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Global Risk Register to improve business risk management is launched

10 September 2010

Last night the Global Risk Register – a non-profit organisation seeking to improve the risk management of businesses – was launched in at a special event in the London Cabinet War Rooms.

The aim of the register, which was launched in response to the challenges that organisations face when managing risks, is to enhance risk management practices and policies in organisations around the world for the benefit of business, the economy and humanity.

The organisation was launched by the Earl of Erroll, who noted that it brings together some of the world's most senior risk experts to collate, improve and share knowledge of geopolitical, economic, financial, social and reputational risks.

Infosecurity notes that the register is joint initiative between Science for Humanity, a charity matching scientific capability to human needs, and Flexeye, a provider of risk intelligence solutions.

The aim of the group is that it acts as 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.

The plan is 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, so keeping the supply chain operational, avoiding litigation or exchange rate fluctuations or economic crises.

Justin Anderson, CEO of Flexeye Technology and trustee of science for the register said: "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", he said.

"Our community of risk experts will work together to improve the ability of organisations around the world to manage risk", he added.

Adrian Seccombe, a fellow trustee of science and head of the register community, said that the group provides unprecedented 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", he said.

"Getting a community of risk experts together is to everyone's benefit and I'm certainly looking forward to contributing to this venture and benefiting from the wisdom of the collective. Great things can happen when people work together", he added.

Baroness Susan Greenfield, founder and trustee of science with the register, said: "We think the [register] will have a positive impact on the economy as well as humanity and we are delighted to be working with Flexeye to align the register with the aims of Science for Humanity and support the United Nations' millennium development goals."

So what is the structure of the register?

The plan is for more than 50 experts responsible for managing risk in some of the world's major corporations to join the register's community expert panel where they will contribute their knowledge by adding and editing content on risks and associated controls.

A council of 20 members, meanwhile, will govern the development and operation of the register.

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