The document discusses education programs for risk management training and summarizes the risk management approaches of two charities - Marie Curie Cancer Care and Plan International. It outlines the ISO 31000 risk management framework including risk identification, assessment, treatment, and monitoring and review. It also discusses factors that influence risk perception and different risk assessment techniques.
European Trends in Travel Risk Management 2015FERMA
This document discusses travel risk management for work-related international travel and assignments. It begins with an overview of the growing trend of international business travel and mobile workforces. It then outlines some of the health, safety, and security risks involved with international travel. Finally, it discusses how travel risk management is an important part of an organization's duty of care towards its international workers and expatriates. The document aims to help organizations better understand their responsibilities and provide recommendations to implement effective travel risk management policies.
The International Association of Emergency Managers (IAEM) is a professional organization that promotes emergency management principles and provides professional development opportunities for its members. It was founded in 1952 and has grown to over 5,000 members worldwide. IAEM aims to advance the emergency management profession through standards, partnerships, advocacy, and scholarships.
The Federation of European Risk Management Associations (FERMA) and its member associations have agreed to create a European certificate of professional competence for risk managers. FERMA Vice President Michel Dennery announced the consensus at FERMA Forum 2013. The certification project will leverage existing education programs from FERMA's eight member associations that already offer training. FERMA will define the certification scope over the next year with input from member associations. The International Association of Risk and Insurance Management Associations will also pursue an international certificate.
Whistleblowing how to manage reputational risks - 8th webinar 16 nov 2017FERMA
Companies need to incorporate whistleblowing procedures into their corporate culture. Whistleblowing is an instrument used to reinforce trust inside the company and to strengthen corporate culture.
It helps to safeguard and uphold tenets such as corporate integrity, anti-corruption, anti-bribery regulations and codes of ethics. It also forms a key means of addressing wrongdoing and dysfunctional behaviour.
The participants were Michel de Fabiani (Non-Executive Director Valeo/Valco/Ebtrans), Kate Kenny (Professor in Management and Organisation Studies at Queen’s University Belfast), Richard Eveleigh (AIG) and Alex Lowe, Senior Associate for Mills & Reeve LLP.
The webinar was moderated by Dr. Roger Barker, Senior Consultant, Institute of Directors, IoD, UK.
The webinar covered:
- How is whistleblowing integrated in the corporate culture? What type of education/training is needed to support the process?
- With the whistleblower phenomenon increasing, institutions have started taking measures to handle it. What are the best practices?
- The role division / allocation between internal auditors, risk managers and board members.
The document provides an overview of classic credit products and their building blocks, including:
- Basic building blocks include principal, interest, notional amount, and maturity date. Mid-level blocks join these and include bonds, loans, and structured products.
- The most important instruments are discussed in detail, such as bonds, loans, and structured products like collateralized debt obligations.
- Different types of bonds, loans, and their key characteristics are defined.
The Influence of Public Awareness and Transparency on Corporate Governance an...Global Risk Forum GRFDavos
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
Presentation given by Vincent Tophoff, IFAC Senior Technical Manager, on risk management and internal control at the Second International ISO 31000 Conference in Toronto, May 2013.
European Trends in Travel Risk Management 2015FERMA
This document discusses travel risk management for work-related international travel and assignments. It begins with an overview of the growing trend of international business travel and mobile workforces. It then outlines some of the health, safety, and security risks involved with international travel. Finally, it discusses how travel risk management is an important part of an organization's duty of care towards its international workers and expatriates. The document aims to help organizations better understand their responsibilities and provide recommendations to implement effective travel risk management policies.
The International Association of Emergency Managers (IAEM) is a professional organization that promotes emergency management principles and provides professional development opportunities for its members. It was founded in 1952 and has grown to over 5,000 members worldwide. IAEM aims to advance the emergency management profession through standards, partnerships, advocacy, and scholarships.
The Federation of European Risk Management Associations (FERMA) and its member associations have agreed to create a European certificate of professional competence for risk managers. FERMA Vice President Michel Dennery announced the consensus at FERMA Forum 2013. The certification project will leverage existing education programs from FERMA's eight member associations that already offer training. FERMA will define the certification scope over the next year with input from member associations. The International Association of Risk and Insurance Management Associations will also pursue an international certificate.
