A new regional group of the London-based Institute of Risk Management (IRM) has been established in Bermuda.The formation of the new regional group in Bermuda reflects rising local interest in a professional approach to risk management.IRM chairman Alex Hindson said: “Effective management of risk is becoming increasingly important for organisations of all types. IRM is an international body which believes passionately in the value of professional education and training in risk management and in the business benefits that can be gained from effective networking.“Although many of our members will initially come from Bermuda’s insurance and finance community, IRM welcomes students and members from many different sectors.”Inspired by a desire to tap in to the growing risk field, to collaborate across industries and to enhance networking opportunities in Bermuda, a group of local risk professionals came together earlier this year to discuss the best way forward, and this resulted in the formal establishment of the IRM Bermuda Group.Justin Baillie, who was appointed as the local group’s first chairman stated: “We are very excited about this new development, especially at a time of heightened focus on the growing area of risk and a multitude of new regulations. Having a formal risk group in Bermuda is an important development for risk professionals, allowing them to enhance their knowledge, education and skills which in turn will assist them in their careers.“It is equally important for businesses and other similar organisations in Bermuda who will benefit from new information and best shared practices through networking and other events.“And we also aspire to being just as valuable to Bermuda as a jurisdiction, by reinforcing its crucial position as a key international player, at the forefront of critical risk issues.“All credit is due to my fellow members for taking this idea forward and I would like to recognize their tremendous efforts.”The group is organised in committees focusing on Programmes, Education, Marketing & Communications and Membership.Roy Bray, the Bermuda Group’s co-chairman, said: “In addition to formal events and educational programmes, we will also be hosting networking functions to allow those in the risk management profession to meet likeminded colleagues from different industry sectors and share their experiences on various subjects.“It is the perfect opportunity in a relaxed and informal setting for participants to learn more about this growing field and to be more attuned to the risk management skills that local economic sectors require.”The IRM will hold its inaugural event on November 29, from 8am to 10am in the Hamilton room on the sixth floor of the HSBC Harboruview Centre. Mr Hindson will be the keynote speaker, presenting on the topic of “Risk Appetite the foundation of a successful risk framework”.The presentation will be followed by a panel discussion with senior executives in risk functions.To register for the free event, send an e-mail to jo.derbyshire[AT]bm.pwc.com