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Geopolitical risks like political instability and economic sanctions are on the rise. Enterprise Risk Management (ERM) offers a proactive approach to address these challenges. The latest Political Risk Survey by Oxford Analytica for WTW highlights key risks for 2024, such as the Ukraine conflict, US-China tensions, and Middle East instability. Simon Coote of WTW stresses the need for proactive strategies to anticipate and mitigate potential impacts. https://hubs.la/Q02Jh7f60

The 2024 UK Utilities Risk Report by Marsh identifies a concerning shortfall in risk management capabilities within the water sector. Only 40% of water companies express confidence in their ability to effectively manage and mitigate common risks. This highlights a critical gap in risk management strategies and built environmental security plans across the UK utilities sector.       Water companies are facing a confluence of challenges, including the ever-evolving compliance regulations and geopolitical instability that can disrupt supply chains and impact operations. Without robust risk mitigation plans in place, these companies are leaving themselves vulnerable to costly disruptions, environmental harm, and reputational damage.       We partner with water and utility companies to understand challenges and vulnerabilities that are unique to them. By focusing on fortifying physical infrastructure and implementing best practices in built environment security, we help companies navigate the ever-changing risk landscape and prioritise public safety.     To read the full report by Marsh McLennan, click on the link below:   https://lnkd.in/dprTcx6E.     To know more get in touch with us at info@critecgroup.com #utilities #security #securityindustry #riskmanagement #watercompanies #threats #infrastructure #builtenvironment #securityplans #disruptions

This is how family offices are positioned in risk management When family officers think of risk management, they primarily consider portfolio risks. However, cybersecurity, insurance, and travel can be as relevant for family offices. A survey by Dentons shows how well-prepared family offices are for this.  First the coronavirus pandemic, then Russia's invasion of Ukraine, tensions between China and Taiwan, the war in Israel and Palestine and the conflict between Iran and Israel: there are currently more than enough geopolitical risks. However, the impact they can have varies considerably: danger to life, limb and property, attacks on IT infrastructure and data or reputational risks - risk management is possible at several ends. The 5 biggest concerns for family offices We are concerned about future political and/or regulatory changes that could affect our family office (64 %) We are concerned about geopolitical instability, conflicts and developments (55 %) We are concerned about succession in the family business (48 %) We are concerned about the longevity of the family business (42 % Inflation is a major risk for our family office and/or company (40 %) https://lnkd.in/gn7bUaK4

🔍 Understanding Risk Management in Financial Services: Insights from a Compliance Officer. As a compliance officer, I often get asked about the intricacies of risk management and due diligence in financial services. Here’s an overview to help clients understand these critical aspects: 1. Identifying Risks: In financial services, identifying risks is paramount. This includes market, credit, operational, and compliance risks. In Mauritius, we adhere to both local regulations and global standards to ensure thorough risk identification. 2. Risk Assessment and Measurement: Once risks are identified, we assess and measure them to understand their potential impact and likelihood. In Mauritius, we use advanced analytics and stress testing to accurately gauge these risks, ensuring we are well-prepared. 3. Implementing Controls: To mitigate identified risks, we implement robust controls, including policies, procedures, and technologies designed to prevent and detect issues. Compliance with guidelines set by the Financial Services Commission (FSC) is essential in Mauritius. 4. Continuous Monitoring: Risk management is an ongoing process. We continuously monitor our risk environment and control effectiveness through regular audits and compliance checks, maintaining vigilance at all times. 5. Regulatory Compliance: Adhering to local and international regulations is a cornerstone of our risk management strategy. In Mauritius, we comply with the FSC’s regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) measures. 6. Due Diligence: Due diligence is critical, especially for international investments. This involves thorough background checks on clients, partners, and transactions to prevent fraud and ensure compliance. In Mauritius, enhanced due diligence is often required for high-risk clients and transactions. When dealing with international investments, we must navigate varying jurisdictions, each with its own regulatory requirements and standards. 7. International Investment Due Diligence: For international investments, due diligence extends beyond local regulations. We must consider the regulatory landscape of each jurisdiction involved. This includes understanding the legal and compliance requirements in different countries, ensuring that all transactions meet the highest standards of integrity and transparency. 8. Training and Awareness: Educating our employees about risk management and compliance is vital. Regular training sessions ensure that everyone understands their role in maintaining a secure and compliant environment. By understanding these key aspects of risk management and due diligence, clients can feel more confident in the financial services they engage with. Our commitment to maintaining high standards of risk management and compliance, both locally and internationally, is unwavering. #Compliance #GlobalInvestments #RegulatoryCompliance #AML #CTF #ClientConfidence #AbsoluteCapitalInvestmentServices

