RIMS Australasia Chapter

ISO 31050: Introducing the risk intelligence cycle for emerging risks From conceptual complexity to applied competitive advantage: any organisation can benefit from emerging risk management with sensibly scaled frameworks and time horizons. Read more from WTW: https://lnkd.in/gTDzPgGf

PAP fined 100,000 euros for failing to comply with its data security obligations Understanding the PAP penality and the key lessons risk managers can learn to stay ahead of GDPR and data security concerns. Read more: https://lnkd.in/egJ9xcHX

Explore crucial insights on mitigating pollution risks in the real estate sector. WTW's report from a recent webinar offers in-depth analysis and specialist recommendations, empowering you to manage environmental challenges effectively. Read here: https://lnkd.in/gFHbsEk3

Why Cyber Insurance is More Essential to Consider Than Ever Regardless of business size, cyber breaches continue to rise. In March 2023, the Office of the Australian Information Commissioner (OAIC) reported that notifications of data breaches had increased by 26 percent, up to 497, in the July-December 2022 period. Alarmingly, 70 percent of those breaches related to criminal or malicious activities, of which ransomware remained the prevailing cause of the breach. Read more from Aon: https://lnkd.in/gqTMfuR7

Effective leaders embrace the complexities of AI, recognize the limits of their control and take steps to anticipate and manage risks. Read more from WTW: https://lnkd.in/gB_F9biF

Climate-induced losses are already material events forcing organisations to develop new strategies and adapt business models to protect their assets and balance sheets. For instance, in the US there were 376 confirmed weather/climate disaster events with insured losses exceeding US$1 billion between 1980 – 2023. Extreme weather and natural disasters — including hurricanes, droughts, floods, and heatwaves — can lead to injury and death, property damage, supply chain disruptions, reputational damage, and more. Read more from Marsh: https://lnkd.in/gQBKHRSw

Volatility drives pay shifts for asset and wealth management firms. Western European and North American asset and wealth management firms have differing levels of optimism for the year ahead. Financial market contractions borne from a volatile geopolitical environment and an uncertain global economic outlook continue to drive challenges for firms in the asset and wealth management sector, according to a recent WTW pulse survey of industry organizations in Western Europe and North America. Read more: https://lnkd.in/gFSPpawJ

Will you be FAR ready by 15 March 2024? The long-awaited Financial Accountability Regime Act 2023 (Cth) (FAR Act) is finally here. From 15 March 2024, the FAR Act will come into effect in Australia, replacing the Banking Executive Accountability Regime (BEAR) and apply to all authorised deposit-taking institutions (ADIs). Additionally, the Financial Accountability Regime (Consequential Amendments) Act 2023 (Cth) (FCA Act) will provide various transitional mechanisms for ADIs previously subject to the BEAR. The new financial accountability regime aims to improve the risk and governance cultures of Australia’s financial institutions through a strengthened responsibility and accountability framework. Marsh provides an update on potential insurance implications of the new legislation, including policy amendments you may need to consider in relation to your professional indemnity (PI) and directors and officers (D&O) liability insurances. Are you FAR ready? How will you be impacted from 15 March 2024? Download the whitepaper to learn more. https://lnkd.in/gbEyJyFg

Embark on a journey through the complex landscape of environmental risks in real estate. From the looming specter of historic pollution beneath modern developments to the unforeseen liabilities landlords might encounter due to tenant-induced pollution during liquidation, the challenges are multifaceted. Read more from WTW at: https://lnkd.in/gFHbsEk3

Ernst & Young’s 2024 Geostrategic Outlook examines how geopolitics will continue to impact with many geopolitical themes and developments from 2023 continuing to play out in 2024, and provides recommendations on how businesses can capitalise on opportunities they present, while also mitigating risks. https://lnkd.in/gUWPSUPZ