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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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Malta ready to reap the benefits of Solvency II

Malta ready to reap the benefits of Solvency II | Risk  Management | Scoop.it

After years of preparation, the deadline for Solvency II has finally been set for January 1, 2016. For Malta, a member of the EU since 2004, it could not come soon enough. The island and its captive managers have been preparing for its implementation for a long time and now that the deadline is imminent the domicile is hoping to benefit from the careful preparation and the positive attitude of its regulator.

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UN IPCC calls on risk management to help mitigate climate change effects

UN IPCC calls on risk management to help mitigate climate change effects | Risk  Management | Scoop.it

The United Nations' Intergovernmental Panel on Climate Change (IPCC) this week said that society and business is ill-prepared to deal with climate change and that mitigating its effects now depends on risk management.

"Climate-change adaptation is not an exotic agenda that has never been tried. Governments, firms and communities around the world are building experience with adaptation," Mr Field said. "This experience forms a starting point for bolder, more ambitious adaptations that will be important as climate and society continue to change."

The report concludes that there are opportunities to respond to climate change risks and build resilience but that this will be no easy task.

 

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Decision Risk Management

Decision Risk Management | Risk  Management | Scoop.it

When we decide what to do, and how and when we should act, we can never be sure that we will be successful. Even if what we want to happen does happen, it is only later that we find out if the decision we made was the best one in terms of enabling us to achieve our personal goals and objectives.We all face personal and external factors and influences that make it uncertain whether, when, and the extent to which, we will achieve or exceed our goals and objectives. Often, it is our biases and sense of infallibility that lead us to make the wrong decision, failing to act to deal with the sources of uncertainty that threaten our objectives or failing to seize the opportunities presented by others. The effect of uncertainty on our objectives is what we call ‘risk’. We all manage risk, every day and all day, as we make decisions. Mostly, this is intuitive and we cannot prevent ourselves from doing it every time we decide how to act. That is not to say that we cannot improve the way we manage risk to ensure that our decisions are more reliable and that we increase the certainty that we will achieve our goals and objectives.

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Due Diligence as a Way of Life

Due Diligence as a Way of Life | Risk  Management | Scoop.it

The phrase “Due diligence” sounds complicated but in reality, it is simply the process of doing your homework before you make a major commitment, either on a business or personal level.  Due diligence can be as simple as just asking the proper questions and making sure that a situation is “not too good to be true.”  This idea of checking into the facts behind a transaction to ensure it is fairly valued is the source of the old adage, “let the buyer beware.”

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Risk disclosure demands rise as European Parliament adopts new directive

Risk disclosure demands rise as European Parliament adopts new directive | Risk  Management | Scoop.it

The European risk management community was given a potentially significant boost as the European Parliament adopted the directive on disclosure of non-financial and diversity information. The directive demands that companies disclose information on policies, risks and results pertaining to environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues and diversity on boards of directors. The directive adds to rising pressure on board directors from regional and national legislators and regulators to properly identify risks faced by the companies that they manage, ensure that these risks are managed in a proactive way and are transparently reported.

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Information security hits home with Heartbleed

Information security professionals consider the Heartbleed bug to be a serious issue, and one that will require action by most Internet users – not just for businesses – bringing the topic of information security home for web users everywhere.

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Preparation & Recovery for Catastrophes

Can you reduce an earthquake's impact before it strikes? In this World Economic Forum discussion, Japan's director of land and real property market, Satoru Nishikawa, explains how better planning for natural disasters can help us manage catastrophic risk, enabling quicker recovery times. 

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'Risk Masters' Chart Course for Developing Risk Capabilities

'Risk Masters' Chart Course for Developing Risk Capabilities | Risk  Management | Scoop.it

As a corporate discipline, risk management has captured the attention of senior management.  Accenture’s 2013 Global Risk Management Study – an in-depth analysis based on interviews with risk professionals from 446 companies in multiple industries and geographic regions – found that nearly all the respondents place more emphasis on risk management today and are taking steps to integrate it into their overall corporate decision-making. Risk management functions today have invested heavily in risk capabilities; now they want to see a return.

Some are seeing more of a return than others.  These "Risk Masters" have moved beyond their peers in terms of developing their risk capabilities. 

A number of factors set these Risk Masters apart, many of which are related to better connectivity.  Risk Masters report including risk professionals more directly in the decision-making process across strategy, capital planning, and performance management.  Results indicate they are better at integrating their risk organization into operations and establishing risk policies based on their organization’s appetite for risk.  They also report articulating processes for managing risks – processes that are communicated across the enterprise. 

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Most extensive survey ever of risk and insurance management across Europe

Most extensive survey ever of risk and insurance management across Europe | Risk  Management | Scoop.it

Starting on 24 March, members of Airmic, MARM (the Malta Association of Risk Management) and other risk management associations in more than 20 European countries will be invited to take part in the 2014 FERMA Benchmarking Survey. FERMA’s intention is to create a reference work for risk and insurance managers throughout Europe that will also provide a tangible basis for reporting to senior management on risk management.

