The UK needs much more private sector involvement in its risk management

This recommendation comes from the House of Lords Risk Assessment and Risk Planning Committee 2021-2022 in its latest report: Preparing for Extreme Risks: Building a Resilient Society Select Committee. It added that there should be representation from the full extent of UK business and industry, with a particular focus on the logistics sector. 

The Committee also recommends that the government should establish an Office for Preparedness and Resilience as a non-departmental government body headed by a newly

“We are still studying the report,” said Airmic CEO Julia Graham, “but it does appear that the Lords’ Committee has taken seriously the written evidence that Airmic submitted, based on the opinions of our members.”

Airmic argued that the government should take more advantage of the knowledge and experience of corporate risk management professionals. It said:

“Engaging professionals with commercial risk management experience to join those who educate government risk management professionals, and taking part in exercises such as horizon scanning, scenario analysis and risk assessments, would help the embedding of current commercial good practice.

“Introducing commercially experienced professionals into non-executive roles as part of government committees could increase the diversity of these groups and improve the bandwidth of government risk governance.”  

The House of Lords Committee recommends that the new Office for Preparedness and Resilience should convene the forum, use it to learn about business sector capabilities, and inform business and industry of risks that could require a response on their part. It would also allow the government to seek out best practice. The government should deliver annual presentations on realistic risk assessment and risk planning to business and industry bodies.