EIRM IS ’RISK SERVICE PROVIDER OF THE YEAR’
On April 17 2008, EIRM – the European Institute for Risk Management – accepted the official Strategic Risk award for Risk Service Provider of the Year. The ceremony took place in Paris at the 2008 European Risk Management Awards. The award, the first ever for a Danish organization, was given in recognition of EIRM’s development of PRIMO Denmark. PRIMO Denmark is a risk management association that was created to support the advancement of risk management as an executive-level issue in local authorities. (EIRM, 2008)
What is the Board’s Role in Enterprise Risk Management?
Four points from the video. Many boards are still developing formal risk management processes. To establish risk oversight, boards should have a clear understanding of the risks outlined in the 10-K and how they’re being addressed within the company. Some boards are assigning responsibility for specific risk areas to board members. A key consideration for board members is whether or not to make risk-related information available to stockholders.
It is time to embrace risk management
Since the advent of Sarbanes-Oxley, non-financial corporations have faced increasingly strong regulatory and compliance requirements aimed broadly at increasing transparency in their business practices. Risk management has been addressed at times, but usually as an afterthought. All this is about to change. The failures may be the result of a clutter of risk information caused by many risk assessments from many perspectives. (US, 2008)
Jennifer Lerner on Emotion, Judgment and Public Policy
Human judgment and decision-making is a little like an iceberg — a lot of it lies far below the surface. Harvard Kennedy School Professor Jennifer Lerner, who directs the new Laboratory for Decision Science, draws upon psychology, economics, and neuroscience to better understand the social and emotional influences on judgment and decision making that tend to escape our conscious awareness. Her latest research paper, “Misery is not miserly: Sad and self-focused individuals spend more,” is scheduled for publication in Psychological Science. (US, 2008)
Fundamentals of GRC: Mastering Risk Assessment
The recent news headlines related to subprime mortgage crisis, roguetraders, and corporate fraud have highlighted that despite investment in riskassessment and risk management disciplines, significant risk failures persist.While isolated incidents of one-time governance failures are bound to occur,long-term systemic failures are more than just an isolated anomaly. (UK, 2008)
Strategic Business Risk - Insurance 2008
Strategic risks arise from trends, conditions and uncertainties within global markets. This report explores the most significant business risks and challanges that the insurance industry will face over the next three to five years. (US, 2008)
Strengthening the use of risk management principles in homeland security
Recognizing that risk management helps policy makers make informed decisions, Congress and the administration have charged federal agencies to use a risk-based approach to prioritize resource investments. Nevertheless, federal agencies often lack comprehensive risk management strategies that are well integrated with program, budget, and investment decisions. (US, 2008)
Economic crime: people, culture and controls
The 4th biennial global economic crime survey. The survey shows, that it is simply impossible to get rid of economic crime – the crime of fraud remains intractable because of the many kinds of fraud and the correspondingly broad range of fraudsters who commit them. There will never be a simple solution, but we can endeavour to develop our understanding and share our knowledge of ‘what works and what doesn’t’ in combatting fraud. (UK, 2007)
Best practice in risk management - A function comes of age
In February 2007, The Economist Intelligence Unit surveyed 218 executives around the world about theirapproach to risk management and their perception of the key challenges and opportunities facing thefunction. The survey was sponsored by ACE, IBM and KPMG.Respondents represent a wide range of industries and regions, with roughly one-third each from Asiaand Australasia, North America and western Europe. Approximately 50% of respondents representbusinesses with annual revenue of more than US$500m. All respondents have influence over, or responsibility for, strategic decisions on risk management at their companies and around 65% are C-level or board-level executives. (UK, 2008)
Managing and Financing Extreme Events
A Research Program of the Wharton Risk Management and Decision Processes Center addressing the following five questions:What is the current status of disaster insurance markets and government regulatory programs?What alternative strategies should be considered for reducing future disaster losses and providingfinancial support for victims of these events? What economic impact do the current program and proposed strategies have on the key interested parties affected by natural disasters? Who will pay for future losses? What are the implementation challenges? (US, 2007)
