AIRMIC is publishing new professional guidelines for risk reporting that will help organisations meet the challenge of complying with corporate governance requirements. The AIRMIC guide, Developing Integrated Risk Management, aims to take the mystique out of risk management and show the discipline as a systematic process, offering real benefits to businesses that fully embrace it.
Since last autumn, when Nigel Turnbull's committee reported on management internal control, and laid down fresh principles to make boards of UK publicly quoted companies responsible for the management of risk in their organisations, the UK business world has been struggling with the task of implementing Turnbull's recommendations. AIRMIC's new integrated risk management guidelines help to simplify Turnbull and, if implemented fully, will help provide performance rewards and assist in gaining a competitive advantage
"The benefits of having an integrated approach to risk management - such as reduced operating costs and 'no surprises' projectwork, or increased profitability and shareholder value - are becoming obvious to top companies in the UK," said AIRMIC chairman Alan Fleming. "This guide will help CEOs and management boards meet the risk reporting requirements of Turnbull, while also helping them to create a corporate risk culture in which 'win-win' situations are provided for all employees and shareholders."
Drawing on knowledge gained last year, when it issued risk management guidelines for integrating and embedding a risk culture within an organisation, AIRMIC's development team of risk experts has produced fresh practical tools, techniques and advice to embrace the Turnbull requirements. The guide includes a complete section on the "best practice" reporting of risk. It also details a top-level process for integrating risk management, and is supplemented by a reference section revealing further fields of research and assistance.
Published free to members as a 24 page booklet, and available to AIRMIC members on the AIRMIC website, the guide is expected to be a popular purchase within boardrooms and the risk management community in general. Priced £30, copies can be ordered by contacting Tel; 0207 480 7610 or via: www.airmic.com .
