2020

Ensuring Resilience of Public Sector Organizations with Quality and Risk Management

European Online Course The Covid-19 crisis has revealed a lack of quality and risk management in many public sector organizations in Europe. PRIMO and KDZ, therefore joint forces to offer a comprehensive training and guideline for boosting public administration towards sustainability and resilience especially in future crises. The cooperation of PRIMO as leading European expert network for public risk management […]

The IIA’S Three Lines Model

Organizations are human undertakings, operating in an increasingly uncertain, complex, interconnected, and volatile world. They often have multiple stakeholders with diverse, changeable, and sometimes competing interests. Stakeholders entrust organizational oversight to a governing body, which in turn delegates resources and authority to management to take appropriate actions, including managing risk. For these reasons and more, organizations need effective structures and […]

IIA Unveils New Three Lines Model

Matt Kelly The Institute of Internal Auditors has unveiled a revamped version of its famed Three Lines of Defense model for risk assurance. Perhaps the most notable change: no longer calling it the Three Lines of Defense. Instead, the IIA guide is now officially known as “The Three Lines Model” — a nod to criticism over the years that the word “defense” […]

Insurance and Risk management degree

Malta University / Department of Insurance/ Insurance and risk management To prepare yourself for a dynamic career in the ever growing Financial Services industry. Learn about different types of risks, risk identification, risk measurement, risk mitigation and risk transfer, the various jobs available within the industry and prepare the road to join the number of professionals and specialists in the area. […]

PRIMO considers SDG’s as frame of reference

The board of PRIMO Europe has decided that the association explicitly accepts the Sustainable Development Goals as a referential set of public values for good governance. This will be expressed in the general communication of the association as well as in the use of products and services in the overall setting of the portfolio. The association would like to formally […]

Structured Client Communications: The Key to Manage Risk in a Business Relationship

Stephen P. D’Alessandro | International Journal of Finance, Insurance and Risk Management, Volume 10, Issue 1, 135-148, 2020 Purpose: The key objectives of this paper are to provide a review of the current context within a regulated sector such as financial services which call for structured communications as an integral part of overall corporate governance and to provide a practical […]

McKinsey on Risk

Thomas Poppensieker | Chair, Global Risk Editorial Board McKinsey & Company “Our ninth issue of McKinsey on Risk arrives amid the greatest global crisis since the Second World War. McKinsey and the Risk Practice have been in constant conversation with healthcare, public-sector, and business leaders to help assess and meet the diverse challenges raised by the COVID-19 pandemic. As we go […]

FERMA European Risk Manager Report

FERMA/PWC We are pleased to present the results of the 2020 European Risk Manager Survey. The survey has taken place every other year since 2002 and represents the widest available picture of views of professional risk managers across Europe. The publication of the 2020 Survey is taking place in exceptional circumstances. Before the outbreak of the Covid-19 virus, we could […]

PRIMO leaves Facebook platform

Press release PRIMO Today we have decided as PRIMO board to LEAVE the platform of Facebook. We think that the corporate policy of the company Facebook is not in line with our values of good governance, privacy and above all respect and trust. Following the discussion in the international media, the actual privacy breaches of the platform. the leadership and […]

SONAR 2020: New emerging risk insights

The SONAR report of Swiss Re Institute informs and inspires conversations about emerging risks, so the re/insurance industry can continue to build resilience also in turbulent times. The COVID-19 pandemic has accelerated new emerging risks and trends, but the current crisis shouldn’t overshadow the need for the world to transition to a more sustainable economy and a low carbon future. […]

ISO and climate change

PRIMO Europe is focused on helping organisations – as the highest form of public risk management – to implement frameworks, methods and techniques to improve on the Sustainable Development Goals. Goal 13 is Climate Action: Take urgent action to combat climate change and its impacts. The goals has 5 targets: Strengthen resilience and adaptive capacity to climate-related hazards and natural […]

The great balancing act: Managing the coming $30 trillion deficit while restoring economic growth