Whistleblowing how to manage reputational risks - 8th webinar 16 nov 2017FERMA
Companies need to incorporate whistleblowing procedures into their corporate culture. Whistleblowing is an instrument used to reinforce trust inside the company and to strengthen corporate culture.
It helps to safeguard and uphold tenets such as corporate integrity, anti-corruption, anti-bribery regulations and codes of ethics. It also forms a key means of addressing wrongdoing and dysfunctional behaviour.
The participants were Michel de Fabiani (Non-Executive Director Valeo/Valco/Ebtrans), Kate Kenny (Professor in Management and Organisation Studies at Queen’s University Belfast), Richard Eveleigh (AIG) and Alex Lowe, Senior Associate for Mills & Reeve LLP.
The webinar was moderated by Dr. Roger Barker, Senior Consultant, Institute of Directors, IoD, UK.
The webinar covered:
- How is whistleblowing integrated in the corporate culture? What type of education/training is needed to support the process?
- With the whistleblower phenomenon increasing, institutions have started taking measures to handle it. What are the best practices?
- The role division / allocation between internal auditors, risk managers and board members.
The document provides an overview of classic credit products and their building blocks, including:
- Basic building blocks include principal, interest, notional amount, and maturity date. Mid-level blocks join these and include bonds, loans, and structured products.
- The most important instruments are discussed in detail, such as bonds, loans, and structured products like collateralized debt obligations.
- Different types of bonds, loans, and their key characteristics are defined.
The Influence of Public Awareness and Transparency on Corporate Governance an...Global Risk Forum GRFDavos
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
Presentation given by Vincent Tophoff, IFAC Senior Technical Manager, on risk management and internal control at the Second International ISO 31000 Conference in Toronto, May 2013.
The document discusses strategies, tactics, and practices for managing risk and opportunity in commercial relationships. It addresses assessing risk through a strategic lens, defining core and non-core activities, and ensuring contracts address key risks. Tactics discussed include commitment management, applying best practices flexibly, and focusing on relationships over contracts alone. The benefits of risk resilience and its links to corporate governance are also covered.
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.
This document provides an overview of compliance and risk management concepts. It discusses compliance as the minimum legal standard and the importance of also implementing good risk management practices. The document outlines the six main phases of the compliance process: understand legal obligations, create an obligations register, assess compliance risks, manage obligations, monitor and evaluate compliance, and communicate and report. It also discusses establishing the context for risk management, identifying risks, analyzing and evaluating risks, treating risks, and monitoring and reviewing the risk management process. The case study examples demonstrate how these concepts apply to specific compliance scenarios.
ISO 31000 is an international standard for risk management that defines risk as the effect of uncertainty on objectives. It provides principles and guidelines for managing risk in a methodological way to help organizations achieve their objectives. The standard advocates establishing the context, risk assessment, and treatment as well as continual communication and monitoring throughout the risk management process. It can be applied across various types of risks, industries, and organizations to help systematically and strategically manage risk.
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.
This document discusses the concepts of risk and risk management. It defines risk as the chance of harm, loss, or negative consequences. Risks can be physical, financial, or related to reputation. Risk management involves identifying risks, measuring their probability and severity, controlling risks through prevention or mitigation, and financing risks through insurance or other means. The document provides examples of different types of risks like political risk and discusses challenges in practical risk management like organizational competence and conflicting objectives.
Employees And Fraud Risks - UiTM Masters in Accounting Special LectureKenny Ong
The document discusses fraud risks and risk management strategies at CNI Holdings Berhad, a Malaysian MLM company. It describes several fraud cases CNI experienced, including ticket overclaims, undercutting sales leaders, and cash embezzlement. It then outlines CNI's framework for risk mitigation, including defining risks, reducing likelihood and impact, monitoring risks, and conducting fraud investigations. New fraud risks from changes like e-commerce are also discussed. Throughout, lessons learned about preventing fraud through effective culture, policies, and oversight are emphasized.
