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Want to know the future of risk technology? Look at the key trends happening today

This blog is cross-posted from the Commercial Risk Europe FERMA Forum daily newspaper (registration required).

Making the best possible use of new and emerging technology, including enterprise software, is vitally important for almost any organization. In our hypercompetitive, ever-evolving global economy, few companies can afford to become complacent when it comes to how they choose their software and what they expect from it. This applies to the discipline of risk management just as it applies to, say, operations, finance, logistics, or any other corporate function. As risk managers look to technology to help them adapt to turbulent times, what should they be looking for in their risk software?

Topics: risk management risk management software

The benefits of an RMIS when creating an ERM framework

Spreadsheets are great. However, they really don’t cut it when you are trying to develop a complex enterprise risk management (ERM) framework. Multiple formulas, lots of sheets/tabs, broken links, numerous people editing the same document, version control issues… The list of issues goes on.

Topics: enterprise risk management ERM

How risk, claims and safety software could have saved Jurassic Park

In honor of the 24th anniversary of the movie Jurassic Park’s release in June of 1993, this is a great time to engage in a little “what if” thinking and imagine how risk, safety and claims software solutions could have saved John Hammonds’ incredible vision.

Topics: risk management enterprise risk management claims software Safety Management & Risk Control

Risk managers should have cyber threats like social engineering at the top of their risk register

Cyber threats are consistently catching companies out, meaning organizations must adapt their IT measures and procedures to mitigate the evolving threat. Risk managers should designate cyber threats as one of the top risks to a business and should have relevant controls in place to help manage the threat level.

Topics: Data Security ERM

Follow the leader – why risk management needs commitment from the top

A company’s ethos is set from the top, so shouldn’t it make sense that senior figures need to set the tone for the risk management culture as well?


Topics: risk management

Register (your risks) now!

You have your risk management framework in place but what is the next step? Firstly, well done for getting this far. A lot of hard work goes into a good framework. Now you have to put it into practice.

As part of the risk management plan you will need a log of all the potential risks that might affect your business. A risk register, also known as a risk log, is an important part of a company’s risk planning and helps to fulfil many regulatory requirements. Here is some guidance on what a risk register is and how to develop one.

Topics: enterprise risk management ERM Risk Register

Ransomware – are you managing the IT risks?

The latest cyber- attack, using ransomware in partnership with a worm, has caused havoc across the globe, with Russia, Spain and the UK thought to be the most affected. Europol estimates there are 200,000 victims in 150 countries, although this figure is likely to rise.

Topics: cyber risk Data Security

Why, and how, your organization should stress test its ERM and key business processes

We hear about financial institutions conducting stress tests to assure they have the needed capital and processes in place to weather another crisis in the global financial community. How many organizations test their operational business processes to assure they can withstand serious stress?

Topics: ERM

ISO 31000 explained


ISO defines a risk management framework as “a set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organization”.

Topics: risk management

Risks are changing – are you prepared?

It is said a lot, but we live in an ever-changing world. Just 20 years ago we were watching video tapes, using a signature to authenticate our purchases and had never heard of Facebook or LinkedIn. And that is without mentioning the huge impact the Internet and mobile phones have had.

Topics: insurance act insurance act 2015