The Risk Management Institution of Australasia (RMIA) will establish chief risk officer networks in every state as part of its RISK2020 strategy.

“The networks will bring together chief risk officers from diverse industries to exchange ideas on a broad range of risk issues,” it says.

The networks will meet regularly in their state capitals and will have two national meetings a year.

RMIA has teamed up with business management consultants EY – formerly Ernst & Young – to set up the networks.

As part of a three-year sponsorship deal, EY will help RMIA develop its RISK2020 strategy and establish the Senior Leaders Forum, to lift leadership in the industry and promote the value of risk management.

The invitation-only forum is for chairmen, directors, CEOs, CFOs and chief risk officers from corporates and government.

The five-year RISK2020 strategy was introduced in January with a budget of $2.5 million, mainly for marketing and promotion.

RMIA President Bryan Whitefield says the aim is to “improve the quality of decision-making and project delivery in all levels of government [and] promote the use of risk management strategies in business and the inclusion of risk management strategies at board level to deliver improved and sustainable company results”.

At the heart of RISK2020 are changes to the professional certification process, to make it more transparent and user-friendly.

Mr Whitefield says the link-up with EY will provide invaluable support for RMIA’s new initiatives.