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We need more glass half-full risk managers

We need more glass half-full risk managers | Risk  Management | Scoop.it

We should have more risk managers being positive, innovative, and proactive in their assessments and information for management. With more glass half-full people, we would see that risk managers are seen as being strategic enablers to the business.

So, how do risk managers focus on being glass half-full?

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Risk  Management
Essential reading & interesting articles on Risk Management & Insurance Management
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Atlas Insurance PCC Malta | Protected Cells

Atlas Insurance PCC Malta | Protected Cells | Risk  Management | Scoop.it
Atlas Insurance PCC in Malta gives foreign promoters the opportunity to own their own EU insurance or risk financing captive vehicle avoiding fronting requirements. Protected cells typically require less capital & cost than standalone companies.
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Solar storm space weather could cause $330bn insured loss

The University of Cambridge Centre for Risk Studies has released a report exploring the potential impact space weather could have on the U.S. economy and insurance industry, noting that its stress test scenario shows the insurance industry could face losses of as much as $334 billion.

Much uncertainty surrounds the potential economic impacts an extreme space weather event could have on modern economies, leading the Cambridge Centre for Risk Studies to produce a stress test scenario (the Helios Solar Storm Scenario) that explores the impacts of a U.S.-wide power system collapse as a result of extreme space weather, such as solar storms and geomagnetic activity.

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Preventing Social Media Armageddon

Preventing Social Media Armageddon | Risk  Management | Scoop.it

The accessibility and fluidity of social media leaves organisations open to significant risks. But there are countermeasures organisations can take to prevent reputation disaster.

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Ahead of the curve: The future of performance management | McKinsey & Company

Ahead of the curve: The future of performance management | McKinsey & Company | Risk  Management | Scoop.it

What happens after companies jettison traditional year-end evaluations?


The worst-kept secret in companies has long been the fact that the yearly ritual of evaluating (and sometimes rating and ranking) the performance of employees epitomizes the absurdities of corporate life. Managers and staff alike too often view performance management as time consuming, excessively subjective, demotivating, and ultimately unhelpful. In these cases, it does little to improve the performance of employees. It may even undermine their performance as they struggle with ratings, worry about compensation, and try to make sense of performance feedback.


Answers are emerging. Companies, such as GE and Microsoft, that long epitomized the “stack and rank” approach have been blowing up their annual systems for rating and evaluating employees and are instead testing new ideas that give them continual feedback and coaching. Netflix no longer measures its people against annual objectives, because its objectives have become more fluid and can change quite rapidly. Google transformed the way it compensates high performers at every level. Some tech companies, such as Atlassian. have automated many evaluation activities that managers elsewhere perform manually.

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Product Recall - A detailed plan of action

Product Recall - A detailed plan of action | Risk  Management | Scoop.it

Product recalls are never far from the headlines. Whether it’s air bags, hover boards, cars or chocolate bars, the key to an effective product recall is a tried and tested recall plan, a well-trained team and clear communications. In our experience, if a company doesn’t have a recall plan before a recall incident, they will make sure they have one afterwards.  A product recall plan should be user-friendly, focused and effective. It should also complement your crisis response plans and be an integral element of your overall business continuity management.

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10 risks of avoiding employee engagement

10 risks of avoiding employee engagement | Risk  Management | Scoop.it
Here are 10 risks of not making company culture and employee engagement your top priority.
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Welcome to the era of the chief risk officer

Welcome to the era of the chief risk officer | Risk  Management | Scoop.it

The nature of risk has changed, beckoning the creation of a strategic role to manage business risks in the fast-moving 21st century

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Ready for Risk: Painting an Accurate Picture for the Board

Ready for Risk: Painting an Accurate Picture for the Board | Risk  Management | Scoop.it

As Boards increase their focus on IT risk, CIOs and CISOs must be prepared to provide an accurate picture of how IT risk impacts the overall risk profile.


It’s your job to walk into a conference room full of Board directors and, in a short presentation, convey a holistic, accurate picture of all the information technology risks across your entire organization. Now, imagine you were expected to prepare for this make-it-or-break-it meeting, which may involve delivering negative and expensive news to executives, using only email and spreadsheets. Ready? Go!

