM are to increase company value, ensure business continuity, and stabilize earnings. Implementing a successful ERM program requires senior management commitment, embedding a risk culture, clear accountability, and effective communication. ERM can give organizations a competitive advantage when practiced systematically.
This document provides an overview of combined assurance and how to develop an effective combined assurance model. It discusses obtaining a multi-dimensional view of risk, identifying key role players in assurance, determining the appropriate number of lines of defense, and mapping assurance providers to risks, controls and objectives. The goal of combined assurance is to maximize governance and risk oversight through an integrated and aligned approach to assurance.
Enterprise Risk Management (ERM); From theory to practiceSegun Ogunwale
This document outlines the theory and practice of enterprise risk management (ERM). It discusses how ERM works differently in private versus public sector organizations due to differences in goals and risk tolerance. The document proposes a framework for implementing ERM with five phases: risk governance, risk assessment, risk quantification, risk monitoring and reporting, and risk optimization. It also describes steps to implement ERM such as obtaining buy-in, building an ERM foundation, conducting risk assessments, ongoing monitoring, and developing reporting. Roadblocks to implementation like resistance to change are also addressed.
This document discusses incorporating risk management into business continuity planning (BCP). It defines risk and different types of risk including hazard, financial, operational, and strategic risk. It explains that risk management aims to increase success and reduce failure, while business continuity management provides resilience and response capabilities. Key aspects of risk management and business continuity management are compared. Trends in risk management are discussed like more "emergent problems" and the need for comprehensive governance models. The implications for practitioners emphasize adopting risk management as a normal business strategy and gradually increasing testing complexity.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
Enterprise risk management (ERM) takes a comprehensive, top-down approach to identifying and managing an organization's risks. It considers strategic, operational, pure and speculative risks across the entire organization rather than managing risks in silos. A typical ERM process involves identifying benefits, acquiring board support, developing risk procedures, determining risk appetite, and fostering a risk-aware culture. Barriers to effective ERM include difficulties defining risk appetite and a lack of requests to change risk management approaches. The 2012 Super Bowl in Indianapolis demonstrated how ERM can be applied to large-scale event planning and produce positive results. Future adoption of ERM may be slow as it is considered a "soft" aspect, but its principles are becoming
Governance in Enterprise Risk Management
Presented by Michael Lawrence
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Macclesfield
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
Digital technologies, devices and
media have brought us great
benefits and offer enormous
opportunities but their use also
exposes us to significant risks.
The media regularly present us
with examples of organisations
that have suffered financial loss
and reputational damage as a
result of problems arising from
their information technology
systems, whether this is as a result
of human error, deliberate
wrongdoing or some other form
of technology systems failure.
Governments and regulators
are getting interested and are
increasingly calling on businesses
to take action to protect both their
own assets and also the national
infrastructure.
https://www.theirmindia.org/
Julia Graham
Technical Director and Deputy CEO, Airmic
Immediate Past President and Board Member, FERMA
The Fourth Revolution Managing risk in a changing worldAre you a tenant or an owner?
5th April 2016
Moscow
Failure deriving from underestimating risk managementPECB
What is risk? Why are organizations concerned with it?
Whether it is driving, taking a shower or just going at the grocery store, everyone exposes themselves to risk. Organizations face internal and external risks that endanger the possibility of achieving their goals and objectives. As the world becomes more unpredictable, the concept of risk has turned into a major concern to professionals of different industries. According to ISO 31000, risk is the effect of uncertainty on objectives. In addition, risk management is the process of identifying, analyzing, and prioritizing risks. The goal of risk management is to manage risks before they affect the organization.
Integrating Risk Management Processes into Decision Making Case Study of the University of California
Erike Young, MPPA, CSP, ARM-EVice-Chair, U.S. TAG to ANSI for ISO TC262--Risk Management (ISO 31000)
Deloitte’s risk management philosophy – Risk Intelligence (RI), focuses on maintaining the right balance between risk and reward. Asking the right questions and finding effective answers to them is critical to developing the right risk management capabilities. Most organizations already have a multitude of Enterprise Risk Management (ERM) practices and processes to address risks but the lack of a strategic view to an ERM program, can expose risk management gaps and redundancies and prevent sufficient insight into key risk interdependencies
6 Pitfalls when Implementing Enterprise Risk ManagementPECB
This webinar covers seven common pitfalls faced when establishing enterprise risk management. Also, it conveys the commitment necessary for the proper implementation in order to achieve organizational objectives over time.
