This document summarizes a presentation on leading risk culture change by Linda Conrad of Zurich, Paul Walker of St. John's University, and Johan Willaert of Agfa Corporate Center. It discusses establishing leadership support for enterprise risk management (ERM), defining the scope of risk initiatives, mapping strategic risks, conducting risk assessments, setting action plans, and periodically reviewing risk management processes. The presentation emphasizes aligning ERM with business strategy, quantifying risks, gaining senior management buy-in, and communicating with stakeholders to develop a proactive risk culture.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Implementation of Enterprise Risk Management with ISO 31000 Risk Management S...PECB
The webinar covers:
• The start of any Enterprise Risk Management Program
• The approach to developing a framework that will assist organizations to integrate RM into their enterprise-wide risk management systems
• The relationship between the foundations of the risk management framework and their objectives
Presenter:
This webinar was presented by M. Youssef K, an executive consultant & trainer with several qualifications. He is an accomplished expert with over 10 years’ experience in the field of risk management, project and program management, PRINCE 2, Agile, EVM, business process analysis and design, as well as operational and organizational excellence.
Link of the recorded session published on YouTube: https://youtu.be/9fO-JqENL0I
When setting the risk appetite, does your firm:
1.Balance the risks with the mitigation costs
2.Balance the risks with the mitigation costs AND the client focus
3.None of the above
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
APM webinar arranged by the SWWE Branch on 1 July 2021.
Speaker: Dr David Hillson
Many people rely on the Three Ts when managing risk: Techniques, Tools and Training. A fourth T is more important than these, namely Thinking.
How we think determines what we do. This is particularly true when we are considering risk. When we face uncertainty, we’re not always rational. Instead, we fall back on deep-seated values and feelings about risk, which can often lead to unexpected results. We react rather than respond, driven by gut-level influences instead of thought-through reasoning. Instead of reacting instinctively towards risk, we should cultivate a mature risk mindset, thinking in a more balanced way about risk. This will allow us to make better decisions whenever we are uncertain. How we think about risk will determine how we try to manage it, and an inaccurate view of risk will lead to ineffective risk management.
Developing a mature risk mindset will help us to manage risk naturally, as it becomes part of who we are instead of just what we do. And as we think differently about risk, it will change the way we act towards risk.
In this webinar, David Hillson described the six values that underly a mature risk mindset, and explained how to change your thinking and behaviour.
https://www.apm.org.uk/news/developing-a-mature-risk-mindset-webinar/
This presentation focuses on the principles and practicalities of establishing a working risk appetite statement supported by risk limits and tolerances.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
The Risk and Control Self Assessment (RCSA) is an integral part of most operational risk management frameworks. RCSAs provide a structured mechanism for estimating operational
exposures and the effectiveness of controls. In so doing RCSAs help organisations to prioritise risk exposures, identify control weaknesses and gaps, and monitor the actions taken to address any weaknesses or gaps.
A well designed and implemented RCSA can help to embed operational risk management across an organisation, improving management attitudes towards operational risk management and enhancing the overall risk culture. In contrast, an inefficient or unnecessarily complex RCSA can damage the reputation of the (operational) risk function and reinforce the perception that
operational risk management is a bureaucratic, compliance-focused, exercise that does not support the achievement of organisational objectives.
Learn more about Risk Management and the essentials with IRM’s level 1 certification.
https://www.theirmindia.org/level1
Level 1 qualified or risk management professionals with 2-3 years of experience can also enroll for level 2 certification.
https://www.theirmindia.org/level2
Visit: https://www.theirmindia.org/
Address: IRM India Affiliate, 907,908,909, Corporate Park II, 9th Floor, VN Puran Marg, Near Swastik Chambers, Chembur Mumbai 400071
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
Enterprise Risk Management - Aligning Risk with Strategy and PerformanceResolver Inc.
