The Institute of Risk Management Annual General Meeting 5 December - - PowerPoint PPT Presentation

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The Institute of Risk Management Annual General Meeting 5 December - - PowerPoint PPT Presentation

Sep 18, 2023 274 likes •656 views

The Institute of Risk Management Annual General Meeting 5 December 2019 1 Developing risk professionals Socrates Coudounaris, CFIRM Chair, IRM 2 Developing risk professionals Resolution no 1 Confirm minutes of AGM held on 6 December 2018 I

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The Institute of Risk Management

Annual General Meeting 5 December 2019

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Socrates Coudounaris, CFIRM

Chair, IRM

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Resolution no 1 Confirm minutes of AGM held on 6 December 2018 I propose these minutes be received and confirmed

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Ian Livsey

Chief Executive

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Net surplus

A net surplus of £276,721 Previous year surplus £269,876 This is a 2.5% growth in surplus

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Revenue

Total revenue was £3.796m Up from £3.563m in FY17/18 Growth in revenue of 6.5%

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Surplus in FY18/19 Represents about 7.3% of gross revenue

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Internationalisation

  • In FY 2018/19, income from non-UK sources was 27% of total

income.

  • Non-UK income grew by 7%.

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Source of income

  • The number of paying members increased by 14.8%
  • Income from training activities increased by 15.0%
  • There was a 2.9% decrease in enrolments from qualifications,

excluding the new DRM

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Cash and reserves

  • Cash decreased by £428,847 during 2018/19 to £1,518,698, a

decrease of 22%

  • But £1 million was invested into stock market funds, (if this is added

back cash increased by 29%)

  • Net reserves increased by £276,721 during 2018/19 to £1,136,153,

an increase of 32%

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Year end cash & investments

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0.0 0.5 1.0 1.5 2.0 2.5 3.0 2013 2014 2015 2016 2017 2018 2019 £ Millions Cash Investments

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Membership

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1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2013 2014 2015 2016 2017 2018 2019 Qualified Members Students Affiliates

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Budget FY 2019/2020

  • We have set a budget for investment in FY 2019/2020, with a projected surplus of £28K

We will be investing in:

  • Ofqual accreditation
  • development of new qualifications
  • introduction of new training courses
  • investment in our RIGs & SIGs
  • Building a LMS
  • Revision of the Diploma
  • CORM, DRC & SCRM
  • Sound Practice Guidance in Operational Risk

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Socrates Coudounaris, CFIRM Chair, IRM

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Resolution No 2

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We have received the Directors’ Report, Financial Statements and Auditor’s Report for the year ended 30 June 2019 I propose that these reports be received.

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Resolution No 3

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To appoint Haysmacintyre LLP as auditors and to authorise the Board to determine their remuneration

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A few comments on where we are…..

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8500 members worldwide 500+ students each year

Plus our open LinkedIn group Member groups in:

  • Middle East
  • Bermuda
  • Pakistan
  • Kenya
  • Germany
  • Ireland
  • Switzerland
  • UK Regions
  • BeLux
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IRM Signs The Armed Forces Covenant

  • The signing between the IRM and Greater London Reserve Forces’ and Cadet’s

Association signifies an ongoing commitment to service leavers and personnel.

  • The pledge will increase the risk management profession’s visibility to ex-military

personnel.

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Ex-Military Careers

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  • IRM have partnered with ex-militarycareers.com
  • All of IRM’s qualifications and training courses are

listed on the website for current serving military personnel and veterans

  • This will allow the IRM to penetrate the military

market

  • They will help us set up ELCAS funding for our

qualifications (once we have OFQUAL)

  • CORM is eligible for ELCAS
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Digital Risk Management Certificate

  • The digital revolution
  • Disruption, ethics and risk

management

  • Cyber security
  • Warwick University Business

School

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Thought Leadership

2011 2012 2014 2015 2017 2016 2019 2018

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Special Interest Groups

  • Energy
  • Risk and Complexity
  • Charities
  • ERM in Financial Services
  • Cyber
  • Nuclear
  • Innovation
  • Infrastructure
  • Climate Change
  • Internal Models in Insurance
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Internal Model Industry Forum

2015-19

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University Research

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Operational Risk Sound Practice Guidance

  • Risk Culture
  • Internal loss events
  • Operational risk external loss events
  • Risk categorisation
  • Key risk indicators
  • Embedding an operational risk management framework
  • Risk appetite
  • Risk control self assessment
  • Operational risk governance
  • Stress and reverse stress testing
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Iain Wright, CMIRM

Chair, IRM

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Future direction of risk management

  • Focus on people and culture
  • Strategic risk and complexity
  • Not just risks but also opportunities
  • Technological awareness – AI, Big Data
  • Digitisation
  • Climate and environment
  • Building Excellence in Risk Management
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Against this background we will focus on:

  • Qualifications, training and thought leadership, including new Certificates, new training

courses, and the revised Diploma

  • Our Groups – SIGs/RIGs and their role in thought leadership
  • Integration of IOR
  • Governance

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Supply Chain Risk Management Certificate

  • Enrolments open in

2020

  • Introductory price £995
  • Developed with the

SCRM Consortium

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IRM Diploma- Work Based Learning

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IRM Training

  • Risk Essentials Masterclass
  • Senior Masterclass
  • Fundamentals of Risk Management
  • Short courses, e.g.
  • Embedding Risk Management
  • Risk Appetite and Tolerance
  • Effective Risk Assessments and Registers
  • Choosing and Using Key Risk Indicators
  • Risk Culture
  • Quantitative Risk Management
  • Risk in the Boardroom
  • Root Cause Analysis
  • In-house training
  • Free webinars

www.theirm.org/training

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SIG Thought Leadership

Infrastructure Innovation Charities

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Integration of IOR

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IOR is now a legal and financial entity within the IRM Group The IOR brand will be retained. There will be investment in the development and marketing of the CORM Integration of IOR Chapters and IRM Groups is underway Thought leadership developed by IOR will be updated and issued widely

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Governance

  • Independent Chair
  • Director Appointments in 2020
  • Committees
  • Charity Status

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Having received members’ approval to change the Articles at the 2018 AGM, we can explore whether now is the right time to move to a “professional” Chair Is now the right time to move to charitable status for the IRM, which would naturally involve approval from the membership?

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Questions & answers

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Thank you

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