Main points covered:
Major drawbacks in Enterprise Risk Management
• Weak tone at the top
• Focusing on issues instead of risks
• Not embedding ERM within business
• Not rethinking perspective towards risk
• Unidimensional risk evaluation
• Vague risk responses
Presenter:
Shady Hallab is an Experienced Manager at PricewaterhouseCoopers LLP in Montreal. He focuses mainly on managing and directing enterprise risk management programs and acts as a risk advisor for evaluating and recommending risk solution best practices for a wide range of private, public and government organizations.
Link of the recorded session published on YouTube: https://youtu.be/GRj_GdIqIo4
The document discusses assessing and improving an organization's risk culture. It provides Deloitte's risk culture framework and describes four organizational influencers and sixteen key indicators that can be used to assess risk culture. It then gives examples of steps organizations can take to improve risk culture, such as ensuring tone from the top leadership, education and training programs for staff, effective internal communication, and involving all staff.
FERMA presentation at the IIA Belgium ConferenceFERMA
This document discusses coordination of assurance functions from the perspective of FERMA, an organization representing risk and insurance managers. It highlights the different risks faced by corporations and FERMA members according to various surveys. These include economic, regulatory, and environmental risks. The document also discusses resilience and how organizations can adapt to risks through early risk detection, diversification, relationships, crisis response, and experience. Finally, it examines standards for risk management like ISO 31000 and COSO, as well as relationships between risk, audit, and other assurance functions within organizations.
Andy Cox
Director Control Risks, UK
Новое исследование Control Risks на тему управления рисками и бизнес устойчивости в мире. В рамках исследования оценивается способность организаций идентифицировать, анализировать риски и разрабатывать адаптивные стратегии управления рисками
This document discusses enterprise risk management (ERM) frameworks at two companies - Infosys and Rolls Royce. It finds that both companies manage risks through a mixture of internal management techniques and standard risk management processes. A risk managing culture is evident in both companies' management philosophies. The ERM programs at both include components like internal environment oversight, control activities, information/communication, and monitoring roles.
1) The document describes a large financial organization that uses MetricStream's operational risk management solution to improve collaboration, integrate risk processes across subsidiaries, and gain real-time insights into operational risks.
2) Previously, each subsidiary managed risks separately using siloed systems and processes, which led to duplication and lack of transparency.
3) MetricStream provided an integrated GRC platform to automate workflows, conduct risk assessments, define controls, and monitor key risk indicators across the organization. This improved efficiency, transparency, and proactive risk management.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
A structured approach to Enterprise Risk Management (ERM) and the requirement...Hassan Zaitoun
This document provides a structured approach to implementing enterprise risk management (ERM) based on ISO 31000. It discusses key risk management principles, including defining risk, establishing a risk management process, and creating a risk-aware culture. The document advocates developing a risk architecture, strategy, and protocols to provide proper context for risk activities. It also summarizes ISO 31000's risk management process of risk identification, evaluation, response, resourcing, reaction planning, and reporting.
Enterprise risk management (ERM) is a process designed to identify and manage risks across an organization so the entity can achieve its objectives. It involves assessing all potential risks an organization faces from various areas including operations, strategy, finance, technology and more. The key goals of ERM are to increase company value, ensure business continuity, and stabilize earnings. Implementing a successful ERM program requires senior management commitment, embedding a risk culture, clear accountability, and effective communication. ERM can give organizations a competitive advantage when practiced systematically.
This document provides an overview of combined assurance and how to develop an effective combined assurance model. It discusses obtaining a multi-dimensional view of risk, identifying key role players in assurance, determining the appropriate number of lines of defense, and mapping assurance providers to risks, controls and objectives. The goal of combined assurance is to maximize governance and risk oversight through an integrated and aligned approach to assurance.
Enterprise Risk Management (ERM); From theory to practiceSegun Ogunwale
This document outlines the theory and practice of enterprise risk management (ERM). It discusses how ERM works differently in private versus public sector organizations due to differences in goals and risk tolerance. The document proposes a framework for implementing ERM with five phases: risk governance, risk assessment, risk quantification, risk monitoring and reporting, and risk optimization. It also describes steps to implement ERM such as obtaining buy-in, building an ERM foundation, conducting risk assessments, ongoing monitoring, and developing reporting. Roadblocks to implementation like resistance to change are also addressed.