COSO, which has provided global thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence for over three decades, recently released a draft update to the original COSO ERM Framework. This framework is widely used by organizations to enhance their ability to manage uncertainty, gauge risk, and increase stakeholder value. However, significant new risks have emerged since the Framework was released, demanding heightened board awareness and oversight of risk management, as well as improved risk reporting. For those organizations exploring ESRM – these themes will be strikingly familiar and the lessons learned, highly relevant.
Presentation by: Bob Hirth, Global Chairman of COSO.
Implementation of Enterprise Risk Management with ISO 31000 Risk Management S...PECB
The webinar covers:
• The start of any Enterprise Risk Management Program
• The approach to developing a framework that will assist organizations to integrate RM into their enterprise-wide risk management systems
• The relationship between the foundations of the risk management framework and their objectives
Presenter:
This webinar was presented by M. Youssef K, an executive consultant & trainer with several qualifications. He is an accomplished expert with over 10 years’ experience in the field of risk management, project and program management, PRINCE 2, Agile, EVM, business process analysis and design, as well as operational and organizational excellence.
Link of the recorded session published on YouTube: https://youtu.be/9fO-JqENL0I
When setting the risk appetite, does your firm:
1.Balance the risks with the mitigation costs
2.Balance the risks with the mitigation costs AND the client focus
3.None of the above
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
APM webinar arranged by the SWWE Branch on 1 July 2021.
Speaker: Dr David Hillson
Many people rely on the Three Ts when managing risk: Techniques, Tools and Training. A fourth T is more important than these, namely Thinking.
How we think determines what we do. This is particularly true when we are considering risk. When we face uncertainty, we’re not always rational. Instead, we fall back on deep-seated values and feelings about risk, which can often lead to unexpected results. We react rather than respond, driven by gut-level influences instead of thought-through reasoning. Instead of reacting instinctively towards risk, we should cultivate a mature risk mindset, thinking in a more balanced way about risk. This will allow us to make better decisions whenever we are uncertain. How we think about risk will determine how we try to manage it, and an inaccurate view of risk will lead to ineffective risk management.
Developing a mature risk mindset will help us to manage risk naturally, as it becomes part of who we are instead of just what we do. And as we think differently about risk, it will change the way we act towards risk.
In this webinar, David Hillson described the six values that underly a mature risk mindset, and explained how to change your thinking and behaviour.
https://www.apm.org.uk/news/developing-a-mature-risk-mindset-webinar/
This presentation focuses on the principles and practicalities of establishing a working risk appetite statement supported by risk limits and tolerances.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
The Risk and Control Self Assessment (RCSA) is an integral part of most operational risk management frameworks. RCSAs provide a structured mechanism for estimating operational
exposures and the effectiveness of controls. In so doing RCSAs help organisations to prioritise risk exposures, identify control weaknesses and gaps, and monitor the actions taken to address any weaknesses or gaps.
A well designed and implemented RCSA can help to embed operational risk management across an organisation, improving management attitudes towards operational risk management and enhancing the overall risk culture. In contrast, an inefficient or unnecessarily complex RCSA can damage the reputation of the (operational) risk function and reinforce the perception that
operational risk management is a bureaucratic, compliance-focused, exercise that does not support the achievement of organisational objectives.
Learn more about Risk Management and the essentials with IRM’s level 1 certification.
https://www.theirmindia.org/level1
Level 1 qualified or risk management professionals with 2-3 years of experience can also enroll for level 2 certification.
https://www.theirmindia.org/level2
Visit: https://www.theirmindia.org/
Address: IRM India Affiliate, 907,908,909, Corporate Park II, 9th Floor, VN Puran Marg, Near Swastik Chambers, Chembur Mumbai 400071
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
Enterprise Risk Management - Aligning Risk with Strategy and PerformanceResolver Inc.