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Greatest Compliance Risks Surrounding Third-Party Outsourcing

Greatest Compliance Risks Surrounding Third-Party Outsourcing | Risk  Management | Scoop.it

Significant risks associated with outsourcing important technology functions are often ignored.  These risks include business continuity, information security and data privacy, intellectual property and un-transferred litigation risks. At the broadest level, lack of oversight and management controls create the majority of the risks associated with outsourcing.  All of these risks implicate the broader topic of compliance, and when key functions are outsourced, it becomes increasingly difficult to manage risk and monitor compliance.

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Make it your organisation’s New Year’s resolution to have a clear personal device at work policy

Make it your organisation’s New Year’s resolution to have a clear personal device at work policy | Risk  Management | Scoop.it

Known as ‘bring your own device’ this trend has many benefits including increased efficiency, flexibility and employee morale. But it also carries a number of risks organisations must consider when allowing employees’ devices to be used to process work-related personal information. As the line between our personal and working lives becomes increasingly blurred it is critical employers have a clear policy about personal devices being used at work. The benefits must be balanced against the potential risks to work-related personal data but the organisation should not underestimate the level of effort which may be required to ensure that the processing of personal data with BYOD remains compliant with all 8 Principles of the Data Protection Act. Remember, it is the employer who is held liable for any breaches under the DPA. Here are the UK Omformation Commisioner's Office key ‘bring your own device’ recommendations.

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Risk management for an era of greater uncertainty - Accenture 2013 Study

Risk management for an era of greater uncertainty - Accenture 2013 Study | Risk  Management | Scoop.it

The Accenture 2013 Global Risk Management Study examines the perspectives and concerns of executives at nearly 450 companies in eight industry groups and in three major geographic regions.

The 2013 Global Risk Management Study is the third in a series. The report explores not only current trends in risk management but the challenges that lie ahead, and how organizations are planning (and investing) to meet these challenges. The Risk Management Study also looks at how Risk Masters apply risk management capabilities to achieve competitive advantage.

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Malta captive domicile ready for take-off

Malta captive domicile ready for take-off | Risk  Management | Scoop.it

Malta’s captive market does not, on the surface, appear to be a large sector. But as a member of the EU, and with certainty over Solvency II implementation, together with a now growing global economy, the future is looking more positive for the island. Thanks to legislation that covers Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs) and, just recently, Reinsurance Special Purpose Vehicles (RSPVs), Malta is poised to attract a wide range of companies, often not strictly defined as captives.

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Malta open for Reinsurance Special Purpose Vehicles and Insurance Linked Securities

Malta open for Reinsurance Special Purpose Vehicles and Insurance Linked Securities | Risk  Management | Scoop.it

Malta is the first European member state to establish Reinsurance Special Purpose Vehicle (SPV) regulations. These have been designed specifically to cater for the latest Solvency II specifications provided by EIOPA. Malta is therefore bringing much needed certainty to the EU onshore ILS sector. The use of SPVs and insurance-linked securities (ILS) to manage and transfer mainly high-value, low frequency catastrophe risk has exploded in recent times and is now a fundamental part of the international risk transfer market. Up until now the focus has been largely in and around the uS. There is a growing demand and appetite among European insurers, reinsurers and corporate risk managers for this form of risk transfer and the opportunity exists for the development of an onshore market within the European union. Malta has identified and addressed this opportunity.

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Scientists testing a Seismic shield to protect cities from earthquakes

Scientists testing a Seismic shield to protect cities from earthquakes | Risk  Management | Scoop.it

What if you could put a shield around your city to prevent it from being demolished in an earthquake? A group of French scientists think they've created a way to do just that, thanks to refraction (essentially changing the direction of the vibration). In an experiment, the group was able to create the shield using several five-meter-deep boreholes in the ground. When a quake hits, the holes redirect vibrations to a less-populated nearby area so they'll do less damage. The catch is, all that force has to head somewhere. And we're guessing there won't be many towns signing up to have a big city's quake headed their way instead.

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Risk management is at the core of strategy development

Risk management is at the core of strategy development | Risk  Management | Scoop.it

Strategy does not just happen. It is the result of a systematic process and risk management is at the core.

Strategy is a dynamic process characterized by three distinct stages: formulation, implementation, and evaluation. The first phase creates strategies and plans, the second and third are their execution. The entire process consumes a great deal of information, but it also generates its own information, all of which needs to be described and analyzed. New information is arising constantly and must be gathered and placed back into the process through feedback loops.

These loops should occur along every step if the process is going to yield strategies that are effective and timely. Such feedback allows for strategic adaptation to evolving environments, and drives the dynamics of the process. Among the most important bits will be information about risk.

