Climate change is rising rapidly up organisational risk registers. That’s according to delegates who recently attended a Climate Change Symposium organised by the Institute of Risk Management (IRM) and hosted by Lexis Nexis.
In 2018, the IRM’s Risk Agenda 2025 project identified key risks for consideration, among them being the global response to climate change. The IRM’s 2018 report produced in tandem with the Cambridge Centre for Risk Studies, entitled ‘Perspectives of Global Corporations’, also acknowledged that climate change is a recognised risk area, although there was concern that it was seen as a long-term issue and not a short-term priority.
Recent global protests and the increased publicity across media outlets have brought climate change to the world’s attention. Businesses and society at large are becoming more aware of the effects to future generations, and corporations are being held to account and under increasing scrutiny to take their Corporate Social Responsibility agendas far more seriously.
Over 60 delegates attended the Climate Change Symposium, which featured input from Alyssa Gilbert (director of policy and translation at the Grantham Institute for Climate Change), Vinay Shrivastava CFIRM (director of UK infrastructure risk at Turner and Townsend and an IRM Board member) and Clive Thompson CFIRM (deputy chair of the IRM and chair of the Interest Groups Committee).
Thompson stated: “It was great to see so many attending the climate change event and to have engagement in the breakout groups which produced some really good ideas. We’re developing a Climate Change Interest Group to take the initiative forward and will shortly be calling for volunteers who would like to become more involved in driving this important subject.”
Climate Change Essay Competition: the winners
Sam Brandom IRMCert (risk manager, Shawbrook Bank Limited)
“Businesses and financial institutions are the drivers of change in the global economy. Now is their chance to step up, inspire and lead from the front in tackling climate change by enacting a collective response. I was delighted to accept the prize for my essay and look forward to seeing the IRM’s further work in this field.”
Dr Jayne Matthews IRMCert (independent consultant)
“Climate change presents a threat to most businesses and local scale risk mitigation will no longer be enough for protection. Businesses have an opportunity for a more global approach to manage supply chain issues and those that embrace this are likely to be more successful. I’m delighted to receive the essay prize and look forward to being a part of the IRM’s future climate change initiatives.”
*The essays can be viewed online at: https://www.theirm.org/news/irm-holds-first-climate-change-symposium-and-announces-essay-competition-winners/