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Innovation, Value Creation and Opportunity
Special Interest Group
Recession watch
This recession is the most serious economic downturn we have seen in generations with impacts on different sectors and in different regions. The IRM's Innovation SIG felt it was important for anyone interested in risk to have a place to go for advice and information on the innovation and opportunities in risk management that this recession will bring about . We encourage both members and non-members to visit the new area of the website and share their experiences.
All the members of the Group are committed to ensuring members get regular feedback to maximise the benefit that this initiative can deliver. This is an exciting development which we are convinced will help those in the risk management community drive innovation, value creation and opportunity.
Andy Bye, Previous Chairman Special Interest Group, Innovation, Value Creation and Opportunity.
Click here or follow the links on the left for more information.
Forthcoming Meetings:
| Date |
1 March 2012 |
| Time |
14.00 - 17.00 |
| Topic |
"The IRM Game"
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| Speakers |
Mark Boult
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| Location |
The Institute of Risk Management, 6 Lloyd’s Avenue, London, EC3N 3AX,
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| Register |
All are welcome, there is no charge, but spaces are limited. Please register using the email address below and pass on the details to others who you think would be interested in attending. andy@24riskconsulting.com |
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Group contact details
Chairman - Bill Mitchell: Bill.Mitchell@moorestephens.com
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Aims and objectives
Innovation, opportunity, risk and value management studies are about programme reviews undertaken by teams comprising experts and stakeholders using a range of tools, particularly methods that focus on functions, strategies, cost and budget.
Value, Opportunity and Innovation are:
- Philosophy - A philosophy to managing strategies, programmes, processes and projects focused on a holistic view of balancing performance and resource needs
- Tools - A set of tools and techniques applied by qualified practitioners aimed at performance improvement and benefits realisation
- Inclusion and Collaboration - An approach to managing which is inclusive and takes account of stakeholder needs and helps those stakeholders make informed investment decisions
- Functional - An approach which focuses on functional performance as a way of describing process or project benefits capable of making complexity simple and invaluable
- Non Tangible Performance Factors - Good at capturing non tangible as well as tangible project benefits, such as sustainability, durability and maintainability considerations
- Purely focused on cost cutting
- Limited to projects or construction
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Resources and Downloads
Operational Risk Review Report (pdf 129kb)
The group seeks to develop and share knowledge within its focus areas and since its origin the group has undertaken a number of projects as a means to deliver this goal. The most recent project undertaken has been to look at ‘Opportunity risk’ on the basis of the following three challenges:
- Identify current practices in ‘opportunity risk management’.
- Consider the benefits in following a new ‘opportunity risk’ approach.
- Share practical examples of ‘opportunity risk’ in action.
‘Opportunity Risk’ – a definition
Opportunity risk management enables an organisation to use its risk management framework to actively manage upside risks, in addition to the more traditional focus on downside risks. This involves: (a) the identification of upside / opportunity risks, (b) identifying / determining what will enable these upside risks, and (c) ensuring they are in place and effective.
Exploring the management of ‘Opportunity Risk’
The group obtained a balanced view of how ‘opportunity risk’ is being managed by talking to 27 organisations – either directly in interviews or using a workshop format. The scope of the exercise was to provide answers to four questions:
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Why implement the change to an ‘Opportunity Risk’ approach?
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How do you deliver ‘Opportunity Risk’ in practice?
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What is the change process?
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What are the benefits and measures of ‘Opportunity Risk’ management?
This review has been compiled by :
Mark Boult – DNV
Andrew Bye - Regis Mutual Management Limited
Louis Cooper -Horwath Clark Whitehill LLP
Bill Mitchell – Moore Stephens LLP
Clive Thompson –Willis Limited
Nicolas Vioix – Westfield Shoppingtown Limited
2008 report (pdf 1.8Mb)
Presentation by Dr Nigel Standing (pdf - 702kb) from the meeting on 8 April 2008
Presentation by Professor Steve Male (pdf - 164kb) from the meeting on 8 April 2008
A presentation by David Hillson (pdf - 243kb)
- Risk and Innovation: A cause of tension identifying and understanding the internal factors which influence risk taking in NHS organisations
A dissertation report by Mark Boult (pdf - 673kb)
Recent Meetings
| Date |
31 October 2011 |
| Time |
15.00 for 15.30 to 17.30 |
| Topic |
Managing Risk in 2020
How will risk management look in 5 to 10 years time?… How will our approach to risk change?.... What do we need to be thinking about now to stay ahead of the game?
