Recognising a demand to enhance risk management skills in Gibraltar, the IRM on the Rock will look to effective risk management to maintain regulatory standing and international credibility. Chaired by Advantage Insurance Executive Director & Chief Risk Officer, Kevin Borrett, the Regional Group is running a series of events to promote the aims of risk management. An Advisory Board headed by Stephen Reyes, ex-Partner of Deloitte Gibraltar, has been set up, while the IRM Regional Group also has the backing of Gibraltar’s Association of Compliance Officers (GACO).
The IRM Gibraltar Regional Group intends to create a platform for discussion for members, with prospective memberships including Affiliate, Certified and Technical for professionals in the field of risk management to network, share ideas and best practices. It also aims to support students and young professionals interested in Risk Management as a career choice, as well as promoting local training courses and partnering with educational bodies.
“Risk management is not about eliminating risk – risk is everywhere. One point which I really like is opportunity: how can I make it positive for my business?”
— Gibraltar Business Magazine (Summer – Autumn 2025)
Making a real contribution locally
“People ask me why is a Gibraltar Regional Group of the IRM being launched?” said Borrett at the organisation’s recent first event to unveil the Group on the Sunborn. “The idea started a few years ago when a number of risk professionals felt there would be great value to our organisations, public and private, if we were able to gather together, exchange professional experiences and knowledge and perhaps help to raise the standards of risk management and risk management ideas at a local level.
“It took the arrival of another CRO (Chief Risk Officer), Nicola Crawford, to really kick it into action a bit more. We didn’t just want a forum for members; we wanted a group of knowledgeable risk professionals who could make a real contribution locally.”
Addressing the launch event, Minister for Justice, Trade and Industry, Nigel Feetham welcomed the advent of the IRM Regional Group on the Rock: “I have spent a great deal of my life thinking about risk and indeed, applying risk management in everything I have done professionally,” he said.
Advisory Board role: Support and guidance
“We were very pleased when GACO agreed to support the establishment of the Risk Management Institute in Gibraltar and participate in its Advisory Board,” said Reyes. “The Advisory Group is there to support the IRM and ensure what they do is directly relevant to Gibraltar and the companies that operate here. No entity can be successful if it doesn’t manage risk – it applies to every industry. I’d like to thank the founding sponsors: Gibraltar International Bank, Grant Thornton, Isolas, Advantage and SRS, for agreeing to come on board to help out the Regional Group and get it off the ground.”
Emerging global risks
From its inception in 1986 – mainly from the insurance sector – the IRM now operates in 146 countries with 9,000 members and 30 Regional Groups. “The strategy of the IRM is to internationalise,” said IRM CEO, Ian Livsey. “Risk management is evolving, and when you ask risk managers what keeps them awake, what the emerging risks are; it’s always been cyber and still is, but now they’re saying things like geopolitical uncertainty and economic development. They talk a lot about strategic integration and tools such as scenario planning. A lot of it is still technology risk, and AI comes out front and centre.”
Risk is everywhere — and nothing can substitute the human element
With 20 years of experience in the financial services industry, Annette Perales specialises in Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and regulatory compliance. Addressing the launch event, Ms Perales said: “The pandemic, for me, is a clear example of how firms that had a solid risk management function were able to navigate that period and come out stronger. Risk management is not about eliminating risk – risk is everywhere. One point which I really like, which I don’t think is said enough, is opportunity. That is what businesses need to shift their mindset to; OK, this has happened, how can I make it positive for my business?”
“For me,” added Ms Perales, “I always say nothing can substitute the human element. This is where the role of the IRM is crucial because it’s building those human resources, it’s training staff, building the risk culture and that needs to happen and start at the top of each organisation. Risks are always evolving; they are not static. You need to be constantly monitoring any impact to your own risks.”