COSO, which has provided global thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence for over three decades, recently released a draft update to the original COSO ERM Framework. This framework is widely used by organizations to enhance their ability to manage uncertainty, gauge risk, and increase stakeholder value. However, significant new risks have emerged since the Framework was released, demanding heightened board awareness and oversight of risk management, as well as improved risk reporting. For those organizations exploring ESRM – these themes will be strikingly familiar and the lessons learned, highly relevant.
Presentation by: Bob Hirth, Global Chairman of COSO.
There is overwhelming consensus from financial services executives that the current risk environment has become significantly more complex, dynamic, and difficult to navigate. This is evidenced by the performance and growth challenges firms face today - caused in part by failures to adequately manage risk from across financial products, operations, and business units.
With this turbulence has come a much greater interest in understanding and managing risk holistically and ensuring Risk Management is truly enterprise-wide, part of the organization's DNA, and much more performance-based.
In this presentation, IDC Financial Insights and Guidon Performance Solutions join to discuss principles and the roadmap for building mature and effective Enterprise Risk Management (ERM) that leads to competitive advantages.
By viewing you will gain perspective on:
- Setting a shared vision for risk management
- Linking Enterprise Risk Management to the culture
- Ensuring performance - efficiency and effectiveness
- Enabling the risk management process with technology
Need to know more about private equity and hedge funds? Then you have come to the right place with this quick overview presentation. This is based on my book: "Figuring Out Wall Street". A part of a continuing series of on the financial services industry. We provide training, custom developed to your needs. Contact us to discuss your needs and get a quote.
Risk Reimagined! Series- The Importance of People and Culture to Effective Ri...Resolver Inc.
Copyright notice: The following slides are intended for professional use within an organization for discussion purposes only. Any other uses or modifications are strictly prohibited.
Any organization is an assembly of people: people who take risk as they manage and direct the enterprise; people who decide how much risk is acceptable or even desirable; and provide oversight of the management of risk across the extended enterprise.
Organizational culture has been the topic of study for many years.
• “Culture is how organizations ‘do things’.” — Robbie Katanga
• “Organizational culture is the sum of values and rituals which serve as ‘glue’ to integrate the members of the organization.” — Richard Perrin
Richard Anderson and Norman Marks share their views on this complex subject. They cover:
• What is the difference between the “risk” culture and the “organizational” culture? How can it be analysed?
• Who takes risk, and who should be responsible for deciding how much risk to take?
• Is there such a thing as a single risk level?
• Why do so many of us take different views of exactly the same risks? How does an organization decide which view is “right”?
• Is one person’s risk another’s opportunity?
• What about when the actions of one impact the success of another?
The Management of Uncertainty
•It has long been recognized that one of the most important competitive factors for any organization to master is the management of uncertainty.
•Uncertainty is the major intangible factor contributing towards the risk of failure in every process, at every level, in every type of business.
•Managing business uncertainty may involve introducing, developing and implementing strategic enterprise management frameworks for –
–Corporate Foresight and Business Strategy
–Business Planning and Forecasting
–Business Transformation
–Enterprise Architecture
–Enterprise Risk Management
–Enterprise Performance Management
–Enterprise Governance, Reporting and ControlsEAEA
Implementing Enterprise Risk Management with ISO 31000:2009Goutama Bachtiar
This presentation slides is intended for the training-workshop lead as well as the participants.
Developed based on ISO 31000:2009 – Principles and Guidelines on Implementation, ISO/IEC 31010:2009 – Risk Assessment Techniques, ISO Guide 73:2009 – Vocabulary.
Increased Risk Reporting Requirements: 5th webinar with ecoDa and AIGFERMA
Our webinar illustrates how risk managers can support their boards in expressing the risk appetite of the organisation and provide input in the ‘annual report’ process. The EU system will be compared to the US approach.
- role of the risk manager as a strategic advisor when it comes to respond to Board questions on transparency requirements (risk reporting, reputation…)
- role of the risk manager about the quality of the reported data about risks, their identification, collection and assessment
A strong disclosure regime that promotes real transparency is a pivotal feature of market-based monitoring of companies and is central to shareholders’ ability to exercise their shareholder rights on an informed basis.