The Charlotte Convention Center will host the Independent Party convention. As the host, it will facilitate various convention activities. Parades and demonstrations during political conventions pose greater risks than other events like speeches and seminars. Therefore, the risk management plan will address risks associated with parades and demonstrations, and propose solutions to reduce these risks.
- FERMA is an organization with 22 member associations in 20 countries representing over 4,300 risk management professionals.
- It focuses on helping members address global risks like economic crises, climate change, and political instability, as well as developing risk management best practices.
- The presentation calls for organizations to take a broader, more strategic approach to resilience by improving risk monitoring, contingency planning, and responsiveness to crises.
The document discusses the organizational response of Company X to the COVID-19 crisis. It outlines the key phases of the crisis (pre-crisis, crisis, post-crisis) and the roles and responsibilities of Company X's crisis management team during each phase. The crisis management team includes roles like the Operations Advisor and HR Advisor. The Operations Advisor is responsible for business continuity planning and ensuring operational continuity during a crisis. The HR Advisor focuses on employee communication and support. The document also describes Company X's crisis communication plan, including internal and external communication protocols and designated spokespeople.
Strengths And Methods Of Risk Analysis And Risk ManagementNina Vazquez
This document outlines a risk management plan for a company. It discusses the risk management process, which involves identifying risks, analyzing risks, and managing risks to acceptable levels. The plan defines how the company will identify, analyze, and manage risks throughout the lifecycle of projects. It details how risk will be prioritized and monitored. Implementing an effective risk management plan and process is important for companies to anticipate, prepare for, and reduce potential threats and losses.
This document provides an overview of risk management and controlling. It defines risk and uncertainty, and describes different types of uncertainties. It then discusses risk management, focusing on the ISO 31000 standard for risk management. ISO 31000 provides principles and guidelines for managing risk effectively. The document also covers risk identification, analysis, evaluation, and treatment. It provides a business example of controlling risks in equipment delivery. Finally, it discusses financial risk and strategies for controlling market, credit, liquidity, and operational financial risks.
Julia Graham's presentation to FUEDI general assembly 2014FERMA
The document summarizes key points from a FUEDI General Assembly meeting on risk management. It discusses FUEDI's purpose of coordinating risk management in Europe and supporting members. It also outlines some of the top global risks identified by the World Economic Forum, including political instability, unemployment, natural disasters, and cyber attacks. The document advocates for risk management to become a strategic business discipline and for risk managers to develop business leadership skills.
Presented at the MENA-OECD Business Integrity Training, 22-25 April, Kuwait. Organised by the MENA-OECD Investment Programme in cooperation with the IMF-Middle East Center for Economics and Finance
This document outlines the key points from a presentation on anti-corruption compliance given by Iohann Le Frapper. It discusses the basics of anti-corruption standards and definitions, the importance of risk assessment to identify high risk areas, how to conduct due diligence on business partners, and guidance on adequate anti-corruption procedures from the UK Bribery Act.
Risk Management Presentation to Doyle Property Clubmarcpreston
Effective risk management for Contractors , Specialist trades, Property Developers and Homeowners.
Spending 80% of the effort to avoid problem arising rather than 80% effort sorting them after the event.
Risk management: the systematic application of management policies , procedures and practices to the tasks of identifying , analysing , assessing , treating and monitoring risk.
The document discusses principles of risk and risk management. It defines risk as the combination of the likelihood and impact of an uncertain event. Risk management aims to improve the future by anticipating and managing risks. The document outlines key concepts like types of risk, risk standards, and enterprise risk management (ERM). ERM takes a top-down approach to identify, assess, and mitigate risks across an organization. Implementing ERM involves defining risk strategies, assigning responsibilities, and continually monitoring and adapting to changes.
This document provides an overview and analysis of how various UK companies approach designing and implementing risk appetite statements based on the UK Corporate Governance Code and Financial Reporting Council guidance. It finds that while practice varies, risk appetite statements are becoming an increasingly important tool for boards to evaluate risks to strategy and business models. The document analyzes company reporting on risk appetite statements in areas such as context, design, implementation, monitoring and governance. It also provides examples of risk appetite statements and lessons for risk professionals in developing robust statements aligned with business objectives.
