Airmic scopes out plans for reputational risk framework

Airmic announced plans to develop a risk management framework for dealing with reputational risk.

Addressing delegates at the welcome presentation in Birmingham yesterday, John Hurrell, Airmic chief executive said: “We will be kicking off a project in the next few weeks on reputational risk, which you tell us survey after survey is one of your top three stay-awake-at-night issues.

“We’re engaging with a number of specialists in this field who between them have all the ingredients to help us put together a risk management framework for managing reputational risk, which we hope, will attract more insurers in this space – but it’s a long-term project.”

Hurrell also outlined two other projects that the association will be working on this year, including a practical guide for implementing lessons learnt from its Roads of Resilience report, and a guide on risks related to corporate business models.

He said:  “I would like to give you a flavour of a couple of other risk management projects that we’re working on.

“We’ve got a joint project with the Chartered Institutes of Management Accountants to map out a risk map against corporate business models. We believe the output of this work will be influential and will provide a valuable tool for members.

“In addition, we have a project running with Tomorrow’s Company, the leading corporate governance think tank group on the case of appointing chief risk officers outside of financial institutions.

“Finally we will be kicking off a project in the next few weeks on reputational risk, which you tell us survey after survey, is one of your top three stay-awake-at-night issues.

“We’re engaging with a number of specialists in this field, who between them, have all the ingredients to help us put together a risk management framework for managing reputational risk, which we hope in turn, will attract more insurers in this space but it’s a long-term project.”