Knowledge is power in the risk management industry, an industry that must constantly keep up with a rapidly changing global environment encircling it. In business as in risk management the saying ‘innovate or die’ holds truth. Risk practitioners must always be ahead of the risks that impact their organizations daily, risks which can adversely impact the achievement of objectives. The greatest tool a risk professional has is their mind. Luckily in today’s digital world, we are supplied with unlimited knowledge literally at our fingerprints.
With this in mind, I wanted to share some of the risk management online resources I use on a frequent basis and best of all they are all free! Now there are also great blogs out there for risk management professionals, but this article will focus more on research-heavy sites providing a rich information base to arm risk practitioners with the knowledge needed to stay ahead of the risk curve. Let’s look at five free online risk resources which can take your industry knowledge to another level in no time.
IRMI (International Risk Management Institute)
IMRI is a free online resource I have had in my back pocket since my early days in insurance. The International Risk Management Institute or IRMI for short is a site I use religiously. Now a quick disclaimer, you cannot access all their content without paying a fee but I’m more about that free life. Their free resources include an excellent risk and insurance terms glossary which I often use to get a refresher on certain areas of insurance coverage or risk terminology (there is over 3,000 terms to search). Hey, even I need a refresher sometimes on insurance captives and reinsurance from time to time. Also, they have access to free white papers, expert commentary, and authoritative reports to tickle your fancy. I am a big fan of their expert commentary as these are extremely well written by industry gurus and provide simple, clear information you can use immediately. If you are involved in risk transfer as part of your daily duties this site will definitely make its way onto your browser bookmarks.
ERM Initiative – North Carolina State University
This is one of my favorite risk management resources and it is all free! North Carolina State’s ERM Initiative is simply an amazing resource for risk management professionals. I have often used their annual reports for other articles and there is just so much knowledge that can be pulled from any number of reports or white papers they publish on a frequent basis. I promise whatever industry you are in or wherever your company is located there is valuable information which can help your business be better informed about present and emerging risks. For example, they recently released their Top Risks Report 2020 which is one of the best out there in my opinion and one that should surpass the WEF’s Global Risk Report which was extremely disappointing this year in how it oddly highlighted climate action failure as the greatest risk to businesses on a global scale. It oozed of green energy lobbying efforts but that’s an argument for another day. Simply put as a risk professional the ERM Initiative is another browser bookmark you should have in your arsenal to take your risk knowledge to a new level, it is as simple as that. Go on now add it to your favorites!
Protiviti
Protiviti, what can I say about this site more than it is just awesome, like Bill and Ted’s Excellent Adventure ‘awesome’ (que Keanu Reeves voice). Whenever I am searching the web for risk content Protiviti is always at the top of the search history, it just has everything no matter what you are looking for. Their insights section has a ton of content that can be filtered by concentration area and industry. Looking for risk management information for the energy industry? CHECK. What about machine learning methods to battle financial fraud? YEP. I could spend all day on Protiviti until my brain overflows with risk knowledge. No matter the risk role you hold, this site will have something to make you better informed in your area of expertise. Protiviti also does a great job of condensing ERM Initiative reports into quick hitters that summarize key findings from their global surveys. So, if you are one of those who may not want to thumb through a plethora of online pages, this site can also provide significant value in that regard. Spit out some Protiviti facts in your next risk report to provide a more holistic view of the overall economic landscape and watch your audience’s interest pique.
Deloitte Insights
Deloitte, a global accounting juggernaut, is an excellent resource for risk management knowledge, and it is all free to peruse at your leisure. The top aspect I love about Deloitte’s articles on risk is they always make a concerted effort to inject objective data into the content to add a deeper level of analysis and turn the subjective into objective. Remember risk professionals feed off objective data, it is our lifeblood and Deloitte helps feed this craving through their online content. Deloitte also does a fantastic job of surveying business leaders to provide insight into what keeps them up at night in terms of present and emerging risks impacting their business ecosystem. This is valuable data risk professionals can leverage to gain new ideas on how to better protect and create value within their own organizations or provide insights on how to improve decision making on an enterprise level. Just a note, the other members of the BIG 4 (PwC, KMPG, EY) also produce great risk educational materials. These sites are definitely worth a visit, I am simply highlighting one company I go to first for risk related content.
Legal Information Institute
Risk and legal are words that go together like lamb and tuna fish…or maybe you prefer spaghetti and meatball? Every risk professional is faced with having to deal with legal matters in some form or fashion. From contractual risk to tax laws, risk managers need to have a solid resource to assist with an area that usually requires a juris doctorate from a law school. However, I am going to give you a free legal resource from an Ivy league school for a much lower tuition price tag. Cornell University, one of the top colleges in America, has an excellent online legal research forum where you can get information from a wide array of law topics. Topics range from business law to consumer protection and intellectual property to personal injury. Soak up enough knowledge on this site and you may be able to show up to Cornell Law and school some youngins on past Supreme Court decisions. Ok I may be wandering off into fantasyland with this scenario, but you catch my drift.
Wrapping Up
The online world holds a treasure trove of risk management knowledge waiting to be digested. I hope this article shines a light on a few gems I believe can make a risk professional more knowledgeable in how they create value for their organization. Continuous improvement is a necessity for those who want to rise above their peers and stand out in a crowded field. Leveraging the power of the internet is a great way to sharpen the mental tools that make good risk practitioners great.
What other online risk resources are out there that you suggest checking out? It is always good to hear what other knowledge vaults are out there to explore.
I would add a couple of leading magazines on RM to this list, as Risk Management Magazine, The RMA Journal and others
I agree with you when the industry is rapidly changing in a country these are affected by traders and investors. I like your article and very informative.
Compliance management in Pakistan
If you will provide me with your mailing address and phone number (required by the courier) , I will forward a copy of the second edition of our book on ERM which is coming out in July.
John Fraser