This document discusses incorporating risk management into business continuity planning (BCP). It defines risk and different types of risk including hazard, financial, operational, and strategic risk. It explains that risk management aims to increase success and reduce failure, while business continuity management provides resilience and response capabilities. Key aspects of risk management and business continuity management are compared. Trends in risk management are discussed like more "emergent problems" and the need for comprehensive governance models. The implications for practitioners emphasize adopting risk management as a normal business strategy and gradually increasing testing complexity.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
Enterprise risk management (ERM) takes a comprehensive, top-down approach to identifying and managing an organization's risks. It considers strategic, operational, pure and speculative risks across the entire organization rather than managing risks in silos. A typical ERM process involves identifying benefits, acquiring board support, developing risk procedures, determining risk appetite, and fostering a risk-aware culture. Barriers to effective ERM include difficulties defining risk appetite and a lack of requests to change risk management approaches. The 2012 Super Bowl in Indianapolis demonstrated how ERM can be applied to large-scale event planning and produce positive results. Future adoption of ERM may be slow as it is considered a "soft" aspect, but its principles are becoming
Governance in Enterprise Risk Management
Presented by Michael Lawrence
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Macclesfield
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
Digital technologies, devices and
media have brought us great
benefits and offer enormous
opportunities but their use also
exposes us to significant risks.
The media regularly present us
with examples of organisations
that have suffered financial loss
and reputational damage as a
result of problems arising from
their information technology
systems, whether this is as a result
of human error, deliberate
wrongdoing or some other form
of technology systems failure.
Governments and regulators
are getting interested and are
increasingly calling on businesses
to take action to protect both their
own assets and also the national
infrastructure.
https://www.theirmindia.org/
Julia Graham
Technical Director and Deputy CEO, Airmic
Immediate Past President and Board Member, FERMA
The Fourth Revolution Managing risk in a changing worldAre you a tenant or an owner?
5th April 2016
Moscow
Failure deriving from underestimating risk managementPECB
What is risk? Why are organizations concerned with it?
Whether it is driving, taking a shower or just going at the grocery store, everyone exposes themselves to risk. Organizations face internal and external risks that endanger the possibility of achieving their goals and objectives. As the world becomes more unpredictable, the concept of risk has turned into a major concern to professionals of different industries. According to ISO 31000, risk is the effect of uncertainty on objectives. In addition, risk management is the process of identifying, analyzing, and prioritizing risks. The goal of risk management is to manage risks before they affect the organization.
Integrating Risk Management Processes into Decision Making Case Study of the University of California
Erike Young, MPPA, CSP, ARM-EVice-Chair, U.S. TAG to ANSI for ISO TC262--Risk Management (ISO 31000)
Deloitte’s risk management philosophy – Risk Intelligence (RI), focuses on maintaining the right balance between risk and reward. Asking the right questions and finding effective answers to them is critical to developing the right risk management capabilities. Most organizations already have a multitude of Enterprise Risk Management (ERM) practices and processes to address risks but the lack of a strategic view to an ERM program, can expose risk management gaps and redundancies and prevent sufficient insight into key risk interdependencies
6 Pitfalls when Implementing Enterprise Risk ManagementPECB
This webinar covers seven common pitfalls faced when establishing enterprise risk management. Also, it conveys the commitment necessary for the proper implementation in order to achieve organizational objectives over time.
Main points covered:
Major drawbacks in Enterprise Risk Management
• Weak tone at the top
• Focusing on issues instead of risks
• Not embedding ERM within business
• Not rethinking perspective towards risk
• Unidimensional risk evaluation
• Vague risk responses
Presenter:
Shady Hallab is an Experienced Manager at PricewaterhouseCoopers LLP in Montreal. He focuses mainly on managing and directing enterprise risk management programs and acts as a risk advisor for evaluating and recommending risk solution best practices for a wide range of private, public and government organizations.
Link of the recorded session published on YouTube: https://youtu.be/GRj_GdIqIo4
The document discusses assessing and improving an organization's risk culture. It provides Deloitte's risk culture framework and describes four organizational influencers and sixteen key indicators that can be used to assess risk culture. It then gives examples of steps organizations can take to improve risk culture, such as ensuring tone from the top leadership, education and training programs for staff, effective internal communication, and involving all staff.