The 28 September 2024 deadline for submitting the first annual Critical Infrastructure Risk Management Program report is looming. NCC Group are experts in cyber security global compliance and risk management. For advice or support on how to meet your upcoming compliance obligations, contact us today. https://lnkd.in/eaBKQY7R #CIO #CISO #cyberessentials #compliance #generalcounsel #regulatorycompliance #riskmanagement #waterindustry #water #transportation #supplychain #foodindustry #food #energy #renewableenergy #infrastructure #communications #telecommunications #financialservices #banking #capitalmarkets #superannuation #insurance #datasecurity #highereducation #education #healthcare #space #spacetechnology #transport #water #technology #ITsystems #australiancapitalmarkets

Managing geopolitical risk proactively involves several strategic approaches to anticipate, assess, and mitigate potential challenges. 1. Continuous Monitoring: Stay informed about global political developments, including changes in regulations, international relations, and regional conflicts. Use reliable news sources, reports from geopolitical analysts, and government advisories. 2. Risk Assessment and Scenario Planning: Conduct thorough risk assessments to identify potential geopolitical risks that could impact your operations or investments. Develop scenario plans to understand how different geopolitical events might unfold and their potential consequences. 3. Diversification: Diversify your operations and supply chains across different regions to reduce exposure to geopolitical hotspots. This can help minimize disruptions if a specific region experiences instability. 4. Engagement and Relationships: Maintain open lines of communication with local governments, diplomatic missions, and relevant stakeholders in regions where you operate. Building strong relationships can provide early warning signals and facilitate crisis management if needed. 5. Adaptability and Flexibility: Develop contingency plans that allow for quick adaptation to changing geopolitical conditions. This could include flexible supply chains, alternative sourcing strategies, or adjusting business strategies based on evolving risks. 6. Legal and Compliance Review: Regularly review and assess compliance with local laws and regulations in different regions. Ensure that your operations are legally sound and consider potential regulatory changes that could affect your business. 7. Insurance and Financial Protection: Consider geopolitical risk insurance and financial instruments that can provide coverage against losses resulting from political instability, expropriation, or currency fluctuations. 8. Crisis Management Preparedness: Develop and regularly update crisis management plans specific to geopolitical risks. Train key personnel on crisis response protocols and establish clear lines of communication and decision-making during emergencies. 9. Public Relations and Communication: Be prepared to communicate with stakeholders, including employees, customers, and investors, during periods of geopolitical instability. Transparent and timely communication can help manage perceptions and minimize negative impacts. 10. Consultation with Experts: Seek advice from geopolitical experts or consultants who specialize in assessing and managing geopolitical risks. Their insights and analysis can provide valuable perspectives and help refine your risk management strategies. By integrating these proactive measures into your risk management framework, businesses can better anticipate, respond to, and mitigate the impact of geopolitical risks on their operations and investments. https://lnkd.in/gFuxZXwt

NRU role in Saudi Arabia The National Risk Unit (NRU) of Saudi Arabia plays a crucial role in safeguarding the nation's stability by identifying, assessing, and mitigating a wide range of risks that could impact national security, the economy, and social wellbeing. Established under the strategic framework of Vision 2030, the NRU addresses the complexities of modern risk management in a rapidly evolving global landscape. The NRU’s key functions include risk identification and assessment, where it analyzes potential threats ranging from geopolitical tensions to natural disasters and cyber risks. It also plays a vital role in strategic planning and risk mitigation by collaborating with government agencies and the private sector to implement preventive measures. In times of crisis, the NRU coordinates a national response, ensuring that resources are swiftly mobilized and that all entities involved are prepared for effective action. Additionally, the NRU advises the government on policy development related to risk management and ensures that these strategies align with the nation’s broader interests. Public awareness is another critical aspect of the NRU's mission. The unit conducts campaigns to educate citizens about potential risks and the measures in place to address them, fostering a culture of resilience across society. This emphasis on preparedness and communication enhances the overall stability of the nation. The NRU’s work is integral to the success of Vision 2030, ensuring that the Kingdom can confidently pursue its ambitious economic and social transformation goals. By proactively managing risks, the NRU not only protects Saudi Arabia's interests but also strengthens its position as a stable and reliable global partner. As the Kingdom continues to implement its Vision 2030 goals, the NRU will remain a pivotal force in navigating the challenges and opportunities ahead, contributing to a secure and prosperous future for all Saudis.