Over the past years, transparency has largely been the leitmotiv for regulators to require additional disclosures that goes beyond the financial and operating results of the company.
Five lines of assurance a new paradigm in internal audit & ermDr. Zar Rdj
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes.
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
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
Video & Presentation: http://www.proformative.com/resources/video-presentation-taking-enterprise-risk-theoretical-practical
Risk management has always been an integral part of business. But over the last two decades, a host of corporate scandals, security threats, recessions and a myriad of other crises have pushed risk management to the forefront of business strategy. Organizations are striving to manage and monitor risks more effectively, but many companies can?t seem to get beyond the theory and practically implement an effective ERM program. Join JetBlue Airways and Granite Consulting Group as they discuss practical ways of implementing ERM and how JetBlue evolved their risk program and created a strategically focused risk evaluation process setting the direction for future risk mitigation and operational improvement. Attendees will learn to go beyond linear "top 10" surveys and to incorporate practical and actionable strategies to implement an effective ERM program.
Speakers:
Michael Bechara, CPA, CRMA, Managing Director, Granite Consulting Group Inc.
Luis Fernandes, CPA, Director of Corporate Audit, JetBlue Airways
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Governance, Risk, Compliance | Session: 4
Татьяна Будишевская
Старший менеджер Deloitte
Современная методика оценки культуры управления рисками в организации
Практические инструменты внедрения риск-культуры
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.
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Collaboration of the Year Award winner 2020: Pim Moerman and Rob van den Eijn...FERMA
Philips Global Resilience Platform: Breaking down silo approach of departments by collaborating in multidomain platform making our company more resilient
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
George Ong, Chief Risk Officer, Northern Ireland WaterFERMA
Nominations for the Public Sector Risk Manager of the Year for the European Risk Management Awards 2020.
George Ong is the Chief Risk Officer for Northern Ireland Water (NIW), a Government Owned Company (GoCo). George joined the business in 2006 with a clear remit of implementing a risk and insurance management system given that the ‘Government Protection’ was to be removed from 1st April 2007. Since then George has worked to adapt, enhance and embed risk management arrangements within NIW, developed partnerships with businesses, communities and institutions to improve resilience for the Company and the community. #euroriskawards
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
GDPR & corporate Governance, Evaluation after 2 years implementationFERMA
FERMA’s live joint webinar with ECIIA on Monday 28 September gathered more than 300 participants
The objective of this joint webinar was to take stock of where we stand after 2 years of GDPR implementation and the practical consequences on businesses. For this, FERMA and ECIIA (European Confederation of Institutes of Internal Auditing) invited the following speakers:
- Olivier Micol, Head of Data Protection Unit at the European Commission, Directorate-General for Justice. He highlighted key elements of the recent GDPR evaluation report of the European Commission, shared the latest data and feedback from companies and civil society. He also gave an overview of future planned initiatives.
- Jérôme Avot, Group Risk Officer and Data Protection Officer at Faurecia, a global leader in automotive technology.”The GDPR served as a common thread from the start to the end of the project. We feel we have turned what might have been perceived as a constraint into an opportunity. “
- Ralf Herold, Senior Vice President, Corporate Audit BASF, a leading chemical company. He is an expert in GDPR as Germany was a pioneer in this piece of legislation.
Jérôme Avot and Ralf Herold shared their experience as a Risk Manager and DPO and as an Internal Auditor by exchanging on the changes that the GDPR involved within their companies.
https://www.ferma.eu/webinar-replay-gdpr-corporate-governance-evaluation-after-2-years-implementation/
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
GDPR & corporate governance: the role of risk management and internal audit o...FERMA
The webinar discussed the full results and recommendations of a joint project between FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA), to assess how the EU General Data Protection Regulation (GDPR) impacted our professions, one year after its enforcement. This webinar helped to know:
- To which extent the risk manager and the internal auditor are involved in the GDPR corporate implementation
- How GDPR has affected the interactions between risk management, internal audit and Data Protection Officer (DPO)
- What are the best practices and recommendations to embed personal data protection in the risk and audit governance of your organisation
After one year of GDPR implementation, FERMA and ECIIA sent in May a common basis of five questions to their risk and internal audit members.