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
Disaster risk reduction and nursing - human science research the view of surv...Global Risk Forum GRFDavos
6th International Disaster and Risk Conference IDRC 2016 Integrative Risk Management - Towards Resilient Cities. 28 August - 01 September 2016 in Davos, Switzerland
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The document discusses strategies, tactics, and practices for managing risk and opportunity in commercial relationships. It addresses assessing risk through a strategic lens, defining core and non-core activities, and ensuring contracts address key risks. Tactics discussed include commitment management, applying best practices flexibly, and focusing on relationships over contracts alone. The benefits of risk resilience and its links to corporate governance are also covered.
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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.
This document provides an overview of compliance and risk management concepts. It discusses compliance as the minimum legal standard and the importance of also implementing good risk management practices. The document outlines the six main phases of the compliance process: understand legal obligations, create an obligations register, assess compliance risks, manage obligations, monitor and evaluate compliance, and communicate and report. It also discusses establishing the context for risk management, identifying risks, analyzing and evaluating risks, treating risks, and monitoring and reviewing the risk management process. The case study examples demonstrate how these concepts apply to specific compliance scenarios.
ISO 31000 is an international standard for risk management that defines risk as the effect of uncertainty on objectives. It provides principles and guidelines for managing risk in a methodological way to help organizations achieve their objectives. The standard advocates establishing the context, risk assessment, and treatment as well as continual communication and monitoring throughout the risk management process. It can be applied across various types of risks, industries, and organizations to help systematically and strategically manage risk.
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.
This document discusses the concepts of risk and risk management. It defines risk as the chance of harm, loss, or negative consequences. Risks can be physical, financial, or related to reputation. Risk management involves identifying risks, measuring their probability and severity, controlling risks through prevention or mitigation, and financing risks through insurance or other means. The document provides examples of different types of risks like political risk and discusses challenges in practical risk management like organizational competence and conflicting objectives.
Employees And Fraud Risks - UiTM Masters in Accounting Special LectureKenny Ong
The document discusses fraud risks and risk management strategies at CNI Holdings Berhad, a Malaysian MLM company. It describes several fraud cases CNI experienced, including ticket overclaims, undercutting sales leaders, and cash embezzlement. It then outlines CNI's framework for risk mitigation, including defining risks, reducing likelihood and impact, monitoring risks, and conducting fraud investigations. New fraud risks from changes like e-commerce are also discussed. Throughout, lessons learned about preventing fraud through effective culture, policies, and oversight are emphasized.
The Charlotte Convention Center will host the Independent Party convention. As the host, it will facilitate various convention activities. Parades and demonstrations during political conventions pose greater risks than other events like speeches and seminars. Therefore, the risk management plan will address risks associated with parades and demonstrations, and propose solutions to reduce these risks.
- FERMA is an organization with 22 member associations in 20 countries representing over 4,300 risk management professionals.
- It focuses on helping members address global risks like economic crises, climate change, and political instability, as well as developing risk management best practices.
- The presentation calls for organizations to take a broader, more strategic approach to resilience by improving risk monitoring, contingency planning, and responsiveness to crises.
The document discusses the organizational response of Company X to the COVID-19 crisis. It outlines the key phases of the crisis (pre-crisis, crisis, post-crisis) and the roles and responsibilities of Company X's crisis management team during each phase. The crisis management team includes roles like the Operations Advisor and HR Advisor. The Operations Advisor is responsible for business continuity planning and ensuring operational continuity during a crisis. The HR Advisor focuses on employee communication and support. The document also describes Company X's crisis communication plan, including internal and external communication protocols and designated spokespeople.
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This document outlines a risk management plan for a company. It discusses the risk management process, which involves identifying risks, analyzing risks, and managing risks to acceptable levels. The plan defines how the company will identify, analyze, and manage risks throughout the lifecycle of projects. It details how risk will be prioritized and monitored. Implementing an effective risk management plan and process is important for companies to anticipate, prepare for, and reduce potential threats and losses.
