Recessionwatch_Risk

This section includes testimony from members (and non-members) regarding how their organisation has been impacted and what effect recession has had on them. If you would like to add your own testimony please download the form here and email it to recessionwatch@theirm.org .

If you would like information, or if you have any queries, on technical insolvency matters and potential implications for things like recovering debts owed a member of the Recession Watch team, Pauline Bird, is Technical and Risk Manager at BDO Stoy Hayward and will do her best to answer your queries.

Her email address is Pauline.Bird@bdo.co.uk – please mark any queries with the heading Recession Watch at IRM.

We hope this section will expand as members contribute their experiences.

What is good risk management?

This paper prepared in March 2008 by Bank regulators discusses how Banks addressed the emerging risks and, importantly, what some banks did in response which was good and how others concentrated their risk through failure to understand risk. It is instructive for all types of risk

http://www.newyorkfed.org/newsevents/news/banking/2008/SSG_Risk_Mgt_doc_final.pdf

Charities

An item from the Association of Chief Executives in Voluntary Organisations giving tips on how to survive as a Charity in a downturn

https://www.acevo.org.uk/captest/download_file.cfm?filename=ACEVO_-_Surviving_the_Economic_Downturn_-_A_Charity_s_Guide.pdf

Learning from US risk managers

This article is a review by Clive Thompson of the latest issue of the RIMS sponsored article about how the recession is affecting risk managers in the USA. It discusses how risk managers will need to react to extraordinary challenges and gives some ideas about what to look for in recessionary times.

RIMS article March 2009

Managing your biggest asset

People, employees and staff are often described as the biggest asset of an organisation. This excellent link to the Chartered Institute of Personnel and Development (CIPD) describes 10 key actions to manage your workforce in a recession. It is a joint CIPD and ACAS guidance note.

http://www.cipd.co.uk/subjects/emplaw/redundancy/_hwmngwrfrcs.htm

Re-thinking risk management: why the mindset matters more than the model

This article from the Wharton School of the University of Pennsylvania looks at how risk management needs to change to better support businesses. It discusses limitation with the risk models which have been used and the need to consider all types of risks in an integrated manned and the need to consider both internal and external risk. It sees the accelerating nature of business meaning decisions need to be made faster and that this means getting risk information to inform the decision can be challenging. It concludes that risk management is becoming a more strategic discussion and that this is turning risk managers into strategists.

http://knowledge.wharton.upenn.edu/article.cfm?articleid=2205

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