UDITE, Newsletter nr.4, 23 March 2020 Message du President UDITE, Mr. Paul Gatt For a short time now we have been living in a different world. A world where the Corona virus has created a health crisis with a major social and economic impact. Its effects will weigh heavily in the coming months. The care sector, with doctors and nurses […]
Resilience in an infected society
Ton Wilthagen and Paulien Bongers Resilience is the ability to anticipate, recover, and return to normal. But, we are also capable of eventually becoming stronger and better as a society, even as a result of an exceptional crisis caused by the corona outbreak. In his already historic television speech on March 16, the Dutch Prime Minister Rutte outlined the far-reaching […]
Corona: we knew she was coming but forgot about it
Jack Kruf* The recent outbreak of Corona gives rise to some personal thoughts. Of course we face a crisis and are trying to limit the outbreak. But we seem to have entered in the middle of movie, in a for most people strange world, where aliens are trying to take over our precious planet. Certain or uncertain? Some say we […]
Your Company Is Too Risk-Averse
Dan Lovallo, Tim Koller, Robert Uhlaner and Daniel Kahneman In theory, companies are supposed to create value for stakeholders by making risky investments. And as long as no single failure will sink the enterprise, those investments may be quite large. It won’t matter if even a significant percentage of them fail so long as the success of other bets compensates, which usually […]
Emissions: four times the work or one-third of the time to comply with the Paris Agreement
New synthesis shows what a wasted decade means for the climate pact made in Paris. New research shows that nations must now do much more and much faster to limit global warming to well below 2 °C, let alone 1.5 °C, as agreed in Paris. A decade of insufficient political action on climate change means that nations must now do […]
Creating and protecting value
Richard J. Anderson & Mark L. Frigo. Understanding and implementing enterprise risk management. Over the past few decades, enterprise risk management (“ERM”) has been receiving increased attention by boards and executives and has undergone a continuing evolution in its development and uses. Along the way, lessons have been learned and ERM has been better understood regarding its benefits, objectives, and role […]
Managing risk from the front line
PriceWaterhouseCoopers | Risk in review, 6th Annual Study April 2017* The heart of the matter: Front-line leadership, collaborative success It’s been almost a decade since the 2008 global financial crisis and its aftermath forced companies into a defensive risk management posture, pulling responsibilities back from the business units to the second line of defence as they fought to weather the storm. […]
Ready for the rising water
Utrecht University The largest evacuation ever in the Netherlands due to flood risk is 25 years ago this winter. 250,000 people had to leave their homes in river areas due to the dangerous high water levels of the Rhine, Maas and Waal. Several water researchers at Utrecht University have personal memories of this. They reminisce on those days and look into the future. Are we […]
Keynote speech by President von der Leyen at the World Economic Forum
Video “The World Economic Forum stands for multilateralism, global cooperation, listening to each other, and ideas for the future. Some say the global order as we have built together in these 50 years is outdated. And whether we agree or not, we all have to recognise that it has been challenged every day. This is not about one President, one […]
Risk Management Practices Adopted by European Financial Firms with a Mediterranean Connection
Simon Grima and Frank Bezzina Following the economic and financial crises, any activity involv ing internal controls, especially risk management, has been given more attention. With this study, we aim to contribute further to the existing literature on risk management by looking at practices adopted by financial services firms licenced in Europe with a Mediterranean connection. We used parts of […]
Financial Literacy: The Case of Poland
PRIMO: Financial literacy is essential in the world of public value and risk management. Financial engineering is one of the key factors in our FORTE™ framework for good governance, published by Jack P. Kruf, Simon Grima, Murat Kizilkaya, Jonathan Spiteri, Wouter Slob, John O’Dea in 2019. Financial literacy is a factor in the quality of decision making. This study shares […]
Global Risks Report 2020
The report is published as critical risks are manifesting. The global economy is facing an increased risk of stagnation, climate change is striking harder and more rapidly than expected, and fragmented cyberspace threatens the full potential of next-generation technologies — all while citizens worldwide protest political and economic conditions and voice concerns about systems that exacerbate inequality. The challenges before us […]
Trust in Regulatory Regimes
Edited by Frédérique Six and Koen Verhoest Within political and administrative sciences generally, trust as a concept is contested, especially in the field of regulatory governance. This groundbreaking book is the first to systematically explore the role and dynamics of trust within regulatory regimes. Conceptualizing, mapping and analyzing trust between regulators, regulatees and citizens, expert contributors systematically review the existing […]
AIG’s Sustainability Journey
Thomas Leonardi Scanning today’s headlines, you don’t have to look far to see that the environment is front and center – from 16-year old climate activist Greta Thunberg being named TIME magazine’s Person of the Year, to the threat rising sea levels pose for our coastal areas, to increased poverty due to the impact of extreme weather events on farming. The […]
A Prosperous, Healthy and Happy 2020!