This document provides an overview of risk management and controlling. It defines risk and uncertainty, and describes different types of uncertainties. It then discusses risk management, focusing on the ISO 31000 standard for risk management. ISO 31000 provides principles and guidelines for managing risk effectively. The document also covers risk identification, analysis, evaluation, and treatment. It provides a business example of controlling risks in equipment delivery. Finally, it discusses financial risk and strategies for controlling market, credit, liquidity, and operational financial risks.
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The document summarizes key points from a FUEDI General Assembly meeting on risk management. It discusses FUEDI's purpose of coordinating risk management in Europe and supporting members. It also outlines some of the top global risks identified by the World Economic Forum, including political instability, unemployment, natural disasters, and cyber attacks. The document advocates for risk management to become a strategic business discipline and for risk managers to develop business leadership skills.
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Spending 80% of the effort to avoid problem arising rather than 80% effort sorting them after the event.
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Education Programmes for RM: Training for Tomorrow's Professionals
1. Education Programmes for RM: Training for Tomorrow’s Professionals Our Experience Carl Dunckley Risk Control Manager Insert date in title case IDRC 2010 Special Session: 6.6 Wednesday 2 nd June 2010
2. Company Background Insurance Broker and Risk Management Services Founded: 1927 Employees: 9,000 (approx.) Claims Management, Information Management, Risk Control and Appraisal Services Founded: 1962 Employees: 4,000 (approx.)
4. Adverse Headlines…. Damaging Reputation NGO chief arraigned on 177m/- fraud charges in Manyara Children in French NGO scandal to rejoin families NGO porn scandal shocks Batti, Ampara Scandal of 'phantom' aid money Red Cross Scandals Tarnish Relief Efforts The Swedish Red Cross Scandal
15. Risk Contexts Organisational structures and activities Resources Culture Power relationships Risk cognition (perception) Strategy Motivations Meanings of success Economies and markets Government policy Regulations and standards Social, cultural and political climate Physical conditions Technology Physical climate INTERNAL EXTERNAL
Arthur J Gallagher One of the world’s largest insurance brokerage and risk management services organisations. It has operations in 15 countries and does business in over 100 countries around the world through a network of correspondent brokers and consultants Gallagher Bassett Services The world’s largest Third Party Administrator. We service more than 3,300 clients worldwide through more than 100 branches and 4,000 skilled professionals. Gallagher Bassett UK Founded in 1991, we have over 200 staff within 8 offices around the UK. Risk control is an essential and valuable element of our service offering. Our services have been developed in direct response to the needs of our clients and include: Risk reviews to measure, assess and provide assurance on the adequacy of significant control processes and an action plan for improvement. Training to help raise awareness, develop skills and embed change. Development of policy to provide a framework and guide to drive continuous improvement and change. We provide risk management services across all industries including: public; private; blue chip; financial; charities (not-for-profit); logistics etc etc both nationally and internationally.
Tutor Note – Slide not in tutor workbook You may wish to show this slide of ‘old’ disasters while discussing these points. NB this slide is not in the delegate workbook. Photos show – Exxon Valdes oil tanker disaster Piper Alpa Bhopal Chernobyl Herald of free enterprise BSE (John Gummer feeding beef Berger to his 5 year old) DISASTER IS NOT ALWAYS TO DO WITH FINANCIAL FAILINGS
Global development of corporate governance requirements can be crudely divided into those Countries who have opted for a principles based approach – including the UK, Europe, Australia and New Zealand and those adopting a more prescriptive or rules based approach – notably the US and Canada Japan. Principles based approach This has been described as a ‘comply or explain’ approach in which principles are set but boards have flexibility in their application. As such they can decide to take another route but must explain why they have done so. Supporters of this approach argue that more considered judgement must be applied and it avoids a ‘one-size-fits-all’ mentality of compliance for compliance sake rather than doing what is right for the business. Prescription based approach This approach has been driven by the introduction in the US in 2002 of the Sarbanes Oxley Act (SOX). This was a direct response to the scandals of Enron, Worldcom and Xerox. SOX focuses largely on financial control, disclosure and a system of certification of the accounts by the CEO and CFO. More rigid and prescriptive it has been described as a ‘comply and sign’ approach. Supporters argue that this approach provides less opportunity for unscrupulous directors to defraud or mislead as the rules are more clear than under the principles based systems. On the following slides we take a very brief look at some of the main codes in operation across the globe.
