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2025-06-30-accounts

The Institute of Risk Management Annual Report and Financial Statements Year ended 30 June 2025

About IRM

The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management (ERM). We provide globally recognised qualifications, training and advisory, publish thought leadership and run insightful events open to both our members and the wider public, all of which are underpinned by our professional standards, defining the requirements risk managers need to meet.

By these means, we help organisations and individuals build excellence in risk management and raise awareness of risk across society so that they protect value and take advantage of opportunity.

IRM is a registered charity.

© Institute of Risk Management A company limited by guarantee. Registered in England number 02009507 Charity Number 1209756

Registered Office: 2nd Floor, 80 Leadenhall Street, London, EC3A 3DH

T: +44 (0)20 7709 9808 E: enquiries@theirm.org W: www.theirm.org

Board of Trustees

Officers and professional advisers

Stephen Sidebottom

Director CHAIR

Dorothy Maseke, CFIRM

Lead, Nature Finance & TNFD FSD Africa DEPUTY CHAIR

Anthony Chidwick, CMIRM

Director DEPUTY CHAIR

Annie Tay

Managing Director Cubic Risk Solutions

Mark White

Global Head of Risk, Mace

Ian Livsey

Chief Executive

David Epstein

Managing Director, Aviva Capital Partners

Charity Mandiopera

Director, Dialogue on Shelter Trust

Esther Chesterman CEO, National Extension College

Mariam Crichton

CEO, 7 Satya

…………………………………………………………………………………………………………………………………………………………….

COMPANY SECRETARY REGISTERED OFFICE Ian Springett from 1[st] Floor 13 September 2024 80 Leadenhall Street London, EC3A 3DH

COMPANY NUMBER 02009507

BANKERS

AUDITORS

HaysMac LLP Lloyds Bank plc 10 Queen Street Place 113 – 116 Leadenhall Street London, EC4R 1AG London EC3A 4AX

CHARITY NUMBER 1209756

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

The Trustees’ Report

Year Ended 30 June 2025

The Trustees have pleasure in presenting their report and the financial statements of the Institute and its five subsidiaries IRM Trading, IRM Advisory Services, the Institute of Operational Risk and IOR Enterprises and IRM Educational Foundation for the year ended 30 June 2025.

The Institute is a company limited by guarantee and a registered charity, formally registered as a Charity in August 2024. Its governing document is the Memorandum and Articles of Association, originally incorporated on 11 April 1986 and subsequently updated on 1 December 2022. This is the first year in which the report and financial statements have been prepared on the basis of the Institute’s charitable status.

Objectives and Activities

The principal activities of the Institute are to promote for the public benefit the art and science of risk management. This is done by the provision of risk management education, training and knowledge services. The Trustees confirm that they have complied with the duty set out in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit when reviewing the Institute’s aims and objectives, and in planning future activities.

Achievements and Performance

During the year, the Institute of Risk Management (IRM) advanced its charitable objectives by promoting education, training and professional standards in risk management. Key achievements included:

Certificate in Operational Risk Management, together with a wide range of training courses. Free student membership was offered to support early-career professionals.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Special Interest Groups (SIGs), together with new handbooks, to ensure consistency and accountability in group operations worldwide.

Through these activities, IRM has enhanced knowledge, skills, and professional practice within the risk management community, thereby contributing to stronger governance and risk resilience across sectors and in general society.

Governance

The Board of Trustees is committed to the highest standards of charitable company and corporate governance, which it believes are critical to business integrity and performance and to maintaining member and public confidence. During the past year the Board discharged its responsibilities in line with appropriate standards of charitable company and corporate governance.

Our Annual General Meeting takes place electronically, in December, and formal notification together with the annual report and financial statements, is sent to members at least 14 working days in advance of the meeting. Each item of business is a separate resolution. The collection and analysis of the votes are handled by the Company Secretary.

The Trustees who have served on the Board since 1 July 2024 are:

Stephen Sidebottom Chair
Anthony Chidwick Deputy Chair
Dorothy Maseke Deputy Chair
Annie Tay
Mark White
Ian Livsey Chief Executive
David Epstein
Esther Chesterman
Mariam Crichton
Charity Mandiopera

Trustees’ interests

There are no directors’ interests requiring disclosure under the Companies Act 2006 other than as disclosed in note 18.