FERMA presentation at the IIA Belgium ConferenceFERMA
This document discusses coordination of assurance functions from the perspective of FERMA, an organization representing risk and insurance managers. It highlights the different risks faced by corporations and FERMA members according to various surveys. These include economic, regulatory, and environmental risks. The document also discusses resilience and how organizations can adapt to risks through early risk detection, diversification, relationships, crisis response, and experience. Finally, it examines standards for risk management like ISO 31000 and COSO, as well as relationships between risk, audit, and other assurance functions within organizations.
Andy Cox
Director Control Risks, UK
Новое исследование Control Risks на тему управления рисками и бизнес устойчивости в мире. В рамках исследования оценивается способность организаций идентифицировать, анализировать риски и разрабатывать адаптивные стратегии управления рисками
This document discusses enterprise risk management (ERM) frameworks at two companies - Infosys and Rolls Royce. It finds that both companies manage risks through a mixture of internal management techniques and standard risk management processes. A risk managing culture is evident in both companies' management philosophies. The ERM programs at both include components like internal environment oversight, control activities, information/communication, and monitoring roles.
1) The document describes a large financial organization that uses MetricStream's operational risk management solution to improve collaboration, integrate risk processes across subsidiaries, and gain real-time insights into operational risks.
2) Previously, each subsidiary managed risks separately using siloed systems and processes, which led to duplication and lack of transparency.
3) MetricStream provided an integrated GRC platform to automate workflows, conduct risk assessments, define controls, and monitor key risk indicators across the organization. This improved efficiency, transparency, and proactive risk management.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
The document discusses Harnser Group, a company that provides international security risk management services. It summarizes that Harnser Group offers cost-effective and flexible solutions tailored to clients' unique needs, drawing on extensive experience working with governments and corporations. It also emphasizes that Harnser Group takes a holistic approach to security and keeps up-to-date on the latest techniques through ongoing research programs.
The new guidance is based on IRM’s professional standards and is aimed at organisations of all types seeking to recruit a Chief Risk Officer (CRO), perhaps their first, or to make other senior risk appointments.
This risk management essay discusses key risks that construction project managers must consider. It notes that risk is present at all stages of a project's life cycle and must be jointly managed. Poor risk mitigation can negatively impact a project's performance, so proper risk management processes are essential. Specific risks addressed include cost overruns, delays, quality issues, regulatory changes, interest rate fluctuations, and exchange rate volatility for international projects. The essay emphasizes the importance of identifying and mitigating risks to help ensure construction projects are successful.
An approach to erm in the insurance industry apria 2002 rama warrier&preetiRama Warrier
This document discusses implementing an Enterprise Risk Management (ERM) approach for an insurance company. It begins by defining ERM as a holistic approach to managing all risks across an organization, rather than managing risks individually. The document then outlines key risks for an insurance company, including marketplace risks, operational risks, international risks, mergers and acquisitions risks, and others. It proposes a four-phase ERM strategy for insurance companies: 1) Identifying risks, 2) Quantifying risks through modeling and analysis, 3) Measuring and evaluating risks, and 4) Managing and monitoring risks on an ongoing basis. The goal is to develop an integrated risk management process to help insurance companies optimize decision-making and meet business objectives
This document discusses risk management strategies. It begins by defining risk and its importance in projects and organizations. It then discusses different risk management strategies used by healthcare companies to control costs and ensure sustainability. It also discusses using a risk matrix to help assess and estimate different risk levels and the appropriate handling strategies. Finally, it discusses identifying risks in the critical path of a project as the first step in the risk management process in order to determine what specific risks may affect the project and help mitigate delays.
Gandu Discussion-14COLLAPSETop of FormThe ERM implementati.docxshericehewat
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The ERM implementation at Workers’ Compensation Fund and Zurich Insurance Group are similar in many ways. For example, both organizations have an established Chief Risk Officer (CRO) with distinct roles. The CRO position at Workers’ Compensation Fund was established in 2010, and the purpose of the office was to develop and monitor the organization’s ERM strategy, processes, and policies as directed by the CEO, the Risk Oversight Committee, and the Board (Fraser, Simkins, and Narvaez, 2014, p. 209-10). Zurich Insurance Group also has a CRO whose central role is to provide the CEO, the Board, and the Risk Committee with risk-related information (Fraser et al., 2014, p. 258-59). Besides having similar roles, the CROs of both organizations report to the same authorities.