The relationship between objectives and the 8 components of the ERM framework are sometimes depicted as a cube. The four objective categories are represented by vertical columns, the eight components by horizontal rows and the organisations operating units by the third dimension.
The British Standard came into effect on 31 st Oct 2008. It states that risk management is as much about exploiting potential opportunities as preventing potential problems. The model presented provides at the core a framework & process to manage risks. The outer rings contain the context (in which the organisation operates), the organisation itself and the culture. It has been drafted to be consistent with other standards listed (including the new ISO) and the risk management framework and process described can be easily mapped to the other standards. For more information and to purchase a copy go to the British Standards Website www.bsi-global.com Tutor note A copy of the BS is in the Essential reading folder
The ISO was published in November 2009 It draws on all previous standards but most closely resembles the Australian / New Zealand standard. As with the British Standard the ISO sets out – - Principles for managing risk - A framework within which risk can be managed A process (see above) For a copy of the Draft ISO and to keep appraised of progress go to ISO website www.iso.org Tutor note – Copy in the Essential Reading folder The process is identical to that set out in the Australian standard and very similar to the British standard and COSO framework. It identifies five ‘activities’ that are required to manage risk. In gaining an understanding of HOW to manage risk we will look in detail at each of these five activities.
Activity 1. Consult & Communicate with Internal & External Stakeholders – Help define context (activity 2.) – Ensure interests understood & considered – risk perception gaps between stakeholders addressed – Bring expertise together – may not understand implications in terms of legal or practicality issues – Enhance change management – gets buy-in from start not after you designed process – Secure support for risk treatment – if they buy-in into the fact that they may need to do something then when they are told what that something is more likely that they will agree to act. REMEMBER YOUR STAKEHOLDERS MAY HAVE A DIFFERENT VIEW OF THE RISK. YOUR PARTNERS MAY HAVE DIFFERENT OBJECTIVES AND AGENDAS.
Activity 2. Establishing Context • Context of risk management process (What environment do you work in and still need to achieve objectives) – Internal – what is it that your org exists for (objectives) , what funds / resources do you have to assit risk mgt process, etc External- what external driver like politicians or legal issue could affect your ability to achieve obj Risk mgt process – what is its scope, what risk assessment process used, how should you work with other departments, etc • Developing risk criteria – categories of risk covered (threats or threats + opps), how risk measured (likelihood x impact), at what level is the risk acceptable, what about multiple/combined risk Establishing the context is largely about understanding the organisation and the environment within which it is operating. ASK ATTENDEES TO WRITE DOWN THREE OR FOUR FACTS ABOUT THE CONTEXT OF THEIR AUTHORITY – DISCUSS BRIEFLY
In summary: • Total incoming resources increased by 16% (2008 - 9) to £139 million. The NHS contribution increased from 41% of the cost of the nursing service to 54% with the remainder being met from charitable funds.
Hospices Marie Curie operates a network of hospices across the UK which provides a full range of palliative care services including in-patient care, daycare activities, outpatient services and homecare visits by specialist staff. The charity receives funding from the NHS with the balance raised from charitable donations. Marie Curie Nursing Service Marie Curie operates a nursing service which cares for people in their own homes. Marie Curie works in partnership with the NHS and has contracts with more than 180 NHS Primary Care Trusts and Local Health Boards, covering virtually every part of the UK. The charity receives funding from the NHS with the balance raised from charitable donations. Research and Development The charity carries out and funds research into better ways to care for patients with terminal illnesses. The charity provides funding for palliative care research to two Marie Curie institutes which are based in University College London (UCL) and the University of Liverpool and for other projects in collaboration with other research funding bodies.