The Charitable company does not have a share capital and is a company limited by

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guarantee. In the event of the Charitable company being wound up the maximum amount each member is liable to contribute is £1.

Trustees’ responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group charitable company or to cease operations, or have no realistic alternative but to do so. They must also:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Attendance record at board meetings during the year

The Board balances the longer-term strategic direction of the Charitable company with the immediate operational requirements and delivery of the level of financial results that enable it to move forward positively towards its goals.

There are formal matters reserved for consideration and approval by the Board, and specific responsibilities are delegated to the committees and groups set up by

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the Board as permitted under the Articles of Association.

These various committees and groups report to the Board, where final responsibility rests.

Trustees’ appointment and training

The Trustees are appointed by the existing board in accordance with the charitable company’s governing document. When vacancies arise, potential trustees are identified through open recruitment processes and all appointments are approved at board meetings. New trustees are provided with an induction pack and are encouraged to familiarise themselves with the Charity Commission’s guidance on trustee responsibilities, as well as the charitable company’s policies and procedures. The Nominations Committee is responsible for ensuring that a formal, robust and transparent process exists for the selection of potential Board members and the appointment of committee chairs. Its duties include:

The members of the Nominations Committee are Dorothy Maseke (Chair), Stephen Sidebottom, Ian Livsey and Anthony Chidwick.

Risk Management

Appropriate policies and systems are in place to evaluate and treat the risks arising from the key activities of the Institute, enabling both advantages and threats to be handled to the overall benefit of the Charitable company.

The Board, through the Chief Executive, is responsible for ensuring that budgets and plans are prepared and that programmes of work are implemented. There are on-going processes embedded within the Institute’s overall business operations, and addressed by senior management, which monitor the effective application of the policies, processes and activities related to internal control and risk management.

IRM defines risk as the possibility that an action and/or an event will affect IRM’s ability to achieve its planned objectives. As a consequence of managing identified risks, our planned objectives are more likely to be achieved and the confidence of our internal and external stakeholders increased.

The Board has overall responsibility for the Charitable company’s systems of internal control. Such systems are designed to meet the Charitable company’s needs and to address the risks to which it is exposed, as would be expected by an organisation that has enterprise risk management at its heart. The systems mitigate, rather than eliminate, the risks faced by the Charitable company and can only provide reasonable and not absolute assurance against material mismanagement or loss.

The Board delegates the annual review of internal control processes and their effectiveness, to the Audit and Risk Committee. Such responsibility of the Committee is fulfilled by considering periodic reports from senior management

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including a risk register for the Institute. Senior management then monitor the risks and internal controls during the course of the year and advise the Audit and Risk Committee and in turn the Board of any significant developments. Necessary actions are taken to remedy any significant failings or weaknesses as they are identified when the Audit and Risk Committee considers the effectiveness of internal controls as reported by senior management and also from the external auditors in relation to financial internal controls. Senior management also provide the Audit and Risk Committee with a periodically updated Risk Register, as necessary, and such Risk Register is also reported to the Board as a key section of senior management’s regular report on key performance indicators.

The members of the Audit and Risk Committee who served during the year were Anthony Chidwick (Chair), Ian Livsey, Nigel Toms, Catherine Njoki-Nyaga, Collins Acheampong, and Karen Eckstein. The Committee met four times.

The Institute operates in a fast-changing global environment. The risk register, reviewed quarterly by the Audit & Risk Committee, identifies key risks:

Remuneration Policy

The Institute’s policy is to provide competitive rewards to attract and retain high performing individuals whose contribution will enhance member value while ensuring rewards remain appropriate and proportionate when compared to market practice. The Institute aims to position salaries at the median of comparator groups. Benchmarking is

undertaken periodically and appropriate judgement is applied in evaluating market data. This policy has been agreed by the Remuneration Committee.

A Remuneration Committee sets on-going policy for the pay and reward of staff and approves the salary and bonus of the Chief Executive and salary of the Board Chair.

In accordance with the governing documents, trustees may only be remunerated in limited circumstances (for goods or services, the Chair, Additional Trustees for acting as directors of subsidiary undertakings, and the Chief Executive Officer as approved by the Board). All such payments must be reasonable, approved.