Both organizations also have an independent risk audit. At the Workers’ Compensation Fund, auditing is external, and the CRO introduced it in 2011 as a "third-party review” (Fraser et al., 2014, p. 215). Similarly, Zurich Insurance Group consults external expertise on risk matters. For example, the company seeks external knowledge from the Natural Catastrophe Advisory Council (Fraser et al., 2014, p. 261). Zurich Insurance Group, however, has an internal audit function that forms the "third line of defense" in its risk governance approach (p. 256). Another aspect that is conspicuously similar between the two organizations is the role of the Board in ERM. Both companies have a risk committee made up of board members. Workers’ Compensation Fund, the board’s ERM functions are carried out through the Risk Oversight Committee. At Zurich Insurance Group, a Board-level Risk Committee exists, and it defines the Board's Role in ERM. Also, ERM is considered a part of all business operations, including strategic planning and budgeting.
The implementation of ERM depends on the size of an organization and the level of risks it faces. In implementing an ERM, I would follow the strategies used by these two organizations because they offer a clear path to achieving ERM. A step-by-step process used to implement ERM is depicted, and it is initiated and governed by not only the CRO but also the CEO and the Board. In the future, ERM implementation will get better. New risk assessment matrices will make risk identification more comfortable, and the role of CRO's will become easier when all members of the organization, including CEOs and the Board of Directors, assume active roles in ERM implementation.
Reference
Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. John Wiley & Sons.
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The initial phase in making a successful hazard the executives framework is to comprehend the subjective differentiations among the kinds of dangers that associations face. Our field explore shows that dangers can be categorized as one of three classificatio ...
This document discusses how organizations can better integrate strategy and risk management. It argues that while risk management has received increased focus due to regulation, strategic risk remains the primary cause of shareholder value destruction. Strategic risk is often not properly addressed because the risk agenda is driven by regulators rather than business needs. The document suggests that risk management should be integrated into all stages of strategic planning and management, and that separate risk and strategy functions are needed to balance risk mitigation with maximizing opportunity. Effective strategic risk management can help organizations anticipate threats to strategy implementation and turn some risks into strategic opportunities.
This document discusses managing information and technology risk in a changing business environment. It argues that managing risk is now vital to maximizing commercial potential and protecting brands and reputations from cyber threats. However, security strategies must be flexible to adapt to new technologies and business models. Effective risk management requires assessing realistic threats, prioritizing risks, and presenting risks in a business context. It also requires accounting for changing business dynamics and integrating risk management across the organization rather than taking a siloed approach.
The document discusses risk management challenges in a VUCA (volatile, uncertain, complex, ambiguous) business environment. It describes key aspects of the VUCA landscape including disruptive technologies, risks from events like pandemics or natural disasters. To effectively manage risks, companies must embrace VUCA and have a risk-based decision making process across all levels. They also need to monitor early warning indicators, think beyond standard responses, and ensure everyone in the organization is risk-aware and accountable. Conducting independent reviews can help ensure a company's risk management system remains fit for the changing VUCA context.
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Afrox on risk: thriving in uncertain times in Africa
1. “Companies that used to rely solely
on forecasts and projections have
learned to respond in a far more
agile way to market changes; now,
they have the added focus to
proactively manage risk to succeed.
“One of the main threats to
businesses today is unidentified
risk. The need to focus on
identifying, understanding and
managing risks before they impact
the business has become a core
management responsibility,”
says Venter.
Venter leads a business in the
toughest of environments – the
volatile and unstable emerging
markets of Africa.
This year, Afrox celebrates 92 years
in business, operating in eight African
countries and employing more than
2,000 staff. The company manages
five more African operations on behalf
of its parent, Linde plc; a global
player with 80,000 employees in over
100 countries, all working together
for a business close to US$30bn in
revenue and US$90bn in market
capitalisation.
Afrox’s customer portfolio is a litmus
of South Africa’s business and
economic health. The company
supplies heavy and light industry,
steel producers, mining, fabrication,
construction, automotive, agriculture,
healthcare and hospitality, to name a
few markets.
JSE-listed Afrox is operationally
strong, structurally sound and well
positioned to manage risk and
confidently seize the opportunities
as they arise.