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What risk managers need to know about managing a crisis

What risk managers need to know about managing a crisis | Risk  Management | Scoop.it
With social media and the 24-hour news cycle in their sights, crisis management teams need to take charge of a situation before it spirals out of their control
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5 Common Risk Management Failures

5 Common Risk Management Failures | Risk  Management | Scoop.it

It is always interesting to put on our “all-seeing glasses” and look at situations when risk management failed. By doing this, we have the opportunity to identify warning signs of common failures. Here are five common risk management failures and some warning signs of each. The warning signs are organized into organizational, process and behavioral indicators.

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Cyber risks, the SPICE Initiative at Airbus

Cyber risks, the SPICE Initiative at Airbus | Risk  Management | Scoop.it

Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space, describes the development of a response methodology to create resilience against cyber risks.

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Top five business flaws that could lead to a corporate scandal

Top five business flaws that could lead to a corporate scandal | Risk  Management | Scoop.it

Five business flaws serve as warning signs of a poor and potentially damaging culture, which could lead to corporate scandals if left unaddressed, a joint report by the International Corporate Governance Network (ICGN); ICSA: The Governance Institute; and the Institute of Business Ethics (IBE), has found. The five warning signs were derived from a workshop of senior regulators, investors and company directors and executives, who discussed how businesses could spot early signs of weak culture in the wake of the Volkswagen emission scandal.


The report calls on businesses to watch out for and act on the following warning signs:

1) high levels of corporate stress

2) flawed remuneration policies

3) complex legal structures

4) poorly implemented takeover

5) lax financial discipline


Other drivers of bad behaviour are employees not being reprimanded for breaking minor rules, such as taking office supplies home, which could over time lead to increasingly larger rules being broken. However, corporate stress was deemed a significant contributing factor to poor corporate culture, often brought on by “an excessive focus on short-term financial targets”.

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Asymmetry: A Revised Mental Model for Enterprise Risk

Asymmetry: A Revised Mental Model for Enterprise Risk | Risk  Management | Scoop.it

Whether you turn on your television or read your iPad, smartphone or other mobile device, the cacophony of news around us has become more confusing and unsettling.  The never-ending wars in the Middle East, cybersecurity, global market rallies and capitulation, natural disaster, corporate layoffs… you get the picture!

You may want nothing more than a return to a quieter time when things were better!  But the truth is, the past is seldom as we remember it or something we can return to.  We filter out the bad and remember the good.  Our ability to move forward in the face of uncertainty depends on our brain’s ability to discount the negative and remain optimistic for the future.

Welcome to the new world of Asymmetric Risks!

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Navigating digital disruption

McKinsey's Strategy Practice, narrates a framework for understanding the life cycle of industry disruption.

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How risk is driving today’s Boardroom decisions

How risk is driving today’s Boardroom decisions | Risk  Management | Scoop.it

Stakeholders are increasingly holding corporate leadership to a higher standard when it comes to managing risks of all kinds — systemic risk, geopolitical risk, credit risk, cyber risk, macroeconomic risk, technology risk, and more.


While great strides have been made, and many crises have been averted, we continue to see the front-page stories play out about those risks that weren’t adequately understood or managed. Alongside this, the news media and popular culture has shaped our thinking around risk as something to be avoided — as the inevitable evil of doing business.


However, those organizations that are leading the charge on effective risk management are taking a radically different view of risk — rather than viewing risk as a negative that must be avoided, they view risk as opportunity. If you know what your risks are, you are in a better position to make decisions that drive better business performance. This refreshing view of risk is being led at the top – in the boardroom – where many business leaders are re-thinking, re-imagining, and re-shaping the conversation about risk.

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8 ways HR can help prevent M&A failure

8 ways HR can help prevent M&A failure | Risk  Management | Scoop.it

Financial gain may be the primary factor behind 2015's record level of mergers and acquisitions (M&A), but the costs and implications can be far bigger than simple economics would suggest. In many cases, an organization’s people can be just as vital as calculating traditional capital assets to understand the true value of an M&A deal.