Membership of the Committee is detailed in terms of reference approved by the Board and consists of the Board Chair, The Deputy Chairs, and any former Board Chair still serving as a Trustee. Members during the year were Stephen Sidebottom (Chair), Anthony Chidwick, Ian Livsey and Dorothy Maseke.

Finance and Investments

A Finance & Investment Committee assists the Board in the fulfilment of its corporate

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governance duties in relation to financial management and market-based investments held by the Group. Its duties include:

Financial review

IRM is a charitable company, committed to reinvesting any surpluses generated for the benefit of its work to promote risk management in society at large.

In the financial year there continued to be a challenging global geopolitical situation. The cost-of-living crisis impacted many people. Climate change and the challenges of reaching net zero occupied thinking at all levels of government, industry, and societies.

Gross income increased year on year by £413,304 (8%), and we invested for future growth in recruitment of key staff, international expansion, and in our technology infrastructure.

The proportion of income from overseas has risen from 39% in FY 2024/2025 to 42% in the current financial year.

Risk managers have a key role to play in rising to the challenges facing the international community and individuals across the world. We will continue to work in the coming year on placing our members, our stakeholders, and all of those involved in the IRM at the forefront of developing further the profession of

risk management and increasing our global footprint across society for the benefit of all.

The net movement in funds for the year amounted to £73,629 (2024: £406,850) as shown in the Statement of Financial Activities on page 16.

A budget with a greater surplus has been set for the next financial year as the Institute seeks to grow based on its investments, its expansion into global markets and the use of technology including AI.

Reserves Policy and position

The reserves of the Group at the year-end stood at £1,753,692 (2024 £1,680,063) as shown in the Balance sheet on page 17.

It is the policy of IRM to hold reserves at a level such that its core activities can be maintained during periods of less favourable financial or economic conditions, and that it can continue to fulfil its charitable purpose, its members and those completing examinations.

Given the nature of its activities, the Board decided it is important to focus on cash (or near equivalents), as well as total reserves, which changes significantly over the year due to the cyclical nature of the business.

The year-end group cash balances were £2,175,877 (2024: £1,765,815). This is significantly above the target minimum level of total reserves of £1,100,000 to be held in readily accessible accounts, as set by the Trustees. This area is carefully monitored by our Finance & Investment Committee.

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As at 30 June 2025, the charity held £888,919 (2024: £1,311,427) in market listed investments in addition to cash reserves. In line with the Institute’s investment policy and in response to sustained underperformance, the Sterling Bond Fund was fully divested during the year, with the proceeds reinvested in fixed term cash deposits to preserve capital and secure a predictable return. The charity continues to undertake regular reviews of its equity investment portfolio to ensure compliance with its investment objectives and prudent treasury management practices.

The Trustees are aware that reserves should not be maintained at a level that is unnecessarily high. To this end, the Finance & Investment Committee periodically reviews the reserves position against projected expenditure, forward commitments, and planned strategic initiatives. Where reserves are judged to be above the level required for risk management and sustainability, the Trustees will consider the following options:

These measures ensure that reserves remain proportionate, aligned with the risk profile and financial needs of the Institute,

and are actively deployed to further its charitable aims.

The Trustees remain confident that the Institute is in a strong position to withstand uncertainties arising from the current economic climate and inflationary pressures, while ensuring that reserves are managed at an appropriate level.

Fundraising

In accordance with the Charities SORP (FRS 102) and the Charities (Protection and Social Investment) Act 2016, the Trustees confirm that the Institute does not undertake any fundraising activities directed at the general public and has not engaged the services of professional fundraisers or commercial participators. No complaints were received in relation to fundraising during the year. The Trustees are satisfied that the Institute’s approach ensures compliance with the applicable legislative and regulatory requirements.

Future plans

Looking forward, the Trustees intend to:

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

advisory services, while avoiding duplication across regions and sectors.

The Trustees believe these initiatives will ensure IRM continues to deliver public benefit by raising professional standards, supporting individual careers, and strengthening risk management capability worldwide.

Auditor

A resolution proposing re- appointment of the auditor for 2025/26 will be put to the Annual General Meeting in December 2025.

Statement of disclosure to auditors

Signed by order of the Trustees

Approved by the Trustees on 16 October 2025.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Independent Auditor’s Report to the members of IRM

Opinion

We have audited the financial statements of the Institute of Risk Management for the year ended 30 June 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet and the Charitable company’s Balance Sheet, the Consolidated Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the

Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report(which incorporates the directors’ report).