The objectives were to:
- Evaluate the roles of the risk management and internal audit functions regarding the GDPR and personal data related risks
- Provide a unique insight into the implementation of the GDPR by companies to the European policymakers
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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The Influence of Marketing Strategy and Market Competition on Business Perfor...
Leading risk culture change webinar
1. Leading Risk Culture Change
Linda Conrad
Director of Strategic Business Risk
Zurich
Paul Walker
Zurich Chair in Enterprise Risk Management
St. John's University
Johan Willaert
Corporate Risk Manager
Agfa Corporate Center
MAY 15, 2013
Sponsored by
6. Leading Risk Culture Change
Linda Conrad
Director of Strategic Business Risk
Zurich
Paul Walker
Zurich Chair in Enterprise Risk Management
St. John's University
Johan Willaert
Corporate Risk Manager
Agfa Corporate Center
MAY 15, 2013
Sponsored by
7. INTERNAL USE ONLY
• The culture must support challenging leadership on
critical elements of strategy
• Over time, it will become an engrained process
• ERM can eventually be used more tactically
• Approach becomes consistent across the business
• Engages the entire organization in risk awareness
• High performance operating model achieved
• Organization can consciously increase risktolerance
levels to profit from prudent risks
Culture is key to turning risk into reward
The o nly re alm istake is the o ne fro m which we le arn no thing .
- Henry Ford
8. INTERNAL USE ONLY 8
Enterprise risk requires leadership
Maximize growth
opportunities
Betterinformed decision-
making
Optimize riskand
opportunity balance
Reduce volatility in
business results
Identify and manage key
exposures
Decrease total cost of
capital by increasing risk
transparency
9. INTERNAL USE ONLY 9
Steps to leadership in ERM
Set action plan and follow-up / review
periodically5
Gain support from Senior Management1
Define the scope of initiative and
communicate2
Map key strategic risks and vet with
stakeholders3
Conduct strategic risk assessments to
prioritize risks and opportunities4
Incorporate
into strategic
planning
cycle
10. INTERNAL USE ONLY
• More than just an ‘Executive Sponsor’
• Should be driven by the CEO and / or Board of Directors
• Must be a recognition of the value to the organization
• Perfect opportunity to be introspective about past / current strategy, and key
lessons to help repeat successes and avoid failures
• Encompasses Risk Management / Insurance function
• “Top-down” approach maintains strategic focus
Gain support from Senior Management1
11. INTERNAL USE ONLY
• Will ERM be undertaken company-wide? At the BU level? On specific
project(s)?
• Who are the key stakeholders in the initiative?
• What is the organization’s risk appetite?
• What time horizon will be examined?
• Objectives must be defined: How will success be determined?
• Metrics should be embedded where possible to:
- Measure success / failure rate
- Support an early warning system – ‘Key Risk Indicators’
• Plan communications to key stakeholders – share results (successes and
failures)
Define the scope of initiative and
communicate2
13. INTERNAL USE ONLY
Conduct Total Risk Profiling assessments to
prioritize risks and opportunities4
Increasing
risk
IIIIIIIV
F
E
D
C
B
A
Frequency
Severity
INCREASIN
G
RISK
• Strategic Risk Assessments seek to:
• Identify
• Define
• Assess
• Manage
• Very important to visualize risk levels
• Supports prioritization of risks and
opportunities
• Variety of methods and styles, and
must be tailored to the organization
14. INTERNAL USE ONLY
Set action plan and follow-up / review
periodically5
• Strategy and risk management actions should be set in parallel
• Actions should focus on most critical risks or largest opportunities
• Leadership should evaluate the anticipated effectiveness of risk improvements
• Ownership and accountability are key – close the gap
• Review is critical:
- At set intervals (quarterly, biannually, etc.)
