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Innovation Special Interest Group

The Innovation Special Interest Group is a forum for discussion and development of new ideas in the field of risk management. The SIG is specifically interested in those concepts which create value for the enterprise and which focus on “upside” or opportunity risk.

The SIG is intended for IRM members but is open to all individuals and organisations to attend. The SIG wishes to obtain input from as wide a range of participants as possible. The SIG is not to be used for commercial purposes but has an educational / research ethos.

The tasks the Interest Group will undertake include:

Advocacy and leadership of innovative and value creating risk management techniques
Tracking and documenting innovative uses of risk management;
Broadcast and dissemination of findings

The SIG will develop four areas of interest:

Encouraging innovation: This strand of the SIG will investigate methods to encourage innovation in risk management and conversely review aspects of organisations which may inhibit or hinder innovation.
Innovative risk management techniques: This strand of the SIG will research and document new techniques in the identification, assessment and management of risks
Value creating aspects of risk management: This strand of the SIG will examine and publicise ways to create value through risk management
Managing the risks brought from opportunities; This strand of the SIG will explore approaches to maximise the benefits of new opportunities through risk management techniques

Success Criteria

Participation in the core group and attendance at seminars;
Production of papers and articles
Membership of the Interest Group joining / invited to other groups (networking) to development of work items;
Constructive feedback on deliverables posted for review on IRM site.

Thought Leadership

In 2019, the IRM Innovation Special Interest Group (SIG) explored the theme of organisational resilience. Their work focused on understanding how UK organisations defined and how they were developing resilience. Through this project, the Innovation Group has reviewed guidelines, professional standards, white papers, books, consultancy reports and interviewed risk managers, CROs, Board members and consultants.

In addition, they led discussions with IRM SIGs and Regional Interest Group (RIG) members to gain additional perspectives on the topic. The Innovation SIG Organisational Resilience project involved a total of more than a hundred people from multiple sectors, countries, and professional backgrounds in obtaining a holistic and integrated view of organisational approaches to building resilience in organisations.

The outcomes are presented in these guides:
Organisational Resilience: A Risk Manager’s Guide and
Organisational Resilience White Paper 2021: A Companion Summary for Risk Managers.