UK ICO report outlines achievements over 2015/16

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UK ICO reviews achievements over 2015/16   The UK Information Commissioners Office has issued its annual report covering its work and process over the past financial year. As a new Commissioner takes to the driving seat of this organisation for the next 5 years, the ICO’s immediate focus with UK Government will be taken-up in qualifying and understanding the impacts …

New UK guidance on standards and governance for auditors

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New guidance on UK audit standards and governance arrangements come to the fore   The UK Financial Reporting Council (FRC) recently issued new Guidance on addressing the roles and responsibilities and the expected processes and approaches needed to support and demonstrate the suitability and effectiveness of ‘audit committees’. Though this proposed guidance is not intended to be mandatory it is …

Brexit- Keep calm and watch out!

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The obvious ramifications and uncertainty of the EU Referendum result in the UK has and will inevitably grab, detract and take-over the foreseeable attentions of most international and cross-border business organisations. And especially those for who direct EU market access, and the ensuing regulatory framework, are directly linked to their current or future strategic objectives and ambitions, then they will …

Risk Management for Directors

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I came across this excellent handbook on risk management for directors produced by the Governance Institute of Australia. It is not industry specific but gives a really excellent set of questions concerning risk management, that any director should be asking of his/her organisation and board Risk Management for Directors

Model Governance – It’s all about context & proof

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Summary The recent financial crisis is generally seen as a failure of risk management. This has sent shocks through the risk management world, both internally and in how we are perceived by the general populace. Many of the mathematical models and management tools are being reviewed and retested. In general the mathematical models themselves are not seen as being a …

The Future of Risk Reporting

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I read a really well put together article by McKinsey on the future of Risk Management (see the link to the article below!). I was particularly interested in their view of the future of risk reporting: Enhanced risk reporting Developing next-generation risk reporting can start to enhance risk management now. BCBS 239 requirements have already prompted enormous efforts at all …

Role of the CRO

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A really interesting piece of research from Headhunters Hedley May on the role of the CRO – and the risk function – based on discussions with CROs in banking, insurance, investment management and other stakeholders. The qualities of a good CRO were found to include relationship building, influence and an ability to synthesise. These would provide the CRO with appropriate …

Risk Reporting

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I was very glad to give a speech at the inaugural event of the Irish Chapter of the Institute of Operational Risk. The event was well attended and I am looking forward to the Chapter flourishing. I spoke about the current difficulties around board and senior exec reporting and also gave some tips and hints to help people when presenting …

Challenges for a New Era of Enterprise Risk Management

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Challenges for a New Era of Enterprise Risk Management Enterprise risk has been around as a discipline in Financial Services since early in the 1990s. Over those years it has grown to be an important part of any risk department in most financial institutions. While there have been many successes for the enterprise risk community over the years, the discipline …