 

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The Risk Appetite Dialogue

The Risk Appetite Dialogue | Risk  Management | Scoop.it

Risk levels and uncertainty change significantly over time. Competitors make new and sometimes unexpected moves on the board, new regulatory mandates complicate the picture, economies fluctuate, disruptive technologies emerge and nations start new conflicts that can escalate quickly and broadly. Not to mention that, quite simply, stuff happens, meaning tsunamis, hurricanes, floods and other catastrophic events can hit at any time. Indeed, the world is a risky place in which to do business. Yet like everything else, there is always the other side of the equation. Companies and organizations either grow or face inevitable difficulties in sustaining the business. Value creation is a goal many managers seek, and rightfully so, as no one doubts that successful organizations must take risk to create enterprise value and grow. The question is, how much risk should they take? A balanced approach to value creation means the enterprise accepts only those risks that are prudent to undertake and that it can reasonably expect to manage successfully in pursuing its value creation objectives. In this context, the question of risk appetite often arises.

 

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New EC studies hint at future toughening of ELD

New EC studies hint at future toughening of ELD | Risk  Management | Scoop.it

New European Commission (EC) studies have recommended potential revisions to the Environmental Liability Directive (ELD) now under consideration ahead of an official review of the directive later this year. If incorporated into the ELD the revisions would see a sharpening of the polluter pays principal enshrined in the directive and place increased liability on business.

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Experts: Strict building codes saved lives in powerful Chile earthquake

Experts: Strict building codes saved lives in powerful Chile earthquake | Risk  Management | Scoop.it

Strict building codes and the preparedness of millions of Chileans who live along an arc of volcanoes and fault lines likely kept the death toll low after an 8.2-magnitude earthquake rumbled offshore and prompted a tsunami. Chile has over the years implemented strict building codes and rigorous evacuation plans. People are more familiar with them and in general, know what to do as part of their daily lives, plus the building codes are fairly well-enforced in Chile. It's in their culture. The government of Chile has been working hard to improve awareness  to the threat from tsunamis and on what to do if one is approaching. Several tsunami drills have taken place since the tsunami  in 2010. That quake was so violent, it moved one whole Chilean city about 10 feet west. Recent earthquakes in the region have also helped to keep the threat firmly in people's minds.

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ISO 31000 Risk Management Library

ISO 31000 Risk Management Library | Risk  Management | Scoop.it

ISO 31000 is a generic risk management standard. It can be used 
by any organization no matter what size it is or what it does. It can be 
used at a strategic or organizational level to achieve objectives and 
make decisions and can be applied to all types of activities. In this Risk Management Library, you'll find plain English definitions and explanations and you'll find a clear introduction and a detailed overview of this international standard.

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Airmic research finds five principles underpin business resilience

Airmic research finds five principles underpin business resilience | Risk  Management | Scoop.it

New research by Airmic and Cranfield School of Management has found a set of five common principles that underpin organisation resilience and help avoid potential crises. In Airmic's Roads To Resilience report, the association said companies that create resilience throughout their organistion are more likely to be successful in the long term.

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Mastering Information Technology Risk Management

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The Malta Financial Centre

Malta is today a well-established Finance Centre, a regional hub with an international reach. Enjoy this short video which gives you a small preview of Malta’s key features, its economic stability, physical attractiveness, strategic competitive advantages & more.

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World Economic Forum: Global Risk 2014 report with comments by executives from Marsh, Swiss Re and Zurich.

The World Economic Forum reconvened in Davos, Switzerland . Prior to the meeting, the World Economic Forum released its Global Risk Report, with results from this year’s Risk Perception Survey.Economic, societal and environmental risks dominated the list of Top 10 Global Risks respondents seemed “most concerned” about, with “fiscal crises” heading the list.  “Income disparity” between the rich and poor was thought to be the most likely cause of systemic shock on a global scale, followed by ‘extreme weather events’, ‘un-employment and under-employment’, ‘climate change’ and ‘cyber-attacks.’

The report was introduced at a press conference, where select findings from the report were discussed, including risks associated with the short-term provincial view of today’s governments, the financial burdens of the “lost generation”, and “cybergeddon.”  Among those participating in the conference were John Drzik - Chairman of Global Risk Centre at Marsh & McLennan Companies, David Cole - Group Chief Risk Officer at Swiss Re and Axel Lehmann - Group Chief Risk Officer at Zurich Insurance Group.

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Establishing and Embedding Risk Appetite

Establishing and Embedding Risk Appetite | Risk  Management | Scoop.it

Risk appetite has been at the forefront of risk management discussion, especially since the global financial crisis.  A useful tool “Establishing and Embedding Risk Appetite: Practitioners’ view” is the first paper jointly authored by the CRO Council and CRO Forum.

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