The Institute of Risk Management (IRM) has announced that the Institute of Operational Risk (IOR) will be joining the IRM group. This news follows in the wake of a vote at the IOR’s Annual General Meeting held on Wednesday 22 May in central London.
The IRM’s objective is to provide education and training for the global risk management community and support the profession with cutting-edge thought leadership. The IOR has the same and complementary purpose focused on operational risk. Both organisations fully recognise that strong benefits and synergies can be achieved by coming together.
The IRM will, in particular, provide full support for the promotion of the IOR Certificate in Operational Risk. This will become part of the IRM’s global portfolio of qualifications, complementing the International Certificate and Diploma in Enterprise Risk Management (ERM) as well as the new Digital Risk Management Certificate.
In addition, the IRM will be funding a major joint research project to advance thinking in operational risk management and contribute to further qualifications development. The IRM and the IOR are jointly committed to advancing the practice of operational risk management.
The development of a global network of risk practitioners and professionals delivering value and service at a local and regional level is a key strategy of both the IRM and the IOR. The chapters and groups of the two organisations will co-operate at a regional level to provide global support for members and the wider risk management community.
Importantly, the IOR brand will be retained and continue to represent excellence in the practice and profession of operational risk management.
Socrates Coudounaris CFIRM, chairman of the IRM, said: “The IRM has a long and productive association with the Institute of Operational Risk. We have built our partnership on the common ground between us and the joint interest we have in providing excellent education and training to the wider global risk community in ERM and in operational risk. Our groups and chapters complement one another. We believe it’s in the interest of both organisations to further deepen and extend our strategic relationship. The exact form of the future strategy is currently under discussion, but we’re positive that whatever the direction taken the outcome will be in the best interests of the risk management profession.”
George Clark FIOR, chair of the IOR, responded: “This is a wonderful opportunity for both the IOR and the IRM to make a difference to the conversation on the future of operational risk management and practice. We know that we have much in common and this new relationship leverages both greater scale and complementary thought leadership and competencies. I’m certain our members and wider communities will benefit greatly.”