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Tomorrow’s Value Lecture: From Ruin to Resilience, Building Value, Breaking the Risk Ceiling

3rd July 2012 @ 8:00 am - 5:00 pm

Venue: Willis Building, 51 Lime Street, London, EC3M 7DQ

The Tomorrow’s Value lecture series invites some of the most senior figures from the global business world to explore what we mean by value – how it is created, how it can be measured, and what the drivers of value creation are. These issues are set out in depth in our briefing paper.

Beyond that, we are asking business leaders how they link creating business value with values. Are businesses simply about improving the bottom line or must they contribute to the wellbeing of the wider community? Was the cult of shareholder value responsible for some corporate excesses and what might replace it?

We would like to welcome you to the next lecture in the series to be given by

John Hurrell, Chief Executive of Airmic Ltd.John was previously Head of Marsh Risk Consulting (Europe, Middle East and Africa) where he acquired extensive and high calibre expertise in risk and risk management that he brought to Airmic in 2008.

Risk and related issues must be at the core of business strategy and can be the difference between business success and failure. All too often for large organisations risk sits below the waterline as an iceberg that cannot be seen, while up on the bridge decisions are driven by a sense of indestructability. When things go wrong a risk almost always known by someone in the organisation; but all too often what is known isn’t communicated, understood or acted upon.

This does little to build the resilience required to avoid ruin. John will outline the hugely significant findings of Airmic’s research, Roads to Ruin, undertaken by Cass Business School with Reputability.

This research investigated the causes and consequences of 18 of the most catastrophic failures in risk management over the last decade, including those occurring at AIG, BP, Arthur Andersen, Enron, Railtrack, EADS Airbus, Firestone, Shell and Northern Rock. The report on these disparate catastrophic events showed that the firms who were involved experienced the same seven key points of failure to various degrees which can be broadly described as failing to manage the ‘risk management glass ceiling’.

Airmic has commissioned some research, Roads to Resilience, which will be undertaken by Cranfield Business School in cosponsored by PwC, Crawford and Lockton. They have also been working with the IoD to prepare a guide for directors on Business Risk which will be launched on the following day. John will preview this guide at our lecture. He will challenge our obsession with ‘theoretical’ risks distracting us from long-standing dangers that threaten our lives.

We are delighted that we will be joined by Richard Sykes of PwC and Good Governance Forum member, as well as James Duckworth, former Chief Auditor at Unilever, former Chief Executive of a joint venture between the CDC, the World Bank and Unilever and now Director at Control Risks and Julia Graham, Chief Risk Officer at DLA Piper.

Building on the outputs of the Good Governance Forum and the work CIMA have undertaken on risk management we will be further exploring how to break through the risk glass ceiling -to create value and avoid value destruction.

The first Tomorrow’s Value Lecture was given by Lord Stephen Green whilst in his role as Group Chairman HSBC Holdings plc – at Mansion House. Subsequent lectures have been given by Anant Nadkarni of Tata, Pavan Sukhdev Head of Green Economy Initiative, UNEP, Professor Michael Mainelli Professor of Commerce at Gresham College and Founder Director of the Z/Yen Group and Paul Walsh, CEO of Diageo; Joe Garner, Head of UK Retail and Deputy CEO of HSBC Bank plc; Paul Abberley, CEO of Aviva Investors and most recently David Brennan, CEO of Astra Zeneca; and most recently Gervais Williams, Managing Director MAM Funds plc.

Tomorrow’s Company and CIMA believe that the relationship between value and values is fundamentally changing: that sustainable value creation must now recognise  ‘the triple context’ combining economic drivers with social and environmental imperatives. CIMA’s qualification upholds the highest ethical standards for members throughout their careers.

Details

Date:
3rd July 2012
Time:
8:00 am - 5:00 pm