Rima Assi, David Fine and Kevin Sneader As they continue to grapple with a global pandemic, governments will need to manage deficits and debt-payment plans while finding the best ways to support economic recovery. The dual imperative of our time is to save lives and safeguard livelihoods—and governments around the world are pulling out all the stops to do so. The resulting ramp-up […]

Understanding the Black Swan

Times of Malta in conjunction with Seed is serializing the economic report Agile. Perspectives on Malta’s economy post COVID-19. The report was authored by JP Fabri, Glenn Fenech, partner and senior consultant at Seed, and University academics Professor Vincent Cassar, Dr Stephanie Fabri and Dr Jonathan Spiteri. The full report can be read here. A modern globalised economy is a complex web of […]

The financial impact of COVID-19 on health systems and how CFOs are responding

Bede Broome In McKinsey’s Health System Financial Resilience Survey, CFOs and finance executives of health systems indicated that they are expecting a dramatic impact on both operating margin and cash flow. Beyond the devastating humanitarian impact inflicted by the COVID-19 pandemic, the economic impact on healthcare systems is, and is expected to continue to be, significant. CFO’s and finance executives […]

Banking imperatives for managing climate risk

More than regulatory pressure is driving banks to manage climate risk. Financing a green agenda is also a commercial imperative—but specialized skills are needed to protect balance sheets. The surface temperature of the Earth has risen at a record pace in recent decades, creating risks to life, ecosystems, and economies. Climate science tells us that further warming is unavoidable over […]

The light of risk management has dimmed

Jack Kruf* The world of risk management is a special world. There are many methods and techniques, software programs, standards, surveys and especially experts. It is a true cloud that hangs above us, of concepts, of supposed uncertainties, unknowns, forces we do not seem to know, of black swans, sometimes also white swans, of dangers that seem to circle like […]

Developing an effective Governance Self-Assessment Instrument

Dr. Simon Grima [1] and Dr. Rebecca Dalli Gonzi [2] Stakeholders’ (of both private and public organisations) trust in the effectiveness and ability of the Board of Directors (‘BOD’) depends on factors such as transparency and clear accountability. Therefore, measuring the effectiveness of these factors is essential. However, how can we do this and against what benchmark/s? Should we consider […]

The Pandemic Isn’t a Black Swan but a Portent of a More Fragile Global System

Bernard Avishai Nassim Nicholas Taleb is “irritated,” he told Bloomberg Television on March 31st, whenever the coronavirus pandemic is referred to as a “black swan,” the term he coined for an unpredictable, rare, catastrophic event, in his best-selling 2007 book of that title. “The Black Swan” was meant to explain why, in a networked world, we need to change business practices and […]

Deciding: Making even better decisions

Roger Estall and Grant Purdy have recently published a book on decision-making called Deciding. Written to help decision makers (we call them Deciders) to make ‘even better decisions’ it goes directly to the two big challenges for every Decider – ensuring that each decision will contribute to (rather than detract from) achieving the purpose of their organisation, and being sufficiently […]

JFIRM and PRIMO start collaboration

JFIRM and PRIMO start collaboration on the 1st of April 2020 in calling for and sharing of relevant publications related to risk management. PRIMO seeks more connection between scientific research and the practical insights and knowledge of leaders, CEO’s, manager, controllers and strategists related to the public domain of society. It promotes the connection and cooperation between organisations in the […]

How COVID-19 might help us win the fight against climate change

Victoria Crawford The COVID-19 pandemic has elicited a global response unlike anything we’ve seen before. From government and business taking on new roles to respond to the crisis to the complete re-organisation of how we work, travel and socialize, we have witnessed transformational changes that didn’t appear possible just weeks ago. The human costs of the pandemic are horrifying, but […]

“All the information was always out there”​ – “Everywhere you look there are red flags”​

Paul Barnett, CEO Strategic Management Forum My two recent posts expressed surprise, that organisations that should know better have called the Coronavirus outbreak a Black Swan Event. The first on March 29th and the second on March 30th. Read more “All the information was always out there, and until February 21, risk managers all over the world were just ignoring it.” […]