PRIMO wishes its members and partners a Prosperous, Healthy and Happy 2020! What could be better than being able to work together, to share essential points of view, to listen, to make connections, to be able to innovate and to learn. In 2020 we focus on co-creation, good education and strategic management. We see risk management, the discipline where we […]
FORTE™ Framework for Good Governance
Jack P. Kruf, Simon Grima, Murat Kizilkaya, Jonathan Spiteri, Wouter Slob, John O’Dea | European Research Studies Journal. Purpose In this article we lay out and discuss a framework proposed by the Public Risk Management Organisation (PRIMO) of which the authors are board members and the results of a test on public and private entities of EU small jurisdictions, specifically Malta, Slovenia, […]
12 Principles of Good Governance and European Label of Governance Excellence (ELoGE)
Source: Council of Europe Good Governance – the responsible conduct of public affairs and management of public resources – is encapsulated in the Council of Europe 12 Principles of Good Governance. The 12 Principles are enshrined in the Strategy on Innovation and Good Governance at local level, endorsed by a decision of the Committee of Ministers of the Council of Europe in […]
Controlling the digital risk / Maîtrise du risque numérique
This guide owes its existence to the following observation: the digital risk that bears down increasingly every day on organisations can go as far as putting their very survival in peril and the one of their stakeholders. According to ANSSI (National Cybersecurity Agency of France) and AMRAE (French Association for Risk Management and Company Insurance), this must be considered as […]
International Journal of Finance, Insurance and Risk Management
PRIMO would like to draw the attention for this new magazine. It is what we need: more integration between the different worlds of craftsmanship on one hand and more synergy between the scientific and practitioners’ world. The aim of the new journal, International Journal of Finance, Insurance and Risk Management (JFIRM) is to publish quantitative and qualitative studies from selected […]
The Dali Model in Risk-Management Practice: The Case of Financial Services Firms
Rebecca Dalli Gonzi, Simon Grima, Murat Kizilkaya and Jonathan Spiteri. | Journal of Risk and Financial Management. 2019, 12, 169. Originality/value—this model contributed to the vast literature on models of change and risk management within organisations, but was not validated empirically for reliability of the factors, and on financial services providers within small jurisdictions. Therefore, the significance and importance of such a study […]
Risk & Resilience Festival theme held on risk meets resilience for a sustainable future
Michel Klompmaker On the 7th of November, the third edition of the Risk & Resilience Festival was held by the University of Twente, Genootschap Risicomanagement and PRIMO in Enschede where the theme surrounding this riveting event was “Risk meets Resilience for a Sustainable Future”. The overarching theme was also split into eight subthemes, which were resilience, vision & strategy, legal […]
Public Sector Research Report
Philippe Auzimour & Sabrina Baker-Boshuizen The downturn in the global economy raises important questions about how organisations conduct their business – and particularly about how they assess and manage risk. in March 2009 Marsh has conducted a survey in cooperation with ipsos Mori to find out how organisations have responded to the downturn in the economy. The survey examined attitudes […]
New solutions to complex challenges
A public sector citizen-centric, sustainable and fit for the future. EPSA is the only award scheme which is open to all public sector organisations across Europe from all administrative levels in a network of European public sector excellence. In the 10 years from 2009 to 2019 more than 1350 practical solutions to the challenges facing public administrations have been collected […]
Banks and the changing face of risk
By Cindy Levy, Olivia White and Hans Helbekkmo | McKinsey & Company In a rapidly changing risk landscape, successful banks will deploy highly skilled, diverse, and agile risk organizations. The world is changing in ways that are reshaping the risk landscape. We see three inter-related changes as particularly relevant for banks. First, the digital revolution is drastically increasing the availability and use of data, and […]