IRM NEWS Top three emerging risks cyber, Ebola and regulation IRMs ERM in insurance special interest group, chaired by Alex Hindson, has produced the joint IRM/Operational Risk Consortium International (ORIC) 2015 insurance survey of the major emerging risks facing operational and enterprise risk professionals. The results showed that cyber risk, the ongoing Ebola epidemic and further regulatory and legislative changes are the top three risks for UK insurers. The survey also showed that the number of firms using clients demands to identify emerging risks in order to develop new products had risen to 16 per cent from nine per cent in 2013. While the increase shows progress, the figure is still low. In interviews with journalists following the publication of the survey in April, Hindson suggested one factor may be whether insurers processes around emerging risks included both threats and opportunities. He said: In some organisations, the focus might be on new opportunities, and in others on downside risk mitigation. However, joining up the two successfully is rarer. The top 10 risks identified were: 1. Cyber risk 2. Pandemic-Ebola 3. Further regulatory or legislative change 4. Eurozone collapse/UK withdrawal from the EU 5. Terrorist attack 6. Significant changes in broker power/distribution chains/broker communities 7. Shift in affluence to emerging markets 8. Climate change, including solar weather 9. Global political instability 10. Technological advance Perhaps more worryingly, the survey also found that only 55 per cent of respondents were reporting risk at board level. This situation clearly needs to change for firms to navigate what remains an extremely challenging commercial environment as effectively as possible. Renewals made easy With expert practitioner guidance and our new certification scheme, its going to be a great year for members. Membership renewals start on 1 July, and its never been easier to renew. Its quickest to do it online log in to MyIrm, go to Member services and choose Subscription details. You can also renew by cheque, bank draft, BACS or phone. Renewal letters are going out to all members explaining the options. Renewals time is also an opportunity to check that youve told us if your contact details have changed. If you have any questions, contact us at renewals@theirm.org PRA consults on corporate governance at board level On 21 May, the UKs Prudential Regulatory Authority (PRA) published its consultation, Corporate Governance: Board responsibilities. Commenting on the publication, IRM chairman Jos Morago said he was encouraged that the PRA is now looking at corporate governance responsibility at board level. Given IRMs focus on risk and ethical behaviour, we are also pleased with the emphasis on the boards responsibility to foster a balanced risk culture throughout their organisations. We particularly welcome this advice to boards to support sustainable business models a journey in which risk professionals have a vital role to play, he said. The consultation is available at www.bankofengland. co.uk/pra/Pages/publications/ cp/2015/cp1815.aspx IRM will be responding to the consultation, which closes on 14 September. We would like to hear members views on the proposals, so send your comments to Paul Hopkin at paul.hopkin@theirm.org Hello, goodbye IRMs board agreed several changes at its meeting on 18 May. Clive Thompson is now our deputy chair, replacing Jeremy Harrison. Jeremy will, however, still be active on the IRM board. Marie Gemma Dequae is stepping down from the board after two and a half years, and she, too, will remain active in supporting us in key technical areas. We are all grateful for the contribution her insight and commitment has made to IRMs work. A warm welcome to Paul Hopkin Member survey IRM is its members; your views shape our services. So our thanks to everyone who responded to the 2015 membership survey. Well be putting the results together and analysing your views and comments over the next few weeks. Well keep you updated on the findings and the changes well be making to ensure IRM continues to meet your needs. Paul Hopkin author of widely used textbook Fundamentals of risk management and lead examiner for IRMs International Certificate in Risk Management between 2007 and 2012 has joined as IRMs technical director. Paul will oversee IRMs programme of thought leadership, emerging risk analysis and risk practitioner guidance. Previous technical director Carolyn Williams has taken up the role of director of corporate relations. Paul is relishing the challenge. He said: This is a fascinating role at a key point in IRMs history. With the forthcoming launch of IRM Certification, a mission to build greater professionalism in the risk sector, and growing risk awareness in the wider world, Im looking forward to helping the institute deliver the leading-edge analysis and advice todays risk practitioners need. Pauls career to date includes head of risk management at the BBC, director of risk management at The Rank Group, and technical director at Airmic, where he co-authored the Roads to Resilience research. Goodbye to Sophie Williams IRMs business director Sophie Williams left us at the end of May after 15 tireless years of service to the institute. Sophie played an integral part in modernising our technology, creating the new certification and taking IRM to new heights in new parts of the world. Her contribution has been remarkable, and we wish her every success in the future. Risk Leaders Conference 2015 IRMs Risk Leaders Conference 2015, focusing on the theme Destination Resilience, is taking place on 11 November at the Inmarsat Conference Centre in London. Its the ideal opportunity for those at the top of the risk profession to gain new insights from expert speakers, share best practice and catch up with their peers. This years line-up of speakers is shaping up to be exceptional. Risk Leaders is for CROs, CFOs, board risk advisers, non-executive directors, heads of audit, and anyone responsible for risk at board level. You can register your interest at www.theirm. org/events/risk-leaders-conference/ Added value for affiliates Until June 30, anyone with an interest in risk can join IRM as an affiliate member for only 103, waiving the usual 90 joining fee. Find out more at www. theirm.org/membership /join-today/