This guide offers an insight into the current hiring market in London, not only detailing salaries and benefits, but also the broader recruitment trends foreseen for the marketplace in 2012.
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A risk taxonomy, the brains of an enterprise risk management software platform, creates a common language to make working across operational silos possible. It also creates the basis for a risk management discipline, so rather than reacting to seemingly "one off situations" the entire organization can standardize and prioritize how assessment, mitigation and monitoring are applied in a common comparable way to build risk management competency across the enterprise.
See our other blogs Identify C
HML, a StratexPoint user, has been on a risk management journey to make risk management part of the DNA of their organisation and in doing so, deliver real business benefits.
It should become part of the firm’s DNA and simply the way business is done – reflected in the effectiveness of management doing the right things. At a basic level, risk management is simply there to support decision making, allowing opportunities to be seized and value created.
The benefits that HML have achieved include a 9
The industry is watching World Risk and Insurance News...are you?
This week on WRIN.tv:
Tuesday on World Risk and Insurance News - 13 March
Greek Debt Swap, Iranian Sanctions...and the impact on Petrochemical firms and P&I, UK PM criticizes Solvency II, Legislative Brief on the US Affordable Care Act.
Thursday on World Risk and Insurance News - 15 March
US tornadoes; Australian floods; QBE "Re"; Hedge funds in reinsurance; Investigations over UK’s Equity Red Star, and a new Legislative Brief on US To
Organizations need to build a robust Enterprise Risk Management (ERM) framework or risk taxonomy, which provides a holistic view of all information and relationships across the organization. Taxonomy structures and preserves the integrity of information, so as changes occur in multiple parts of the organization, managers can compare risks on an 'apples to apples' basis and connect the dots between business areas. It is the critical foundation of your ERM program and any enterprise risk managemen
When we conduct risk assessments we are often satisfied with the outcomes based on our existing knowledge. Our knowledge however is usually based on some facts and a whole lot of assumptions, perceptions and theories.
As human beings we use our five senses of sight, smell, taste, touch and hearing to maximise our knowledge about our environment. During a risk assessment we need to find similar tools to make sure we maximise our knowledge to help ensure we identify and appropriately analyse risks
As human beings we use our five senses of sight, smell, taste, touch and hearing to maximise our knowledge about our environment. During a risk assessment we need to find similar tools to make sure we maximise our knowledge to help ensure we identify and appropriately analyse risks
In the world of operational risk, there are a lot of analysts who believe that they can dimension the impacts from uncertainty by counting the number of events they experience over a period of time and then multiply that count by the average loss amount for the total event horizon they observe.
This approach for quantifying the impacts from uncertainty is full of error and it should be avoided. In fact, let's be clear, it is so fundamentally wrong as a measure of exposure that it isn't even a goo
A study from the Chartered Institute of Internal Auditors revealed that weak risk management systems were responsible for more than half of all the fines handed out by the FSA to financial services businesses, amounting £38.5m during 2011.
If one needed a strong signal that ineffective risk management and poor internal control systems were taken seriously by the regulator, this is it.
Weaknesses and failures in risk management often result from poor communication and misunderstandings, ineffectiv
ISO 31000 is becoming a popular risk framework, a credible alternative for COSO and many organisations across the planet are now selecting this approach for formalizing their internal risk programs directly. Actually, ISO 31000 is probably taking the lions share of market interest for risk management at present and that isn't such a bad thing.
One aspect that sets ISO aside from many other risk frameworks in use, is its clear delineation yet connection between an objective and the objectives unce
This white paper explores data loss from a contrarian point of view - exploring the top 7 shortcuts you can take to ensure that you lose your data. And since a fundamental responsibility of any information technology professional, as well as any C-level executive, is to ensure that the data upon which any company is created is protected - scrupulously following these shortcuts should also ensure that you lose not only your data but your job as well.
