RiskXtraJune2019

News Update
IRM brings Institute of Operational
Risk into growing global risk
management community
The Institute of Risk Management (IRM) has
announced that the Institute of Operational
Risk (IOR) will be joining the IRM group. This
news follows in the wake of a vote at the IOR’s
Annual General Meeting held on Wednesday
22 May in central London.
The IRM’s objective is to provide education
and training for the global risk management
community and support the profession with
cutting-edge thought leadership. The IOR has
the same and complementary purpose focused
on operational risk. Both organisations fully
recognise that strong benefits and synergies
can be achieved by coming together.
The IRM will, in particular, provide full
support for the promotion of the IOR
Certificate in Operational Risk. This will
become part of the IRM’s global portfolio of
qualifications, complementing the
International Certificate and Diploma in
Enterprise Risk Management (ERM) as well as
the new Digital Risk Management Certificate.
In addition, the IRM will be funding a major
joint research project to advance thinking in
operational risk management and contribute
towards further qualifications development.
The IRM and the IOR are jointly committed to
advancing the professional practice of
operational risk management.
The development of a global network of risk
practitioners and professionals delivering
value and service at a local and regional level
is a key strategy of both the IRM and the IOR.
The chapters and groups of the two
organisations will co-operate at a regional
level to provide global support for members
and the wider risk management community.
Importantly, the IOR brand is going to be
retained and will continue to represent
excellence in the practice and profession of
operational risk management.
Socrates Coudounaris CFIRM, chairman of
the IRM, said: “The IRM has a long and
productive association with the Institute of
Operational Risk. We have built our
partnership on the common ground between
us and the joint interest we have in providing
excellent education and training to the wider
global risk community in ERM and in
operational risk. Our groups and chapters
complement one another. We believe it’s in
the best interests of both organisations to
further deepen and extend our strategic
relationship. The exact form of the future
strategy is currently under discussion, but
we’re confident that whatever the direction
taken the outcome will be a hugely positive
one for the risk management profession.”
Businesses “woefully unprepared”
for cyber breaches due to lack of IT
security and ops basics
1E, the endpoint management and security
company, has published ‘Getting Your House
in Order’. The document contains research
findings that showcase the considerable scale
of security breaches and the challenges
businesses still face surrounding cyber
attacks. The detailed report concludes with a
ten-point Action Plan for businesses compiled
by cyber security expert Michael Daniel.
With digital transformation on the rise and
technology outpacing policy, companies must
take the lead when it comes to securing their
estates. While cyber security has received
much fanfare – with global spend predicted to
exceed $1 trillion through 2021 – the biggest
gaps continue to endure in plain sight.
Commissioned in partnership with Vanson
Bourne, 1E’s independent study polled 600 IT
decision-makers (300 from IT operations and
300 specialists in IT security) from across the
UK and the US. The research discovered that
over three-quarters (77%) believe that they’re
not extremely well prepared to react to a
serious data breach. Over half (60%) have
experienced a serious security breach in the
last two years (31% more than once), while
eight-in-ten claim that digital transformation
increases cyber risk.
Fewer than a quarter (23%) believe that
their IT operations and IT security teams work
together extremely well to secure the
business. Nearly all (97%) believe that their
organisation would benefit from better
collaboration between these teams.
On average, respondents to the survey have
visibility of 64% of their organisation’s total
software estate. Only 66% of this software is
said to be current.
Over three-quarters (77%) cite the belief
that remote working will continue to be a
security concern until organisations can find a
way to effectively reach, patch and secure
remote workers. The majority of respondents
demand an investment increase in areas such
as software migration automation (80%),
breach response and remediation (67%)
and/or software patching (65%).
Sumir Karayi, CEO at 1E, told Risk Xtra:
“Businesses are losing control of their estates
because of fundamental issues such as the
widening gap between IT operations and IT
security and deferred responsibility.”
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