By Peter Young. For the last 10 years, UST has been developing a position that has led to the 2016 launch of the “The Risk Leadership Initiative”. As we embark with you, our broad group of stakeholders, on the next academic year, we thought it might be useful to clarify our usage of the term Risk Leadership and invite you […]
Trust in Regulatory Regimes
Edited by Frédérique Six, Associate Professor of Public Governance, Vrije Universiteit Amsterdam, the Netherlands and Koen Verhoest, Research Professor in Public Administration, University of Antwerp, Belgium Within political and administrative sciences generally, trust as a concept is contested, especially in the field of regulatory governance. This groundbreaking book is the first to systematically explore the role and dynamics of trust […]
COSO and the changing Risk Landscape
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its highly anticipated ERM Framework: Enterprise Risk Management–Integrating with Strategy and Performance. This new document builds on its predecessor, Enterprise Risk Management–Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The updated edition is designed to help organizations create, preserve, and realize […]
Strategy under uncertainty
By Hugh G. Courtney, Jane Kirkland, and S. Patrick Viguerie, June 2000,McKinsey&Company. The traditional approach to strategy requires precise predictions and thus often leads executives to underestimate uncertainty. This can be downright dangerous. A four-level framework can help. At the heart of the traditional approach to strategy lies the assumption that executives, by applying a set of powerful analytic tools, […]
Public-private partnerships
By John O’Dea*, Timesofmalta.com. The PPP Knowledge Lab defines a PPP as “a long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance”. A fundamental feature in PPP is that normally the government does not own the infrastructure, […]
Increasing risk over time of weather-related hazards to the European population
The report by Giovanni Forzieri, Alessandro Cescatti, Filipe Batista e Silva and Luc Feyen highlights the impact of climate change on health and safety of Europeans. It is clear from this Lancet RELX research, that a huge impact is estimated and in this study calculated. A scala of public risks are quoted throughout the document. The article in The Independent is very clear in the […]
Flooding: Prioritizing protection?
Article By Pascal Peduzzi, | 31 July, Nature Climate Change. With climate change, urban development and economic growth, more assets and infrastructures will be exposed to flooding. Now research shows that investments in flood protection are globally beneficial, but have varied levels of benefit locally.
EU Court: Poland illegal in Białowieża Forest
Poland will continue logging in the ancient forest of Białowieża. This statement came from the country’s environment minister Jan Szyszko. The EU court has ordered a halt to the practice of this country earlier this week. Has Poland started the process of destroying the last European pristine forest? And has it with that compromised the brand of Poland. The loss […]
A Region at Risk
The human dimensions of climate change in Asia and the Pacific. This report by Asian Development Bank and the Potsdam Institute for Climate Impact Research is noteworthy because of its thorough approach of crucial correlations. What happens in Asia can be considered as an example – a pars pro toto – for the rest of the world. The approach of managing […]
The Urban Resilience Strategy of Toyama
Source: 100 Resilient Cities. “Urban Resilience is the capacity of individuals, communities, institutions, businesses, and systems within a city to survive, adapt, and grow no matter what kinds of chronic stresses and acute shocks they experience. Improving the individual systems that make up a city will increase the resilience of the city overall. Resilient systems withstand, respond to, and adapt […]
Collaborative Risk Management
PRIMO Academy shares knowledge about authoritative and successfully applied risk methods and techniques. In this article the focus on collaborative risk management by application of the agile framework Scrum and the interactive software RISKiD, used for (re)design of strategy and development by a large company, delivering and maintaining infrastructure for a diverse range of train traffic. By Gwendolyn Kolfschoten* and Jos van Ginkel** Rigorous […]
Understanding extreme sea levels for broad-scale coastal impact and adaptation analysis
Source: Nature. Authors: T. Wahl, I.D. Haigh, R.J. Nicholls, A. Arns, S. Dangendorf, J. Hinkel & A.B.A. Slangen One of the main consequences of mean sea level rise (SLR) on human settlements is an increase in flood risk due to an increase in the intensity and frequency of extreme sea levels (ESL). While substantial research efforts are directed towards quantifying […]
Norton Wi-Fi Risk Report 2017 shows our Vulnerability
Norton by Symantec commissioned its second annual online survey, this year expanded to 15 global markets, in order to better understand consumers’ public Wi-Fi perceptions and practices and to unveil consumer misconceptions and worries about the safety of these connections. This survey explores consumers’ knowledge about the safety of public Wi-Fi connections. While use of public Wi-Fi is nearly universal, […]
At the Junction of Corporate Governance & Cybersecurity
Source FERMA. A joint working group, representing risk managers and internal auditors from 8 EU countries and 6 different economic sectors (bank, transport, defense, IT, food services and telecom) has developed recommendations for organizations on innovative ways to internally organize the management of cyber risks. These recommendations include a cyber risk governance model between the key internal stakeholders and the […]
Financial Economic Crime Data analytics: towards Compliance 3.0?
