• Corona: we knew she was coming but forgot about it

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    Jack Kruf* The recent outbreak of Corona gives rise to some personal thoughts. Of course we face a crisis and are trying to limit the outbreak. But we seem to have entered in the middle of movie, in a for most people strange world, where aliens are trying to take over our precious planet. Certain or uncertain? Some say we […]

  • Creating and protecting value

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    Richard J. Anderson & Mark L. Frigo.  Understanding and implementing enterprise risk management.  Over the past few decades, enterprise risk management (“ERM”) has been receiving increased attention by boards and executives and has undergone a continuing evolution in its development and uses. Along the way, lessons have been learned and ERM has been better understood regarding its benefits, objectives, and role […]

  • FORTE™ Framework for Good Governance

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    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, […]

  • PRIMO Risk Management Award

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    Introduction The PRIMO Risk Management Award has been launched in 2007 by the board of PRIMO Europe to recognise the efforts and standards being achieved across our cities and regions towards creating and implementing risk management mechanisms for safer and efficient environments. The award is for innovative approaches to risk management which show real benefits in terms of improved processes, […]

  • Public Risk Forum

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    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 […]

  • Kaleidoscope

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    Strategic focus: ‘Knowing what’s happening and where to buy’. Introduction Kaleidscope: Education for Good Governance is an internationally developed education program, designed for an holistic and dialogue oriented public risk approach. Discussing relevant themes as cybersecurity, social cohesion and city management, adaptation to climate change, proper water management and synergy by partnership. Getting familiar with the best concepts, methods and […]

  • Think tank ‘From Global to Local’

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    Philosophy The purpose of this think tank is to promote and encourage a greater understanding and exchange of knowledge, ideas and expertise on the impact of global public risks on local communities and cities. It is set to develop and enhance the ingenuity and resourcefulness of local communities and cities across Europe in general and the management by local government chief executives […]

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 […]

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 […]

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 […]

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

Enschede Utwente Risk and resilience festival ©foto Eric Brinkhorst

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 […]

Public Sector Research Report

Philippe Auzimour & Sabrina Baker-Boshuizen The downturn in the global economy raises important questions about how organisations conduct their business – and particularly about how they assess and manage risk. in March 2009 Marsh has conducted a survey in cooperation with ipsos Mori to find out how organisations have responded to the downturn in the economy. The survey examined attitudes […]

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 […]

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 […]

‘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 […]