We were invited to attend the IRM Global Risk Awards at the The Grand Connaught Rooms in London.

StratexSystems was one of the finalists for the IRM Global Risk Awards in the category of "Risk Management Service Provider of the Year".

List of a few Winners:

Delivering value through risk management

Winner: Balfour Beatty Fleet Services – UK

Managing risk across boundaries

Winner: TRIDEC Project – Germany

Innovation through technology

Winner: Scottish Power and Amor Group – UK

Highly commended: London Borough of Ealing – UK

Risk management solution of the year

Winner: Zurich Risk Room – Switzerland

Highly commended: Active Risk Group – UK / International

Excellence in the face of adversity

Winner: KA Goalkeeping UK – UK

Building risk management capability

Joint winner: Dubai Electricity and Water Authority (DEWA) – Dubai

Joint winner: Intel – USA

Pictures of the night below!

Many organisations are now using spreadsheets to monitor and manage their risks but research suggests that this could be inefficient and impractical for risk managers.

Software, such as StratexPoint, allows risks, that an organisation face, to be clarified, aligned and effectively managed. StratexSystems believe that every business should be able to execute their business strategy whilst operating within an acceptable level of risk exposure. With a series of easy-to-deploy visual tools, like those provided in StratexPoint, risk management can be made more efficient and effective, for any organisation.

The following papers reinforce the view that spreadsheets are not the best risk management tool; throughout the papers, common weaknesses and limitations when using spreadsheets to manage risks, particularly within the financial sector, are discussed.

http://blogs.hbr.org/cs/2010/09/basel_iii_and_the_problem_with.html

http://arxiv.org/abs/0908.4420

http://www.spreadsheetrisks.com/SpreadsheetsLondon.pdf