To help ensure a better outcome for M&A activity, HR professionals can signal their desire to lead and get involved early in any M&A activity. While there is no "magic formula" for ensuring a successful integration, here are steps for HR leaders to consider in a potential M&A situation

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Fraud and risk management

Fraud and risk management | Risk  Management | Scoop.it

People are the greatest asset for any organisation, but in certain circumstances can be the biggest weakness. Management of people risk ranges from achieving compliance with established procedures through to talent management to ensure that the best skills and experience are available. This brief article considers the importance of people risk management in relation to fraud risk.

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Creating the right business environment for innovation

Creating the right business environment for innovation | Risk  Management | Scoop.it

UK retailers BHS and Austin Reed recently became the latest names on a long list of companies that went bankrupt due to a failure to innovate. Technological advances have accelerated the pace of change, with half of Fortune 500 companies expected to fail if they do not embrace the Internet of Things. Creating the right business environment for innovation is therefore vital to all businesses. But while most companies recognise the need to innovate, many seem to struggle to find the best ways to do so.

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'Alarming' rise in ransomware tracked

'Alarming' rise in ransomware tracked | Risk  Management | Scoop.it

Cyber-thieves are adopting ransomware in "alarming" numbers, say security researchers. There are now more than 120 separate families of ransomware, said experts studying the malicious software.

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201 Years Ago, This Volcano Caused a Climate Catastrophe

201 Years Ago, This Volcano Caused a Climate Catastrophe | Risk  Management | Scoop.it

Indonesia’s Tambora eruption brought on a deadly spate of cooling—presaging the costs that come with sudden changes to climate.

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35 emerging risks to watch

35 emerging risks to watch | Risk  Management | Scoop.it

For an industry that exists because of risk, with the job of transferring and mitigating it, re/insurance practitioners need to keep abreast of changing risks, lest they go the way of the dinosaurs.


The media is apt to hype risks to the point where it seems apocalypse is imminent or the world is boiling over into anarchy. What might be a more accurate observation is that the risk landscape shifts faster these days. For an industry that exists because of risk, with the job of transferring and mitigating it, re/insurance practitioners need to keep abreast of changing risks, lest they go the way of the dinosaurs. Reactions has looked at 35 emerging risks that the re/insurance industry should be grappling with – whether or not they come true – ranging from millennials and the Arctic, to Jihadi terrorism and China’s anti-corruption measures.

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New figures reveal big increase in hacking and malware data attacks

New figures reveal big increase in hacking and malware data attacks | Risk  Management | Scoop.it

There has been a "sharp" increase in data breaches caused by hacking and malware, according to figures from Beazley. The healthcare, higher education and financial services sectors are most at risk, it finds.

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Ferma explains pros and cons of forthcoming EU data protection rules

Ferma explains pros and cons of forthcoming EU data protection rules | Risk  Management | Scoop.it

Ferma welcomes the risk-based approach to data protection in forthcoming EU regulation, but is concerned that parts of the rules could stifle innovation and definitions of high-risk activities are too broad.

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TED - Fighting viruses, defending the net

TED - Fighting viruses, defending the net | Risk  Management | Scoop.it
It's been 25 years since the first PC virus (Brain A) hit the net, and what was once an annoyance has become a sophisticated tool for crime and espionage. Computer security expert Mikko Hyppönen tells us how we can stop these new viruses from threatening the internet as we know it.
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How risk managers can influence the C-suite

How risk managers can influence the C-suite | Risk  Management | Scoop.it

As companies’ risk profiles change ever more quickly and receive more attention from the board, how can risk managers add more value to boardroom decision making? 

As the importance of organisational risk management grows, risk managers are often asked to contribute advice and ideas on a host of complex (and often interconnected) threats, encompassing political, economic, technological, governmental, legal and regulatory risks.

This is compelling risk managers to revise their skill sets and reinvent their roles. At the same time, boards are increasingly calling for greater engagement from executives involved in risk oversight.

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