2019

Controlling the digital risk / Maîtrise du risque numérique

This guide owes its existence to the following observation: the digital risk that bears down increasingly every day on organisations can go as far as putting their very survival in peril and the one of their stakeholders. According to ANSSI (National Cybersecurity Agency of France) and AMRAE (French Association for Risk Management and Company Insurance), this must be considered as […]

International Journal of Finance, Insurance and Risk Management

PRIMO would like to draw the attention for this new magazine. It is what we need: more integration between the different worlds of craftsmanship on one hand and more synergy between the scientific and practitioners’ world. The aim of the new journal, International Journal of Finance, Insurance and Risk Management (JFIRM) is to publish quantitative and qualitative studies from selected […]

Venice Flooding Brings City to ‘Its Knees’

Elisabetta Povoledo The mayor called for a state of emergency after the Italian city was submerged under “acqua alta,” an exceptionally high tide — the worst in 50 years. Outdoor restaurant tables and chairs could be seen bobbing in the waters, and tourists were forced to clamber through the windows of high-end hotels as the water rose to about six feet […]

Auditing ahead of the wave requires foresight

Jaap van Oerle. Every time a corporate scandal makes headlines, the question “Where were the auditors” comes up. Or should come up. After all, internal and external auditors claim that they “help Boards to protect value”. While the external auditors usually face substantial criticism after a scandal, more often than not, no-one looks at the internal auditors. Read more

How to hire a great Chief Risk Officer

Victoria Robinson An IRM guide to the recruitment of great Chief Risk Officers and other senior risk professionals. The IRM has released new guidance on hiring for the most senior risk positions. It also remarks on a shortage of candidates for senior level positions and calls on organisations to ensure that their professional development schemes and succession plans nurture sufficient talent […]

The Dali Model in Risk-Management Practice: The Case of Financial Services Firms

Rebecca Dalli Gonzi, Simon Grima, Murat Kizilkaya and Jonathan Spiteri. | Journal of Risk and Financial Management. 2019, 12, 169. Originality/value—this model contributed to the vast literature on models of change and risk management within organisations, but was not validated empirically for reliability of the factors, and on financial services providers within small jurisdictions. Therefore, the significance and importance of such a study […]

Enschede Utwente Risk and resilience festival ©foto Eric Brinkhorst

Risk & Resilience Festival theme held on risk meets resilience for a sustainable future

Michel Klompmaker On the 7th of November, the third edition of the Risk & Resilience Festival was held by the University of Twente, Genootschap Risicomanagement and PRIMO in Enschede where the theme surrounding this riveting event was “Risk meets Resilience for a Sustainable Future”. The overarching theme was also split into eight subthemes, which were resilience, vision & strategy, legal […]

Fiscal resilience: Tools to manage state budgets in an age of uncertainty

Jonathan Davis, Navjot Singh and Todd Wintner When the next economic downturn comes, states will need to be more deliberate about how they manage expenditures and revenues than ever before. An emerging theme across US states —and many regional governments in developed economies— is persistent fiscal uncertainty. Demographic change, spiraling healthcare inflation, and underfunded liabilities have placed states under unyielding fiscal pressures.

FORTE™ Framework for Good Governance

Jack P. Kruf, Simon Grima, Murat Kizilkaya, Jonathan Spiteri, Wouter Slob, John O’Dea | European Research Studies Journal.  Purpose In this article we lay out and discuss a framework proposed by the Public Risk Management Organisation (PRIMO) of which the authors are board members and the results of a test on public and private entities of EU small jurisdictions, specifically Malta, Slovenia, […]

Rising Seas Will Erase More Cities by 2050

Denise Lu and Christopher Flavelle.  Rising seas could affect three times more people by 2050 than previously thought, according to new research, threatening to all but erase some of the world’s great coastal cities. The authors of a paper published Tuesday developed a more accurate way of calculating land elevation based on satellite readings, a standard way of estimating the […]

Climate crisis: 11,000 scientists warn of ‘untold suffering’

Damian Carrington. Statement sets out ‘vital signs’ as indicators of magnitude of the climate emergency. The world’s people face “untold suffering due to the climate crisis” unless there are major transformations to global society, according to a stark warning from more than 11,000 scientists. “We declare clearly and unequivocally that planet Earth is facing a climate emergency,” it states. “To secure […]

New solutions to complex challenges

A public sector citizen-centric, sustainable and fit for the future. EPSA is the only award scheme which is open to all public sector organisations across Europe from all administrative levels in a network of European public sector excellence. In the 10 years from 2009 to 2019 more than 1350 practical solutions to the challenges facing public administrations have been collected […]

Banks and the changing face of risk

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 […]

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 […]

Public Risk Forum

Strategic Focus: “Integrated governance of values”.  It is an European initiative (since 2005*) to convocate its network focused on the achievement and securing of public values and specifically on t he management of public risks within corporate (public organisations) as well as within the public domain of the city and region. The forum is focused on sharing knowledge and experience, on the acceptation of […]

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 […]