Risk taxonomy is the framework of naming, organization and managing the relationships to manage your risk information. Your ERM program and any Enterprise Risk Management (ERM) software you use depends upon it.
Most organizations have an organizational chart of how their people are connected. To be effective in risk management, organizations must also have an organizational chart of how their business processes are connected to create accountability and focus on business value.
The first step is t
How much have recent events affected our perception of risks? How much are insurance firms really using this to their advantage?
Like so many people, I was riding on the tube this morning when a passing advert shocked me so much that I had to take a picture. People looked at me, a little bewildered and like my actions were odd. I am a risk manager and an econometrician. I like numbers and probabilities. These prices made little sense to me: this is because they arenonsense.
According to this adve
Stakeholder relationships can be complex and full of surprises and hence a perfect space for risk to simmer and sometimes erupt. Perhaps the single most important aspect of stakeholder relationships that sets them apart from other challenges you face is the extremely far reaching effect a poorly managed relationship can have. One minute you can be the flavour of the month and the next there can be a domino effect where first one customer finds you to be off-colour and the word gets out and next
Puneet Kapoor answered a series of questions written by marcus evans before the forthcoming 5th Annual Enterprise Risk Management Conference, March 19-21, 2012 in Chicago, IL. All responses represent the view of Mr. Kapoor and not necessarily those of Walgreens.
What value does the risk management process add to Management’s decision making process?
PK: Decision making is an exercise of making choices. When evaluating choices to make the most appropriate decision, one has to weigh the risks and re
On Thursday 22nd March, Manigent will host their second ‘Strategy & Risk Happy Hour’ in the heart of London. The strategy and risk management consultancy have created the series of events for those working in risk management as a discussion and networking platform. The forthcoming event will focus on the use of KPIs and KRIs, CEO and founder of Manigent, Andrew Smart will reveal ‘Tips & Tricks’ surrounding these indicators. Registration for this free to attend event is now open.
One of the key as
Risk assessments are plagued by subjectivity which means they simply cannot be relied upon to meet their objective. Subjectivity prevents risk assessments from being used across business silos and makes verification by audit or compliance review impossible. Subjectivity can be overcome by using a risk assessment template framework with the following best practice attributes:
- Adopt a uniform numerical scale -Use a scale of 1 to 10, Scoring is based on a scale from 1 to 10, with 10 having the most
The use of the term “reputation risk” fits the pattern of hyped buzzwords, but the significant volume of money now spent managing corporate reputation risks proves it is more than hype. Reputation dynamics are forcing pivotal business decisions. Penn State increased its acceptance rate to offset a decline in out-of-state applications and an expected drop in the matriculation rate. Deutsche Bank’s CEO Josef Ackerman refused 3-year loans from the European Central Bank concerned it would damage the
Is your organisation leveraging the competitive advantage of a positive cyber security culture? What is your organisation doing to promote cyber security and support the Government in making the UK the world's leading market place? It’s a fine line between protection and enablement – how is your organisation dealing with the cultural and behavioural impacts?
These questions and more were raised at the CYSPEX Cyber Security Breakfast held at the Houses of Parliament on the 1st March 2012. It
Risk Appetite Explained
In the face of the many recent failures of financial institutions, following market and asset crises and in the context of mounting regulatory demands from Basel 3, Solvency 2 and Dodd Frank, risk management is a topic high on the executive agenda. In particular, much emphasis has been placed on risk appetite and the role it has to play in an enterprise risk management approach, as part of an overall strategy execution process.
But what is Risk appetite?
First and foremos
"Who is to blame?" How often do we read that line in a newsletter or magazine article about a legal dispute when it all went wrong? Too often, we ignore those little clauses in contracts called indemnities. A slight change in wording in an indemnity can vastly change the circumstances of who pays how much if it does all go horribly wrong. Sometimes the contract gets signed without proper legal review and when we do have legal review, we often suffer from either the Optimism Effect or the Pessimi
