By Cindy Levy, Olivia White and Hans Helbekkmo | McKinsey & Company In a rapidly changing risk landscape, successful banks will deploy highly skilled, diverse, and agile risk organizations. The world is changing in ways that are reshaping the risk landscape. We see three inter-related changes as particularly relevant for banks. First, the digital revolution is drastically increasing the availability and use of data, and […]
Turning up the heat on city planners
By Garry Booth | Lloyd’s Madrid’s climate could resemble that of Marrakech in 30 years’ time, while London will experience the sort of summer conditions that residents of Barcelona are accustomed to today. This is the finding of new research by the Crowther Lab, whose environmental scientists tested the extent to which cities around the world are likely to be […]
United in Science Report
The United in Science Report has been created by the world’s leading climate science organizations who have joined forces to produce a unified assessment in preparation for the United Nations Climate Action Summit. The report underlines the glaring and growing gaps between agreed on targets to tackle global warming and the actual reality, highlighting the urgency for the development and implementation of […]
Fallacies of risk
by Judith Curry In addition to traditional fallacies such as ad hominem, discussions of risk contain logical and argumentative fallacies that are specific to the subject-matter. Ten such fallacies are identified, that can commonly be found in public debates on risk. They are named as follows: the sheer size fallacy, the converse sheer size fallacy, the fallacy of naturalness, the ostrich’s fallacy, […]
Crossing the divide: behavioral research in auditing
Prof. dr. Olof Bik RA. Inaugural address in acceptance of the Professorship of Behavioral Research in Auditing at Nyenrode Business University on Tuesday September 17th, 2019. “Dear family and friends, And all others of you who show your interest through your presence here today, It was in his laudatio, just after my PhD defense at the University of Groningen in 2010, that […]
Managing Risk: How To Maximize Performance In Volatile Times
Greg Case | President and CEO AON “Every organization, industry and economy around the world is confronting more risks than ever before. Considering this backdrop, it’s troubling that many organizations report that they may be less prepared than they have ever been. A key insight from Aon’s 2019 Global Risk Management Survey is that organizations need to be more prepared for […]
Risk in Focus 2020: Hot topics for internal auditors
Risk in Focus 2020 has been published by a consortium of institutes of internal auditors that includes the Chartered Institute of Internal Auditors (UK & Ireland), Deutsches Institut für Interne Revision (DIIR), IIA Belgium, IIA Nederland, IIA Spain, IIA Sweden, Institut Français De L’audit Et Du Contrôle Interne (IFACI) and the Italian Association of Internal Auditors. Welcome to Risk in Focus […]
Adapt now: a global call for leadership on climate resilience
Global Commission on Adaptation Climate change is one of the greatest threats facing humanity,with far-reaching and devastating impacts on people, the envi- ronment, and the economy. Climate impacts affect all regionsof the world and cut across all sectors of society. People whodid the least to cause the problem—especially those living in poverty and fragile areas—are most at risk. Consider: Without […]
Back to basics in decision making
Jack Kruf Is it wise to choose to go back to basics and divert from the ever expanding swamps of risk management? Yes, I think it is. The problem is that ‘risk’ is a made-up expression and has no commonly accepted or applied meaning. Risk is still widely associated with failure rather than with success. Most leaders and CEO’s do associate […]
Phase 2 of the FORTE Framework: testing questionnaire
In the last two years PRIMO Europe – the premium non-profit organization for good governance in Europe – has worked on a framework, called FORTE™, this to support its members and network in the process of strategy and decision making. The development of this framework has been carried out in close cooperation with the Malta University. Based on research via […]
Cybersecurity: Linchpin of the digital enterprise
James Kaplan, Wolf Richter and David Ware | McKinsey & Company As companies digitize businesses and automate operations, cyberrisks proliferate; here is how the cybersecurity organization can support a secure digital agenda. Two consistent and related themes in enterprise technology have emerged in recent years, both involving rapid and dramatic change. One is the rise of the digital enterprise across […]
World food security increasingly at risk
United Nations, IPCC More than 500 million people today live in areas affected by erosion linked to climate change, the UN warned on Thursday, before urging all countries to commit to sustainable land use to help limit greenhouse gas emissions before it is too late. Speaking at the launch of a Special Report on Climate Change and Land by the UN […]
A framework for fostering effective energy transitions
