ERM Forum: New technical and learning resources from Airmic

Published on Mon, 16/01/2023 - 17:55

Airmic’s Enterprise Risk Management (ERM) Forum in December provided a platform to launch new publications, a new technical archive, and a new learning initiative, all aimed at risk professionals.

New publications covering Risk Management and Supply Chains, a searchable archive of all the readings and knowledge resources that have been shared through the weekly Friday Reading email since 2020, and a new online learning initiative focused on climate change were in the spotlight.

Supply chains

Airmic in partnership with McGill and Partners launched its new supply chain risk guide: Supply chains – Keeping up with the pace: Perfecting Governance.

The aim of this guide is to provide a toolkit to assist directors in understanding and keeping pace with the fast-changing and increasingly complex landscape of supply chain challenges.

“The challenge faced by directors in discharging their non-delegable duty to supervise a company’s affairs is especially acute when it comes to mission-critical elements of the supply chain. That is due to a web of increasingly complex and unpredictable risks including geopolitical, cyber-related and reputational. This guide offers directors an opportunity to stand back and re-examine some basic but important questions,“  said Francis Kean – Partner, Financial Lines, McGill and Partners.

The guide takes the form of 12 questions designed to break the diverse set of issues down into a manageable series of topics. The list is not exhaustive and the answers to each question will vary tremendously depending on the size, maturity and nature of the organisation.

“Nevertheless, in response to each question, we identify a range of issues which are likely to be relevant. We also consider how well the insurance industry is responding to the supply chain challenges faced by organisations in providing relevant and meaningful solutions,” said Hoe-Yeong Loke, head of research, Airmic.

“There are signs that with appropriate expert input and advice, insurers are willing to take a more holistic and bespoke cross-class approach (encompassing property and business interruption, liability, marine cargo and cyber risk) to the challenges faced by large organisations.

“Greater data sets and more sophisticated techniques, including parametric solutions, are beginning to offer solutions to respond to rapidly changing needs,” Hoe-Yeong said.

This is the third guide in the Airmic series, Perfecting Governance.

Risk management

Airmic, in partnership with ALARM, launched a new Risk Management Guide.

This Risk Management Guide was originally presented as a Standard, developed by a team drawn from major risk management organisations in the UK, including Airmic, ALARM, and the Institute of Risk Management (IRM), and adopted by the Federation of European Risk Management Associations (FERMA).

“Originally pre-dating the ISO 31000 standard, the guide has been reviewed and updated in line with more current thinking. The original team had sought the views and opinions of a wide range of professionals with interests in risk management, during an extensive period of consultation,” Hoe-Yeong said.

Risk management continues to be a rapidly developing discipline and there are many and varied views and descriptions of what risk management involves, how it should be conducted and what it is for. Guides and standards help to share good practice and encourage:

  • common terminology related to the words used
  • common principles
  • processes by which risk management can be carried out
  • organisation structure for risk management
  • objectives for risk management.

“Importantly, this guide recognises that risk has both an upside and a downside. International and national standards have come a long way in recent years, and this document aims to reflect that,” Hoe-Yeong said.

Friday Reading Archive

Since March 2020, Airmic has been issuing Friday Reading, a curated series of readings and knowledge resources sent by email to Airmic members. The objective of Airmic Friday Reading was initially to keep members informed during the Covid-19 pandemic. Today, Airmic Friday Reading has evolved in scope to include content on a wide range of subjects with each email edition following a theme. The searchable archive includes all readings and knowledge resources that have been shared

The AXA-Airmic Climate School

Advance news of a new online learning programme developed by AXA Climate was promoted by AXA XL and Airmic. To be launched in partnership with the Pan Asia Risk and Insurance Management Association (PARIMA), the programme will be free for Airmic members, and be open in early in 2023.

The programme comprises online courses that will allow risk professionals to understand the fundamental scientific principles behind climate change, biodiversity collapse, natural resource depletion, and their impact on our lives.

Participants will also learn about climate-related regulations, and a method for building a roadmap to anticipate the risks and opportunities linked to climate issues. Leveraging on AXA Climate’s existing course offerings, the courses in the Climate School have been tailored to suit the needs of risk professionals.