- As significant change is experienced (leadership, underlying assumptions,
objectives, etc.)
• Measure! Measure! Measure!
15. INTERNAL USE ONLY
Culture change demands a C- shiftTM
State of the Union: Mismanaged risks cost money and ultimately loss
in shareholder value. It can also prevent you from taking advantage of
opportunities that drive innovation and growth
The more you understand the risk exposures within your
business, the more you can make informed decisions to prepare
for the risk and promote the right opportunities
Risk Culture With Communication: C-Shift provides the structure for
dealing with risks systematically and successfully
Prepare your company to understand the need for a risk culture
from the “top down” so risk can be communicated and
understood. This will minimize the negative effects of risk on your
capital and earning, and encourage profitable growth
16. INTERNAL USE ONLY
Embed a proactive corporate risk culture
Build a Risk Culture prior to implementing a Risk Framework
1.Communication: Make a Commitment to Stakeholders about an
“Open Environment” on risk culture and management. This
includes employees, shareholders, partners, customers.
2.Leadership: Positive Messaging “Tone from the Top” and
ownership of ERM from top to bottom of the firm
3.Growth: ERM into Action by linking the organization Risk
Framework to Profit, to drive accountability
4.Sustainability: Focus on Implementing to align with long term
Corporate Goals
Source: Survey by Harvard Business Review Analytic Services in conjunction with Zurich Financial Services Group (Zurich) January 17, 2012
18. INTERNAL USE ONLY
Align Key Performance and Key Risk
Indicators to business manage risk
• Key Performance Indicators (KPIs) help a firm see how it is performing in
relation to its strategic goals and objectives.
• Key Risk Indicators (KRIs) are leading indicators of risk to business
performance, giving an early warning to identify a potential risk event.
• Zurich uses KRIs to monitor risks are in the areas such as:
• natural catastrophe risks (percentage of group shareholder equity)
• asset-liability matching (duration mismatch)
• strategic asset allocation (percent allowed in investment categories)
• credit risk (weighted average credit rating)
• other risks specific to business or functional areas
20. INTERNAL USE ONLY
Leadership in Risk: bridging the gap
Engage with leadership by using ERM to go beyond compliance by
applying ERM tools for operational and strategic purposes
• mergers and acquisitions
• business resiliency
• new project and product development
• customers’ risks
• decisions made in the marketplace
• other
21. INTERNAL USE ONLY
Zurich’s family of risk tools
Risk
understanding
Total Risk
Profiling
RiskRoom
Natural Catastrophe
-Location risk
Profit risk
exposure
Disruption
understanding
Business
interruption
analysis
Risk
assessment
Provides macro country
insights, e.g. political stability,
economic status, labour
situation
Provides exposure information for
Zurich, customer or supplier
locations in respect of e.g. floods,
earthquakes, windstorm, related
transport infrastructure
Helps in the understanding of the level
and nature of disruptions in a particular
industry or a particular location from our
proprietary database
Enables a company to
understand its total customer
or supply chain profit exposure
in terms of a particular
location, country or region
Helps a company model its
relevant BI exposures
Formalised assessment of
relevant areas which are part
of the due diligence process in
sourcing
Structured approach to
defining risk appetite and
prioritisation for dealing with
risks in the value chain
Visit www.zurich.com/riskroom and www.SupplyChainRiskInsights.com for more info,
and search for our free app of the Zurich Risk Room in the iTunes or Google Play store
22. INTERNAL USE ONLY
Total Risk Profiling (TRP)
Define the risk appetite
Prioritize risk scenarios and
develop improvement plan
A
B
C
D
E
F
IV III II I
PROBABILITY
SEVERITY
36
42
51
Prioritized
Develop risk scenarios
Quantify financial severity and assess probability
TIMELINE!!