Griffon Risk Management consultants operating in a complex environment consider several key factors; these factors may also be considered in domestic settings, but they must be carefully adapted to the environment. #Communications – Establishing secure and efficient communication channels with clients, team members, and other stakeholders. Communication with home offices will likely be influenced by multiple time zones. #Compliance – Ensuring adherence to all applicable laws and regulations, such as local laws and international industry and human rights standards. #Flexibility – Being flexible and adaptable to changing circumstances, which involves being prepared to modify risk management measures in response to new or emerging threats. #CulturalAwareness – The cultivation and comprehension of the cultural and social milieu in which we operate. Incorporating local customs and practices to ensure that risk management measures are suitable and effective. Additionally, task-specific team training should be included. Griffon Risk Management is an independent consultancy company operating in Europe, Middle East, Africa, Latin America & The Caribbean. In the more than two decades that we have been in business, there has been a significant increase in the risks and challenges related to operating abroad for business. However, there are also more chances than ever before to develop, learn, work with others, and operate internationally. We have safeguarded our clients by assisting them as they expand into new markets, set up new facilities, maintain safe operations, and fulfil their duty of care while also equipping their staff with the required training. If you would like to discuss how we can help you, please contact us: contact@griffonrm.com #riskmanagement #consulting #countryrisk #resilience #crisismanagement #communications #specializedtraining #itsecurity #itmanagement #cybersecurity #riskintelligence #enterpriseriskmanagement #strategicplanning #travelriskmanagement #hostileenvironment #crisisresponse #intelligence

Griffon Risk Management consultants operating in a complex environment consider several key factors; these factors may also be considered in domestic settings, but they must be carefully adapted to the environment. #Communications – Establishing secure and efficient communication channels with clients, team members, and other stakeholders. Communication with home offices will likely be influenced by multiple time zones. #Compliance – Ensuring adherence to all applicable laws and regulations, such as local laws and international industry and human rights standards. #Flexibility – Being flexible and adaptable to changing circumstances, which involves being prepared to modify risk management measures in response to new or emerging threats. #CulturalAwareness – The cultivation and comprehension of the cultural and social milieu in which we operate. Incorporating local customs and practices to ensure that risk management measures are suitable and effective. Additionally, task-specific team training should be included. Griffon Risk Management is an independent consultancy company operating in Europe, Middle East, Africa, Latin America & The Caribbean. In the more than two decades that we have been in business, there has been a significant increase in the risks and challenges related to operating abroad for business. However, there are also more chances than ever before to develop, learn, work with others, and operate internationally. We have safeguarded our clients by assisting them as they expand into new markets, set up new facilities, maintain safe operations, and fulfil their duty of care while also equipping their staff with the required training. If you would like to discuss how we can help you, please contact us: contact@griffonrm.com #riskmanagement #consulting #countryrisk #resilience #crisismanagement #communications #specializedtraining #itsecurity #itmanagement #cybersecurity #riskintelligence #enterpriseriskmanagement #strategicplanning #travelriskmanagement #hostileenvironment #crisisresponse #intelligence

Griffon Risk Management consultants operating in a complex environment consider several key factors; these factors may also be considered in domestic settings, but they must be carefully adapted to the environment. #Communications – Establishing secure and efficient communication channels with clients, team members, and other stakeholders. Communication with home offices will likely be influenced by multiple time zones. #Compliance – Ensuring adherence to all applicable laws and regulations, such as local laws and international industry and human rights standards. #Flexibility – Being flexible and adaptable to changing circumstances, which involves being prepared to modify risk management measures in response to new or emerging threats. #CulturalAwareness – The cultivation and comprehension of the cultural and social milieu in which we operate. Incorporating local customs and practices to ensure that risk management measures are suitable and effective. Additionally, task-specific team training should be included. Griffon Risk Management is an independent consultancy company operating in Europe, Middle East, Africa, Latin America & The Caribbean. In the more than two decades that we have been in business, there has been a significant increase in the risks and challenges related to operating abroad for business. However, there are also more chances than ever before to develop, learn, work with others, and operate internationally. We have safeguarded our clients by assisting them as they expand into new markets, set up new facilities, maintain safe operations, and fulfil their duty of care while also equipping their staff with the required training. If you would like to discuss how we can help you, please contact us: contact@griffonrm.com #riskmanagement #consulting #countryrisk #resilience #crisismanagement #communications #specializedtraining #itsecurity #itmanagement #cybersecurity #riskintelligence #enterpriseriskmanagement #strategicplanning #travelriskmanagement #hostileenvironment #crisisresponse #intelligence