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The Global Risk Register ÃÂÃâ€Â" sharing knowledge of risk to improve business management

Global Risk Register : 10 September, 2010  (Company News)
In response to the challenges that organisations face in managing risks, a not-for-profit organisation, The Global Risk Register (GRR), was launched on 10 September at an event hosted by Lord Merlin, the Earl of Erroll, at the Cabinet War Rooms in London. The GRR is a joint initiative between Science for Humanity, a charity matching scientific capability to human needs and Flexeye, a provider of risk intelligence solutions.
The GRR is a not-for-profit community of risk experts which aims to improve business Risk Management by bringing together some of the world's most influential risk experts to collate, improve and share knowledge of risks, including strategic, operational, geopolitical, economic, financial, social and reputational risks. Its aim is to improve Risk Management practices and policies in organisations around the world for the benefit of business, the economy and humanity.

Knowledge of any current or emerging threat to continued business operation is fundamental. Awareness of potential risks enables companies to put steps in place to manage them. Without that awareness leaps of faith could put the continued success of any business, employees, shareholders, customers and even the economy in jeopardy.

More than 50 experts responsible for managing risk in some of the world's major corporations will join the GRR Community expert panel where they will contribute their knowledge by adding and editing content on risks and associated controls. They will also be available for comment on their particular area of risk expertise (their risk space). A Council of 20 members will govern the development and operation of the GRR. ProSecurityZone's Managing Editor Andy Pye is a member of the formative steering committee, which is chaired by Ian Beale, Director of Risk and Audit at Inchcape PLC.

In addition to being able to access risk intelligence that has been collected and enhanced by the community, organisations will be able to:

• create their own secure, private area (portal) where they can customise risk
controls and treatments according to their specific business activity and risk policies.
• access risk intelligence and add their own knowledge on risks and associated controls
• monitor and analyze risk and respond quickly to new or evolving risks.
benchmark their Risk Management against other organisations in their industry or country.
• collaborate with peers and experts in the community around specific risks, threats and vulnerabilities.
• tag external content relevant to specific risks to further improve both the quality and depth of data on risks.
• Make a corporate contribution towards a safer world.

When the CEOs of financial institutions were blamed for failing to manage financial risk and causing the economic downturn last year, the issue of how organisations manage risk was put under the spotlight. Warren Buffet in the 2009 Berkshire Hathaway annual report and accounts felt it important enough to comment. He said, "In my view a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for risk control.... a CEO must not delegate risk control. It's simply too important."

A joint initiative between Science for Humanity, a charity matching scientific capability to human needs and Flexeye, a provider of risk intelligence solutions, the Global Risk Register (GRR) is a community and network tool that will leverage the expert knowledge and wisdom of the collective to provide intelligence on known and emerging global risks. It aims to help organisations around the world, both large and small, to identify, assess and create measures to treat and manage risk - whether that risk is about damage to the brand or business reputation, keeping the supply chain operational, avoiding litigation or exchange rate fluctuations or economic crises.

"We are entering a fundamentally new era of business operation where to survive companies can no longer work in isolation but must collaborate to solve common problems. Many organisations fail to adequately assess and manage risk. There is widespread recognition that a new approach to managing risk is needed for organisations and our economy to survive," commented Justin Anderson, CEO of Flexeye Technology and Trustee of Science for Humanity. "Our panel of risk experts will work together to improve the ability of organisations around the world to manage risk."

Adrian Seccombe, Trustee at Science for Humanity and Head of the GRR Community said, "The GRR provides unprecedented free access to a broad range of expertise on global risks. It will reduce the time organisations of all sizes spend identifying, assessing and controlling risk, aid better practices in the identification and treatment of risk, and even work to promote the formulation of policies and legislation that can improve Risk Management activities of organisations around the world. "

Baroness Susan Greenfield, Founder and Trustee of Science for Humanity added, "We think the GRR will have a positive impact on the economy as well as humanity and we are delighted to be working with Flexeye to align the GRR with the aims of Science for Humanity and support the United Nations' Millennium Development Goals."

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