1. VULNERABILITY
• w hat ?
• w here
• controls?
2. TRIGGER
• how ?
• w hy?
• w hen?
3. CO NSEQ UENCES
• how big?
• how bad?
• how much?
TIMELINE!!
1. VULNERABILITY
• w hat ?
• w here
• controls?
2. TRIGGER
• how ?
• w hy?
• w hen?
3. CO NSEQ UENCES
• how big?
• how bad?
• how much?
How can you deal with risks that you don’t even know are there?
Visit www.ZurichERM.com for more information
23. INTERNAL USE ONLY
Proactive in the business life cycle
Zurich-sponsored HBR Survey: “Risk Management in a Time of Global Uncertainty
Yo u kno w whe n yo u’re re ally g e tting g o o d at risk m anag e m e nt, whe n the co m pany
do e s its risk asse ssm e nt at the pro je ct kicko ff rathe r than at the e nd.
– Angela Herrin, Harvard Business Review Analytics Services
24. INTERNAL USE ONLY
Turning risk into results
After Zurich introduced an enhanced operational risk management framework
• One business unit reduced operational risk-based capital (RBC) consumption
by 21.7 percent when Zurich moved from an asset-based to a risk- based
approach for operational risk quantification
• The business unit then identified high risk exposures, performed a deeper
assessment and developed mitigation measures.
• The unit experienced an additional reduction of 28.9 percent in operational
risk capital consumption the following year.
• Operational risk capital not consumed was then available to fund profitable
growth for Zurich.
25. INTERNAL USE ONLY
Customers Shareholders
Regulator Ratings
View of future earnings and
sustainability is impacted by
perception of risk and its
management.
SHV
Rating Agencies are now
looking at ERM. Risk
management therefore impacting
the cost of funding capital.
Rating
Cost of Capital
Want well managed insurers
who can manage the risks
that they face.
Customer Value
Capital regimes mean that
risk management is having an
impact on the level of capital required.
Reputation
Regulatory Capital
Management
Employees
Agents & Brokers
Enterprise risk leadership benefits all stakeholders
26. Risk Oversight
• Item 407(h) also requires companies to describe the
role of the board of directors in the oversight of risk.
Recently, the U.S. Government Accountability Office
found that economic output losses from the 2007-
2009 financial crisis could exceed $13 trillion. Given
the magnitude of that crisis, which continues to be
felt, it would be difficult to overemphasize the
importance that investors place on questions of risk
management.
– Luis A Aguilar, SEC, Feb 20, 2013
27. What the prof saw…
• “We’re just going to do compliance ERM.”
• CFO
• “I’ve never heard any of that.”
– NYSE Board member
• “Can’t criticize anything we do.”
– NYSE Chairman of the board
• “We cleanse it before it gets to the board.”
– Fortune 100
• “Organization’s top risk is culture and
communication.”
28. Board complaints
• Not getting strategy/risk info timely; no real
time to digest/question.
• Says ERM but looks like silos.
• ERM leader does not think broadly enough.
• We do not assess board effectiveness in risk,
strategic risks, or risk oversight!
• Good information…
29. Getting good information
–“CEOs can share only what they want to
share.”
–“The question for most boards members
[is this]: Are they getting good
information? And I would argue that, in
some cases, they are not.”
30. Improve transparency
• “When you have a good CEO who is open and
transparent, you are able to get good [risk]
information. When you don’t, it’s the board’s
responsibility to create an environment where
they get the information they need… and not
be passive or be managed.”
