Archive | May, 2012

A skill for all seasons

What is the role of the risk manager when everybody in business seems to be managing risks? The Financial crisis may have turned attention on the issue of financial risk in a rather dramatic fashion, but today hyperawareness of risk in its assorted forms – political, regulatory, environmental, technological and so on – has become [...]

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Get primed for cyber crime

Get primed for cyber crime

Cyber crime cost businesses worldwide £241bn last year, but liability insurance can protect your company from data and privacy breaches Cyber crime is not a fictional concept; it is a very real problem, says Ben Beeson, a data protection and security expert at global insurance broker Lockton. Last year, an individual fell victim to a [...]

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Railways confronting climate change

With new Rail track and infrastructure projects having a lifespan of several decades, assessing changing weather patterns is a vital part of planning at Network Rail. John Dora, principal systems engineer for climate change, works closely with organisations including the Met Office and the Environment Agency to assess the likely impact of climate change. “We [...]

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A risk worth taking?

A risk worth taking?

A one-dimensional approach to managing risk could lead companies to lose out on potential opportunity instead of optimising for profit A blanket approach to risk management can lead to missed opportunities. “In a bid to cut costs, companies often turn away business from large groups of customers that they perceive to be high-risk, or accept [...]

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Is it time to focus on the back office?

Is it time to focus on the back office?

The often overlooked back office can pull you through the battlefield of financial risk, providing sound information and data to help firms understand regulation RISK MANAGEMENT IS a phrase that casts a shadow across the boardrooms of City firms vying to keep their revenues from nose-diving and their shareholders from bailing. The announcement of a [...]

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Index links financial performance to risk strategy

Index links financial performance to risk strategy

Risk management isn’t just about avoiding disaster – it can boost the bottom line, too Is improved financial performance associated with the maturity of an organisation’s risk-management approach? Findings from the Aon Risk Maturity Index suggest that the answer is “yes.” Using data from publicly traded companies, researchers at Aon UK and the Wharton School [...]

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In the eye of the storm

Extreme weather can potentially sink a business. So why doesn’t the unpredictability of the elements feature more heavily on the boardroom agenda? Seemingly out of the blue, we’ve just seen the wettest April and are experiencing the coldest May in more than 100 years. Such unseasonal weather underlines just how vulnerable the UK economy is [...]

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It pays to know the weather

Accurate weather and climate forecasts can help predict and anticipate risk so businesses are better prepared for the future By 2040-60, the UK insurance industry alone is predicted to foot an annual bill for weather damage of £2.25 billion compared to £1.5 billion today. Just about every other type of business you can think of [...]

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Getting stuck into it

In the wake of the financial crises, Business Reporter looks at advice to help directors navigate future corporate traumas The causes of the financial crisis were complex, but a failure of risk management at board level is at the top of the list for many commentators – perhaps because it is a relatively easy area [...]

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Old habits die hard

Old habits die hard

If banks are going to ensure greater stability in future, they must take a longer term view on investment and put the management of risk at the heart of the business The financial crisis and subsequent economic downturn have taught us much. Two things stand out; that banks must learn from past mistakes, and that maintaining [...]

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