Online portal planned for information sharing to improve risk management culture

Last night saw the first public announcement of the plans to launch the Global Risk Register community and network tool.

Designed as an industry-wide initiative to bring together some of the world's most senior risk experts to collate and share their knowledge of operational and strategic risks, it is aimed to leverage the expert knowledge and wisdom of its intended collective to provide intelligence on thousands of known and emerging global risks, including social, economic, geopolitical, financial and information security risks.

A website is currently in concept where risk managers will be able to share intelligence and will contribute by adding and editing content on risks and associated controls. This is currently in development at www.globalriskregister.org.

The Earl of Errol, who hosted the event, said: “How do we prevent danger, and how we do it worries me. With dangers and risks and the danger of the risk environments, I am not sure how networks really work. If you do nothing, then nothing happens. Risk opens up danger opportunities and the more you open up the more risk averse you become.”

The GRR is a joint initiative between Science for Humanity, a charity matching scientific capability to human needs, and Flexeye, a provider of risk intelligence solutions. The venture aims to improve risk management practices and policies in large and small organisations around the world for the benefit of business, the economy and humanity.

The community is being headed by Adrian Seccombe, trustee at Science for Humanity and SC Magazine's security person of the year. He said that the vision was developed at an original meeting in the House of Lords earlier this year, where it was decided that the best way to manage risk was to create a tool to allow data to be shared.

He said: “The GRR provides unprecedented access to a broad range of expertise on global risks. It will reduce the time organisations of all sizes spend identifying, assessing and controlling risk, aid better practices in the identification and treatment of risk, and even work to promote the formulation of policies and legislation that can improve risk management activities of organisations around the world.”

Justin Anderson, CEO of Flexeye Technology and also a Trustee of Science for Humanity, said: “We are entering a fundamentally new era of business operation where to survive companies can no longer work in isolation but must collaborate to solve common problems. There is widespread recognition that a new approach to managing risk is needed for organisations and our economy to survive.

“The only way to make it work and make it successful is to find some way to share it together, and to do that you need good collaborative technology. We wanted a community where comment could be shared where you get value from other collaborators.”

The tool is planned for a full November launch, and that users will be able to create their own secure, private area where they can: customise risk controls and treatments according to their specific business activity and risk policies; access risk intelligence and add their own knowledge on risks and associated controls; monitor and analyse risk and respond quickly to new or evolving risks; and collaborate with peers and experts in the community around specific risks, threats and vulnerabilities.

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