Source: EY. Will next generation Transaction monitoring enable Compliance 3.0?Managing Financial Economic Crime risks (“FEC risks”) is an ongoing challenge for Banks. The FEC requirements mitigating these risks are not just limited to policies and procedures, Integrity risk assessments (“SIRA”) and KYC/AML procedures. Banks should also be capable of showing that the FEC Compliance measures are effective. The recent “concept […]
Getting Chief Executives to Take Cyber Risks Seriously
Source: Council of Foreign Relations. CEOs and their boards of directors should pay more attention to the cybersecurity risks that could devastate their business…. To convince board members and CEOs to act, they must first be convinced of the acute consequences of failing to implement proper cybersecurity measures. “Properly assessing these risks and allocating resources require informed decision-making by a company’s […]
Resilience, from an adaptation strategy to an economic asset
By Oliver Wild, Veolia. Giving the tools to a city to help make it more resilient to extreme events… Veolia’s resilience approach consists of understanding the vulnerabilities in a particular territory and then mitigating them to more effectively – and more quickly – bolster its ecosystem and consequently develop a favourable social and economic context. Strongly linked to sustainable development, […]
Board of Directors Oversight of Leadership Risk
Source: The European Financial Review. The practice of Enterprise Risk Management [ERM] was born as a consequence of the Enron collapse in 2001… Leadership is an organization’s most central risk Rarely is leadership elevated to the level of a risk “hot topic” in the minds of Boards or their primary committees… Figure 1, Risk Hot Spots, adapted from KPMG presents […]
Closing the Gap
Source: Lloyd’s. Over the past few decades the internet has enabled extraordinary innovation to take place, creating new business models, giving rise to world-changing companies and generating millions of jobs. But this progress has come at a cost. By their nature, digital systems are susceptible to cyber-attacks by malicious individuals or groups with increasingly serious repercussions for businesses around the […]
Three years to safeguard our climate
Source: Nature. In the past three years, global emissions of carbon dioxide from the burning of fossil fuels have levelled after rising for decades. This is a sign that policies and investments in climate mitigation are starting to pay off. The United States, China and other nations are replacing coal with natural gas and boosting renewable energy sources. There is […]
Europe’s cities and regions focus on the Paris Agreement
European Committee of the Regions deeply regrets the decision of President Trump to withdraw the United States from the Paris Agreement. Responding this announcement Markku Markkula, President of the European Committee of the Regions, has underscored the unwavering commitment of cities and regions across the European Union to curb climate change and respond to this global threat, which affects the […]
Stress testing for nonfinancial companies
Source: McKinsey&Company. Assessing a company’s vulnerability to risk makes otherwise theoretical discussions of strategy more real. In the decade since the global financial crisis, financial companies have honed their ability to measure risk in a way that nonfinancial companies have not. Granted, nonfinancial executives hadn’t faced the same existential crisis. And they’ve seldom come under the same kinds of investor […]
Risk Management in the very heart of 4IR
Source: G20 Insights. PricewaterhouseCoopers outlined ideas to enable a sustainable Fourth Industrial Revolution. How G20 countries can create the conditions for emerging technologies to benefit people and the planet. “The Fourth Industrial Revolution (4IR) offers huge potential to transform and realign our economies and societies. There is an increasing realisation that the 4IR could also exacerbate problems for people and the […]
ISO 19600:2014 Compliance Management Systems
By Jack Kruf. Compliancy is on the way up. More and more organisations focus on being compliant. Not only for being compliant, but also for karma, transparency, branding, imago, security and accountability reasons. And more. To be reported also to elected councils, citizens and shareholders. ISO defined this 19600 standard and published it on the 15th of December 2014. It […]