What is the difference between operational risk management and enterprise risk management? In reality, operational risk management (ORM) is only a small part of a truly holistic enterprise risk management (ERM) framework. In this blog, we explore the fundamental differences [...]
A risk maturity model is a tool to assess the effectiveness of an organization’s risk management efforts. In other words, how well do your functions and processes enable risk-aware decisions that support key enterprise [...]
In today’s current business climate, both local and global events have the potential to significantly impact your organization and how it operates. With the watchword for the contemporary climate being agility, the necessary steps [...]
From the initial and ongoing impact of the pandemic to geopolitical conflicts that continue to play out in today’s headlines, monumental challenges over the past several years have forced insurance carriers and the industry [...]
To run a successful, sustainable business, organizations must balance risk and opportunity to achieve their strategic objectives. Risk management is not just about mitigating threats; it is also about enabling growth and innovation by [...]
Determining the risk appetite for your business is critical to organizational success. Risk appetite is what gives senior management the necessary guardrails in managing risk exposure from the top-down. The challenge, however, is that [...]
Risk appetite. Risk tolerance. You’ll be familiar with the terms, but how do they differ? Are they in fact interchangeable, since both can influence business decision-making? The Government Finance Function* provides a simple definition that [...]
Embrace Scenario Analysis, Stress and Reverse Stress Testing Assessing operational risk accurately is not without challenge, particularly when only limited data is available on risk probability and impact. And even if trend data can be [...]
Operating one integrated Governance, Risk and Compliance system to store, maintain and manage the Society’s risk assessment and assurance data INDUSTRY Financial Services LOCATION United Kingdom NUMBER OF EMPLOYEES c.3000 The Background Founded in 1864, [...]
CAN WE LINK RISK MANAGEMENT TO PROJECT SUCCESS? Ask any project manager and they will tell you that managing risk plays a significant role in successful project delivery. It’s widely accepted that risk management strategies [...]
Risk data provides organizations with the opportunity to leverage information that will help to drive a more robust operational risk management (ORM) program, embedded within an effective enterprise risk management (ERM) framework. The imperative therefore [...]
“The financial industry has demonstrated exceptional resilience in the wake of COVID-19 and should be praised for that. Much is, however, still to be strengthened at all levels, and learnings from the past year [...]
