'Security and Risk Management: A challenge to business performance and continuity' is the title of a two-day conference being organised by EMCS in association with Shield Security Consultants Ltd on March 9 and 10 at Portomaso Suite, Hilton Malta.

According to the conference brochure, the risk element in doing business and safeguarding business assets has been on the increase. Basic issues of traditional security aimed at preventing theft, damage and crime today, compounded by the threat of terrorism and the more recent growth in corporate crime, as well as corporate victimisation and hacking in IT systems, with the alarming growth in attacks on critical IT systems, have all made the onus of risk management more daunting.

The scene has become further complicated by the increased pressure imposed by regulators for compliance purposes. Admittedly, this has evolved as a result of misconduct and the abuse that the entire corporate sector has been victim of - but, in itself, regulatory compliance does increase the risk of undertaking business, particularly in listed companies. Managing business today requires a thorough understanding of risk: its provenance, whether internal or external; the possibility of prevention; its management; and, finally, its insurability. The theory and practice of risk management has been evolving fast, while the insurance industry is itself evolving the capability to cover an increasing area of risk. The development, however, here is also restricted by the size of the industry, the re-insurance capability and the impact of the recent fallout in the insurance industry itself. What is clearly critical is that the development of the insurance industry's capability to cope with the potential increased demand for cover will increase as sounder risk management develops.

In the final analysis, however, the insurance industry can only provide cover for a small proportion of the risks that require active management.

This conference addresses the issues of security and the contingent nature of the related risk, its management, as well as its insurability in the corporate sector today. Different sources of risk are discussed, and the methods and disciplines that go into their management are addressed and debated.

The conference also addresses the issue of transferability of risk, the insurability of the risk and the insurance industry's capability to respond to the increasing need of insurance cover. The conference, however, will seek to spell out and identify those risks that cannot or are not feasible to insure and dwells on some options that may be available to counter the inability to transfer the risk.

On the first day of the conference, there are four main sub-themes. Charlie Shamieh, head, integrated risk management of Munich Re, Joseph Zammit Tabona, chairman of the Malta Stock Exchange, and David Pike, consultant loss adjuster/surveyor at MSB Valletta Ltd, will address the theme 'What are the risks being faced by business that threaten performance and continuity?'

Professor Carol Hedderman, head, Department of Criminology, Leicester University, Dr Stephen Calleya, director, Mediterranean Academy for Diplomatic Studies, and Andy Gatesy, chairman and CEO, Toly Products Ltd, will address the theme 'What are the sources of risk in the current globalised and politically uncertain environment?'

Major John Schembri, senior consultant, Shield Security Consultants Ltd, Per Christensen, president, Hudson Trident Marine, and Alan Alden, president, Information Systems Audit and Control Association, will address the theme 'What tools and procedures are available to management and entrepreneurs to manage risk?'

Anne Marie Tabone, general manager, IIMS Middle Sea Group, and Dr Michael Sparberg, senior executive manager Western Europe, Munich Re, will address the theme 'What risks are transferable and what is the role and scope of insurance cover'.

There is one sub-theme to be discussed on the second day, followed by a panel discussion. Malcolm Cutts Watson, leader, European Captive Practice, Willis Group Holdings Ltd, Geraldine Schembri, managing director, EMCS International Services Ltd, Dr Max Ganado, Ganado & Associates, and Tonio Depasquale, CEO, Bank of Valletta plc, will address the theme 'What options exist to insurance cover when this is neither available nor feasible?' The panel discussion will address the theme 'Where do we go from here to reinforce business performance and continuity?' with the participation of all the speakers.

Registration for the conference is open at EMCS Ltd at the Regional Business Centre at University Heights, Msida, e-mail adrian.said@ emcs.com.mt or mariella.attard@emcs.com.mt or visit the Website www.emcs.com.mt