Corporate

Risk Management Practices Adopted by European Financial Firms with a Mediterranean Connection

Simon Grima and Frank Bezzina Following the economic and financial crises, any activity involv ing internal controls, especially risk management, has been given more attention. With this study, we aim to contribute further to the existing literature on risk management by looking at practices adopted by financial services firms licenced in Europe with a Mediterranean connection. We used parts of […]

Trust in Regulatory Regimes

Edited by Frédérique Six and Koen Verhoest 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 within regulatory regimes. Conceptualizing, mapping and analyzing trust between regulators, regulatees and citizens, expert contributors systematically review the existing […]

Want a better decision? Plan a better meeting

Aaron De Smet, Gregor Jost and Leigh Weiss Effective meetings produce better business decisions. Yet too many decision meetings are doomed from the get-go. You can do better. Decisions are the lifeblood of organizations, and meetings are where important business decisions often happen. Yet many executives are nonplussed—at best—when describing their own experience of meetings. Read more

Flipping the script on climate action

Jens Burchardt, Michel Frédeau, Philipp Gerbert, Patrick Herhold, and Cornelius Pieper |  Boston Consultancy Group Around the globe, public pressure to address carbon emissions is increasing. Yet the economic debate around climate action continues to be dominated by skepticism. Regulators and corporations remain reluctant to promote ambitious abatement for fear it might hurt economic competitiveness and growth. This reluctance is […]

Directors and Officers Insurance Insights 2020

The range of exposures facing directors and officers (D&Os) – as well as the resultant claims scenarios – have increased significantly in recent years. With corporate management under the spotlight like never before, Allianz Global Corporate & Specialty (AGCS) experts provide both a reflection of the current state of the D&O insurance market and also point the lens forward to […]

5 Risks for Legal and Compliance Leaders to Watch in 2020

The Gartner Legal and Compliance Hot Spots report identifies the top risk trends legal, compliance and privacy leaders should focus on in the next two years. The adage “The only constant is change” is one with which legal, compliance and privacy executives are all too familiar. Technological advancement is a primary, most obvious, driver of such change, creating both efficiencies […]

12 Principles of Good Governance and European Label of Governance Excellence (ELoGE)

Source: Council of Europe Good Governance – the responsible conduct of public affairs and management of public resources – is encapsulated in the Council of Europe 12 Principles of Good Governance. The 12 Principles are enshrined in the Strategy on Innovation and Good Governance at local level, endorsed by a decision of the Committee of Ministers of the Council of Europe in […]

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 […]

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 […]

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 […]

The digital future of government services

Frank Weise, Cordence, Global Head of Public Sector & Health Care  “Digitization is not only changing our business environment introducing completely new disruptive business models but is also offering completely new perspectives to enhance government services in terms of citizen or client centricity, accessibility of services, quality and efficiency. Looking at the demographic developments in many mature economies, digitization can be […]

RSM Germany: strong risk culture more important than regulations

Source: European CEO. A successful risk management system requires more than just rules and regulations: it requires a culture that works across all levels of an organisation. In the aftermath of the Enron and WorldCom accounting fraud scandals, the US Congress took it upon itself to introduce tighter industry regulations by passing the Sarbanes-Oxley Act in 2002. While legislative action […]

Allianz Risk Barometer 2019

Source Allianz. Technology is breeding new threats as well as business models. Traditional risks such as natural catastrophes continue to challenge while other threats such as cyber, neck-and-neck with business interruption at the top of the Allianz Risk Barometer 2019 for the first time, reputational risk, increasing exposure to intangible assets and volatility and consolidation in the corporate environment evolve […]

“Human beings are the biggest risk to innovations”

Inaugural lecture Mariëlle Stoelinga. The Dutch have no problem texting while cycling and are happy to install solar panels, but are troubled by nuclear energy and afraid of terrorist attacks. These are just a few situations in which people act and react based on intuition instead of reason. Because looking at the statistics, one can see that a terrorist attack […]

Value and resilience through better risk management

Source: McKinsey&Company Although the risk environment is growing more perilous and costly, leading companies are blazing a path to resilience and value by embedding strategic risk capabilities throughout the organization. Today’s corporate leaders navigate a complex environment that is changing at an ever-accelerating pace. Digital technology underlies much of the change. Business models are being transformed by new waves of […]

Why whistleblowers are crucial to risk compliance

Source: Inside Financial & Risk. The role of whistleblowers in UK companies is essential in order to establish a culture of risk compliance. What can firms do to ingrain a whistleblower culture within their firms and to protect the whistleblowers themselves? A recent case highlighted the importance of whistleblowers in UK companies and their role in reporting compliance and risk […]