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New report from the Institute of Risk Management looks at ‘Managing risk in complex 21st century organisations’

Businesses which respond to supply chain scandals with additional rules and regulations leave workers even more vulnerable, according to a new report published by the Institute of Risk Management (IRM).

‘Extended Enterprise: managing risk in complex 21st century organisations’ argues that the modern commercial obsession with systems and processes obscures the real problem: failure to understand and predict human behaviour and build trust. It urges companies to prioritise behavioural risk over ‘tick box compliance’ to tackle the ethical uncertainties in today’s complex delivery networks.

IRM states that the report marks the transition from risk management of a single organization to a coherent programme which meets the global and interdependent challenges of today’s joint endeavours. The report’s project group, made up of IRM practitioners together with academic experts, provides developed models, tools and techniques to help risk practitioners understand and manage risk across extended enterprises.

As well as supporting organizational performance, the report claims that a better understanding of risk across the extended enterprise is also vital in tackling wider problems including slavery, abuse, environmental damage and dangerous working conditions. The report argues that wilful blindness by organizations to these issues within their broader networks is unacceptable. Firms must ask themselves whether any claims that they make about their values hold true across their extended enterprise.

www.theirm.org

•Date: 9th October 2014 • UK/World •Type: Article • Topic: Enterprise risk management


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