By Daniel Hund, Sébastien Léger, Arnout de Pee, Occo Roelofsen, Thomas Seitz, and Kassia Yanosek The new Energy Transition Index looks at 114 countries’ energy systems’ performance and transition readiness. Globally, energy systems are experiencing significant and fast change, driven by forces such as technological innovation, changes in consumption patterns, supply dynamics, and policy shifts. These forces offer opportunities to […]
10 years later: What Local Governments Learned from the Great Recession
By Cathy Swanson-Rivenbark, ICMA-CM, AICP, CEcD The official dates of the Great Recession, from December 2007 to June 2009, mean that June 2019 signals the “supposed” ten-year aftermath to which we can apply hindsight. For local governments, the timeline of the downturn proved prolonged for employees and postponed for their governments. Employees first felt the impact at home – literally—as […]
The new CFO mandate: Prioritize, transform, repeat
McKinsey&Company If you wanted to validate the old adage that the only constant in life is change, the results from our newest McKinsey Global Survey suggest you need not look any further than the CFO role. In the two years since our previous survey on the topic, CFOs say the number of functions reporting to them has risen from about […]
The new Twilight Zone between crisis and risk management
Arjen Boin* and Martin Lodge** discuss the unique challenges for organizing oversight | Risk & Regulation Magazine, Summer 2019, Issue 37. Traditionally, the worlds of crisis and risk management have been clearly demarcated and neatly separated. The world of risk management is largely one of calculating probabilities of nasty events and assessing the level of impact should these materialize. It’s […]
District heating and cooling
Brussels, 10th of October 2019. PRIMO participates in meeting focused on ‘cities going circular for a carbon neutral Europe.’ Cities and their managers are key stakeholders to ensure successful energy transition that would lead us towards carbon neutrality by 2050. The local technical, financial and managerial innovation takes place precisely in urban settings, which are also pioneers of integrating circularity […]
Risk & Resilience Festival
Enschede, 7th of November 2019 PRIMO will be organising partner of University Twente in this festival. Theme is ‘Risk meets resilience for a sustainable future’. The festival is a meeting place and a source for inspiration for every employee and councilor working for or being involved in the public domain. Discover what the latest developments are in risk and resilience […]
ISO 31000:2018 – risk management guidelines
PECB The ability of predicting what the future holds and choosing effectively among varying alternatives lies at the center of contemporary societies and organizations. Risk management helps us navigate over a broad range of decision-making processes, from making investment decisions to safeguarding our health, from waging war to planning families, from paying insurance premiums to wearing a seatbelt when we […]
Harrie Scholtens enforces PRIMO
Harrie Scholtens will join the team of PRIMO as public governance expert, starting Monday 1st of July 2019. With his extended international network, his knowledge of the public domain and his systematic efforts in the last years on the interface of quality and risk management he brings new impulses to the development of the association in Europe. Harrie is a […]
‘Result in times of transition’
Tilburg Institute of Governance (TIG), Tilburg School of Economics and Management (TiSEM), both part of the Tilburg University and Public Risk Management Organisation (PRIMO) Europe, the premier international network for the development and dissemination of products and services related to value and risk governance within the public sector in Europe, will start a collaboration in a strategic alliance in an international context. […]
Myopic Voters and Natural Disaster Policy
Andrew Healy, Loyola Marymount University, and Neil Malhotra Stanford University In our democratic system citizens vote for their representative politicians, elected councils as well their public leaders, governors and governing councils. But what about the perception by citizens of how risks are handled by their leaders and what about citizen’s appreciation of proactive thinking by councillors related to public risks when it comes […]
Don’t manage RISK — Manage VALUE
Marinus de Pooter * | Internal Auditor, June 2019 Risk management’s traditional focus on adversity is changing. The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) 2017 Enterprise Risk Management (ERM)–Integrating With Strategy and Performance framework now refers to risk holistically as “the possibility that events will occur and affect the achievement of strategy and business objectives.” With “adversely” removed from the definition, a risk is […]
The Hague Resilience Strategy
The Hague’s Resilience Story As the home to several international organizations including the International Criminal Court, Eurojust, Europol and the Organisation for the Prohibition of Chemical Weapons, the Hague has built a strong reputation as the international city of peace and justice. However, we cannot rest on our reputation. Today we are facing new major challenges such as climate change, […]