Plan works with more than 3,500,000 families and their communities each year. Plan is independent, with no religious, political or governmental affiliations. Plan's work is made possible thanks to nearly 1,100,000 people in 18 donor countries who support them by sponsoring a child. An average 80% of donations goes directly to support programmes benefiting children and families. Plan's income stood at €468,000,000 in 2008-2009 More than 70% of Plan’s income comes from child sponsorship. Plan also receives funds from other sources which make up an increasing proportion of their income, which includes income from grants.
Plan's work to promote child rights and lift millions of children out of poverty is based around 8 core areas: Education Plan helps children, young people and adults to get the knowledge and life skills they need to realise their full potential. Health From supporting immunization programmes to training volunteers on strategies to combat malaria, Plan's health programmes help to save thousands of children's lives every year. Water and sanitation We work with communities to improve access to safe drinking water and to raise awareness of the importance of sanitation. Protection Violence against children is widespread and has a devastating impact - threatening children's survival, development and participation in society. Economic security Plan helps families to achieve financial stability so they can provide for their children and plan for the future. Emergencies From providing disaster relief to running recovery projects, Plan works to protect the rights of children and young people during emergencies. Child participation Plan helps millions of children to learn about their rights and take an active role in their communities’ development Sexual health, including HIV Plan's awareness-raising and direct response programmes help to empower children and young people so that they can protect themselves.
The risks facing an organisation and it’s operations can result from factors both external and internal to the organisation and will sometimes be a mixture of both. They can be categorised further into types of risk such as strategic, financial, operational, hazard etc. Events such as a rise in interest rates, the introduction of new regulations, new or improved products, changing customer tastes, and changes in weather patterns are all examples of external drivers of risk. Risk drivers can also be primarily internal to the organisation, for example, issues of recruitment and retention, sickness absence rates amongst employees, failures of information and data storage, adequacy of financial controls, security of buildings, focus on research and development.
Activity 3. Risk Assessment Risk Identification – What might happen (the event) Risk Analysis – How likely is it to happen – If it does what might the impact be Risk Evaluation – So what! – Is it within our risk tolerance ? Many tools to use including Risk Registers, etc to assess risks
IEC 31010:2009 is a dual logo IEC/ISO, single prefix IEC, supporting standard for ISO 31000 and provides guidance on selection and application of systematic techniques for risk assessment.
Too little control & Ignorance Results in - – Damaging loss – Unnecessary waste – Ill prepared and open to surprises Over control and obsession Results in - – Suppression of innovation & creativity – Missed opportunities – Unnecessary expense Object NOT to eliminate risk 4T’s Terminate or Tolerate Treat or Transfer – different means Risk Appetite – amount of risk prepared to take to achieve objectives. Actively pursue appetite to achieve objectives will influence risk treatment used. Risk Tolerance – max risk that can be taken before distress. Acknowledging tolerance will influence type of risk treatment selected. Gap between two creates buffer - for to prevent distress and achieve objectives in a changing world. If appetite runs right up to tolerance can flip from one to other very quickly but gap can be used to be more flexible in way risk treatment used / selected. Remember Policeis and Procedures – are NOT risk control / risk treatment on their own. What steps do you take to ensure policy and procedures are working is the control / risk treament.
Key Risk Indicators – detect changes in internal and external environment that may alter the likelihood or impact of a key risk (e.g. warnings from independent bodies that risks changing such foreign office on other countries or ABI on Directors pay 2002 / 2003 / 2004 / 2005 or HR notifying risk of losing skilled staff to neighbouring org) Key Control Indicators – ensure control and treatment measures are effective (e.g. Hot Permit to Work, anti-fraud procedures, Internal Control / governance procedures, etc) Measure maturity of existing risk management system in terms of knowledge, application, effectiveness etc, PwC 2008 report- “Just 37% of nearly 100 senior executives of major multinational plc’s said there companies link risk indicators to corporate performance indicators”. Read that two ways that they don’t think relevant to their business OR they haven’t placed enough emphasis on Risk Mgt. What do you think?