– Board member
31. Boards
• Get engaged
• Do more than listen
• Understand the risk culture
• Ask the right risk questions
32. Leading Risk Culture Change
Webinar
Johan Willaert
Board member FERMA
15 May 2013
33. agenda
• Risk governance and risk committee
• Risk appetite and risk tolerance
• Strategic and operational goals versus risk
management
• Channels of communication: link with
– Internal audit
– business units
34. Risk governance and risk committee:
• How to organize and
• How to make this organisation work and make
it ‘focus driven’
with focus on operational and strategic goals
44. INTERNAL USE ONLY
Copyright 2013
The information in this presentation was compiled from sources believed to be
reliable for informational purposes only. All sample policies and procedures herein
should serve as a guideline, which you can use to create your own policies and
procedures. We trust that you will customize these samples to reflect your own
operations and believe that these samples may serve as a helpful platform for this
endeavor. Any and all information contained herein is not intended to constitute legal
advice and accordingly, you should consult with your own attorneys when developing
programs and policies. We do not guarantee the accuracy of this information or any
results and further assume no liability in connection with this publication and sample
policies and procedures, including any information, methods or safety suggestions
contained herein. Moreover, Zurich reminds you that this cannot be assumed to
contain every acceptable safety and compliance procedure or that additional
procedures might not be appropriate under the circumstances The subject matter of
this presentation is not tied to any specific insurance product nor will adopting these
policies and procedures ensure coverage under any insurance policy.
Zurich Insurance Group
44
Editor's Notes
A Key Risk Indicator for many retail businesses is the price of gas. When gas prices rise, the number of potential customers might drop. Business owners can offer discount coupons to offset the price increases and get customers visiting again.
How can you deal with risks that you don’t even know are there? Zurich’s Total Risk Profiling methodology gives you the tools you need to help identify the broad spectrum of risks your customers face – whether physical, financial, reputation, regulatory and more. Total Risk Profiling (TRP) can help quantify the largest impacts, then prioritize and implement risk monitoring processes to ensure sustainable practices and resilience solutions are embedded in the organization. Zurich Total Risk Profiling can supports your customer’s business with… • A systemic, top-down risk identification, quantification and prioritization process • A practical approach blending financial and technical risk management disciplines • Risk analysis of projects or new ventures to assess regularly the issues in the project that could keep it from achieving targets and timelines • The collective knowledge of experienced, in-house personnel applied to risk prioritization and improvement, to help ensure risk “ownership” for solutions TRP can make your risk management culture more effective across your enterprise in various ways such as: • Strengthening your business performance through an integrated method for ongoing identification, communication and mitigation of your risks • Embedding a strategic planning process for enterprise risk management or for specific business decisions like product launch, acquisitions/divestitures, HR or project management • Facilitating strategic, operational and organizational change to put your risk awareness to practical application in productivity and profit
When is the best time to perform a hazard analysis? As early in the lifecycle as possible Process changes or retooling occurs and new equipment comes in, your organization just inherited risks associated with that new equipment. Do you know what they are? Are those risks within your organization’s tolerance? Will retrofitting them cost you or the supplier? What if Hazard analysis was performed before you took ownership of equipment to ensure hazards and risks were identified and addressed in a consistent manner? Have supplier identify and fix before assuming risks. Reduce total cost of risk
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External environment: As economic, political as social environment is important IT and internet linked evolutions Reputation ans a result of media implication Marketplace linked risks M&A competition, regulatroy, IP, …contracts Internal : communications, transport links, supply chains, terrorism, people skills, H&S, IT systems
Strategic and operational with in between tactical level Important to build fluent transparency and communication between alll these levels
C:\Documents and Settings\chy5484\Local Settings\Application Data\Office\Macros\Ppt_ci\Templates\Pres_blue_on_white.pot C:\Documents and Settings\chy5484\Local Settings\Application Data\Office\Macros\Ppt_ci\Templates\Pres_blue_on_white.pot Mismanaged exposure can cost you money and shareholder value, and prevent you from taking advantage of the opportunities that drive innovation and growth. A solid business resilience framework helps you to identify your key exposures and risks relevant to your business objectives that can threaten your viability. How well does your company understand its risk landscape, supply chain exposures and other business interruption risks emerging in the current operating environment?