“Risk and the management of risk is
no stranger to us,” confirms Venter.
“Afrox has successfully managed
risk as part of good business and
governance for decades in an
environment that is beset with
constant ups and downs, be it on
the economic or political front.” In
2015/16, Afrox successfully
underwent a total restructure to align
operating costs, and risks with the
economic realities of continued low
growth in its power zone of South
Africa.
“Executive management decided a
natural and prudent progression to
growing our business would be to
engage a fresh set of eyes, with new
and innovative ideas around the very
real risks our industry and markets
face today. Turner & Townsend
brought the fresh perspective we
were looking for,” confirms Venter.
The ability to recognise and
manage risk enables leaders to
act decisively regarding critical
business decisions.
Objective assessment of the level
and nature of risks facing a business
provides a high level of confidence for
leaders to deal with risk effectively.
“This is where Turner & Townsend
has added significant value for
Afrox,” says Venter. “Through
implementation of an effective risk
management process, we can now
identify and assess potential
problems before they occur so that
mitigation activities can be planned
and implemented.”
Afrox’s risk awareness has steadily
matured, reflecting management’s
commitment to evolving risk
management. Risk awareness is
not just “another initiative”; it is
embedded in the day-to-day
management of operations, says
Venter. “But transforming the culture
to a risk-aware culture requires
continuous engagement and close
interaction between the Turner &
Townsend team and the various
Afrox sites and divisions in order to
understand the risks we face on a
daily basis,” says Venter.
Companies can better understand the
true risk underlying their exposure
when developing their operational
strategies via risk intelligence
management and the integration of
the risk management perspectives
throughout the business; this
ultimately leads to quality decisions,
sustainable solutions and value for all
stakeholders, says Afrox’s Managing
Director.
Today, businesses face constantly
changing risks including security
of supply, institutional bad debt,
regulatory risk, increasing
competition, potential reputational
damage, business interruption,
commodity and price risk, cash flow
and liquidity risks, industrial action
and political risk.
While external risks may
not be within management’s
direct control, the ability to
understand them, mitigate and
react quickly is.
Without this ability a business cannot
possibly define its objectives for the
future with any certainty. In turn, if
a management team sets objectives
without taking the risks into
consideration, chances are the
leadership will be blindsided, and lose
control and direction when these risks
materialise, says Venter.
He adds: “Afrox undertook a Business
Continuity Management (BCM)
project for our disaster recovery
processes. This enables us to build
organisational resilience by
proactively identifying and planning
to minimise the impact of risks that
could affect our objectives, operations
and infrastructure. The BCM process,
developed with Turner & Townsend,
provides Afrox the capability to
ensure continuity of operations and
activities following any disruptive
event.”
As a leading business, Afrox
understands the social, economic
and governance environment has
deteriorated, and the decline is likely
to continue. “We believe that in such
uncertain times risk activism is
critical for success, and leading and
guiding the business and ensuring
risk management is an integrated
part of our strategic and operational
thinking and implementation,”
confirms Venter.
To ensure ongoing robustness
of BCM, the team tests the
effectiveness of Afrox’s risk
management and then reports to the
Executive, Audit Committee and the
board. “BCM is a reactive process in
the risk management cycle and
outlines the actions to take in a
crisis to protect life, property and
to contain the event,” says Venter.
He adds: “Afrox’s BCM framework
is essential in fortifying the critical
business process. The framework
informs the response to, and
recovery from, disruptive incidents.
We have incorporated material
risks that could seriously impact
the execution of the company’s
strategy, and its value creation
goals, into the decision-making
process. Risks are then elevated to
the appropriate decision-makers
and ultimately to the board when
they require strategic action.”
In 2018, Afrox rolled out a full BCM
programme across South Africa,
developing and testing 28 Business
Continuity Plans, including digital
and cyber security, within its
business units and sites.
“Across the board Afrox is now
a fit-for-purpose, sustainable
business, and shareholder
expectations as to our ongoing
performance are at their highest for
nearly a decade.”
Client interview
Afrox on risk:
thriving in uncertain
times in
AfricaRisk management is a key imperative for businesses to remain robust and
sustainable in today’s volatile and competitive economic environment, says
African Oxygen Limited (Afrox) Managing Director, Schalk Venter.
Schalk Venter
Managing
Director, Afrox
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