AIRMIC has published new professional guidelines for risk reporting, to help organisations comply with corporate governance requirements. The AIRMIC Guide to Developing a Risk Management Process aims to show the discipline as a systematic business process offering real benefits.
Clive Smith, risk manager for Orange plc and chairman of the AIRMIC special interest group (SIG) which prepared the guide, says that the 32-page booklet emphasises that a major goal of the risk management process is taking the right risks to achieve an organisation's objectives.
While bringing together best practice and evolving risk management thinking, the guide will also help organisations comply with the Combined Code.
"Our objective as risk managers is to develop a robust process by which organisations can both comply with the Combined Code and establish a culture of taking the right risks for organisational success," says Clive Smith. "The guide doesn't advocate the control of opportunity. It recommends managing risk for reward, applying a process architecture and using risk information to aid decision-taking."
The sponsors of the booklet represented a wide variety of organisations involved in the management of risk: AXA Insurance, BAe Systems, Barloworld, Cadbury Schweppes, Cargill Europe, Dover Harbour Board, GlaxoSmithKline, Inchcape, Kingfisher, London Borough of Camden, Orange, Railtrack, Royal & SunAlliance and Siemens Shared Services.
Published free to members as an A5-size booklet, AIRMIC's new Guide is also available to members on the AIRMIC website. For non-members, it costs £30.
To order, contact AIRMIC on 0207 480 7610 or via www.airmic.com .