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| Speakers |
Steve Fowler, Chief Executive, IRM
Paul Hopkin, Technical Director, AIRMIC
Sharon Roots, Director ALARM and Risk Manager LB of Barking & Dagenham
Patrick Claude and Adrian Clements, Business Risk Manager and Asset Risk Manager, ArcelorMittal
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| Location |
Crowe Clark Whitehill LLP, St Bride's House, 10 Salisbury Square, London EC4Y 8EH, UK
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| Agenda |
This forward looking seminar has leaders in the field of risk management presenting their visions of how risk might be managed in 2020. The speakers will each share their insight and ideas in a through provoking manner. They will consider all aspects of how we could be managing risk in the future, including risk frameworks and models; the tools we might need to use; the sources of information; the interactions with everyday operations and activities of an organisation, and beyond….
After the presentation there will be an open forum for all participants to ask questions and put forward their own thoughts and perspectives. The speakers will act as a panel to respond to the questions and the points made.
This, seminar will allow you time to consider how risk management should be developing in your organisation over the medium and longer term, and what you should be doing today to get there. In this way the ideas presented will help you develop your plans for the future so that you are seen as leader in helping to take your organisation forward.
The seminar is to be held on Monday 31st October 2011 and will be part of a series of discussions by the Innovation, Value Creation and Opportunity SIG, culminating in an interactive workshop at the Global Risk Management Professional Development Forum in March 2012. The SIG’s work will produce a useful tips and guidance document drawing on lessons learnt from the various speakers, delegate discussions and subsequent activities exploring the future of risk management.
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| Date |
29 November 2010 |
| Topic |
Risk Management in Lean Times – Lessons from the Private Sector |
| Speakers |
James Preston-Hood, Health and Safety Director for Grosvenor Group Ltd
Paul Clark, Partner, Moore Stephens LLP
Gill Ringland, SAMI Consulting
Download the flyer here for more information on the speakers.
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| Location |
Moore Stephens LLP, 150 Aldersgate Street, London, EC1A 4AB
Map |
| Agenda |
The public sector is experiencing a period of unprecedented cost reduction to address the large government deficit. The private sector has been subjected to similar pressures in the economic downturn.
In light of the upcoming public sector cuts the Innovation and Value Creation SIG will be running a series of discussions culminating in an interactive workshop at the Global Risk Management Professional Development Forum in March 2011 on the topic of: Managing risk in lean times – a tool kit for when funds are cut, looking at:
- The risks organisations face during downsizing.
- Promoting the value of risk management when downsizing.
- Lesson learnt from the private sector.
The November Seminar will look at how the private sector has managed the risks in lean times, including the types of risks, the way they are managed and the impact on risk management functions and processes. The Seminar will include presentations by the main speakers and open the discussion to the floor. Attendance at SIG meetings counts as IRM CPD.
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| Date |
Meeting topic |
Size |
| 15 June 2010 |
Communicating risk: A view from a practising risk manager supported by academic research into how to get the message across |
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| 21 April 2010 |
SIG members led a workshop at the IRM Professional Development Forum on the subject of 'The credit crunch was foreseable: risk management is no longer a creditable business tool'
- Did risk management failure cause the financial crisis?
- What organisations have weathered the crisis well and what was their risk framework?
- Opportunities from the recession for risk managers?
Presentations to follow |
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| 03 June 2009 |
Meeting summary
Meeting slides
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| 11 May 2009 |
Minutes |
(pdf 20kb) |
| 30 April 2009 |
Minutes |
(pdf 16kb) |
| 17 March 2009 |
Minutes |
(pdf 41kb) |
| 05 March 2009 |
Minutes |
(pdf - 21kb) |
| 10 February 2009 |
Minutes |
(pdf - 24kb) |
| 10 December 2008 |
Incorporating Opportunity into ERM
Processes |
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| 19 June 2008 |
Corruption, Fraud and Risk Management seminar
Agenda
An inoculation against Fraud and Corruption? (Nigel Iyer)
Introduction to Financial Crime
(Steve Hyndman) |
(pdf - 344kb)
(pdf - 1.73mb)
(pdf - 128kb) |
| 5 June 2008 |
Core meeting of SIG Project 2007 and 2008 review |
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| 22 April 2008 |
Minutes |
(pdf - 39kb) |
| 27 February 2008 |
Minutes |
(pdf - 41kb) |
| 28 and 31 Jaunuary 2008 |
Meeting Summary |
(pdf - 30kb) |
| 31 January 2008 |
Integrating Risk and LEAN Risk and Opportunity |
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| 28 January 2008 |
Minutes |
(pdf - 30kb) |
| 14 December 2007 |
Minutes |
(pdf - 28kb) |
| 11 October 2007 |
Minutes |
(pdf - 35kb) |
| 29 August 2007 |
Preparation for the September IRM Risk Forum Session |
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| 15 August 2007 |
Feedback on questionnaire |
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| 22 June 2007 |
Opportunity and Risk Management |
(pdf - 51kb) |
| 19 April 2007 |
Open meeting to set upcoming events |
(pdf -147kb) |
| 22 February 2007 |
Risk Management Principles and
the Lean Methodology |
(pdf - 74kb) |
| 19 January 2007 |
Open meeting to set upcoming events |
(pdf - 162kb) |
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