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to GDPR and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Tax law.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at:

www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the charitable company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our work, for this report, or for the opinions we have formed.

Kathryn Burton (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors

10 Queen Street Place London, EC4R 1AG

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the

October 2025

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Consolidated Statement of Financial Activities for the Year Ended 30 June 2025

(Incorporating the Income and Expenditure Account)

Notes
Income from:
Charitable Activities
Education
Membership
Other charitable activities
Other trading Activities
Total income
2
Expenditure on:
Charitable activities
Other trading activities
Other expenditure - taxation
7
Total expenditure
5, 6
Net (expenditure)/income before investment gains
Net gains on investments
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 Unrestricted Funds
2025
£
Unrestricted Funds
2024(as restated)
£
2,369,617
2,301,813
688,253
669,617
28,840
13,574
2,559,418
2,247,820
5,646,128
5,232,824
(2,709,346)
(2,473,250)
(2,941,071)
(2,431,522)
-
(64,806)
(5,650,417)
(4,969,578)
(4,289)
263,246
77,918
143,604
73,629
406,850
73,629
406,850
1,680,063
1,273,213
1,753,692
1,680,063

All activities are continuing and there are no other recognised gains and losses other than those recognised above. A comparative Statement of Financial Activities can be found in Note 19. The notes on pages 19 to 33 form part of these financial statements.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Consolidated Balance Sheet

30 June 2025

Group Charitable company Charitable company
Notes 2025 2024 2025 2024
£ £ £ £
Fixed assets
Intangible assets 8 196,753 285,896 196,753 285,896
Tangible assets 9 75,749 58,927 75,749 58,927
Fixed asset investments 10 888,919 1,311,427 888,922 1,311,430
1,161,421 1,656,250 1,161,424 1,656,253
Current assets
Stocks - - - -
Debtors falling due within one year 11 1,256,538 1,146,266 1,035,520 929,020
Cashand cash equivalents 2,175,877 1,765,815 1,184,494 1,007,585
3,432,415 2,912,081 2,220,014 1,936,605
Creditors: amounts falling due within
one year 12 (2,830,034) (2,776,835) (2,724,722) (2,733,846)
Net current assets/(liabilities) 602,381 135,246 (504,708) (797,241)
Total assets less current liabilities 1,763,802 1,791,496 656,716 859,013
Provisions for liabilities 13 (10,110) (111,433) (10,110) (111,433)
Net assets 1,753,692 1,680,063 646,606 747,580
Unrestricted funds
General fund 1,747,979 1,674,350 640,893 41,867
Designated fund 5,713
 5,713 5,713 5,713
17 1,753,692 1,680,063 646,606 747,580

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act. The Institute has taken advantage of the exemption allowed under section of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The net movement in funds of the Charitable company for the year was £(100,973) (2024: £265,226).

Approved by the Board for issue on 16 October 2025 and signed on its behalf.

Stephen Sidebottom Chair

Anthony Chidwick

Trustee

Company Registration No. 2009507

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Consolidated Cash Flow Statement

Year Ended 30 June 2025

2025 2024
£ £ £ £
Reconciliation of net (expenditure) / income to cash flow from
operating activities (4,289) 263,246
Adjustments for:
Amortisation of intangible assets 162,886 152,753
Depreciation of tangible assets 21,644 810
Decrease/(increase) in debtors (32,474) 100,284
Increase/(decrease) in creditors 58,202 82,235
Corporation tax paid (47,227) (19,295)
(Decrease)/increase in provisions (101,323) 2,842
Net cash generated/(expended) from operating activities 57,419 582,875
Cash flows from investing activities
Purchases of intangible assets (73,743) (195,279)
Purchases of tangible assets (38,466) (58,978)
Interest received 13,154 9,618
Dividends received 20,229 -
Proceeds from disposal of fixed asset investment 431,469 -
Net cash in/(outflow) from investing activities 352,643 (244,589)
Net increase/(decrease) in cash and cash equivalents 410,062 338,286
Cash and cash equivalents at beginning of year 1,765,815 1,427,529
Cash and cash equivalents at end of year 2,175,877 1,765,815
Components of cash and cash equivalents
Cash at bank and in hand 1,750,877 1,765,815
Short term deposits 425,000 -
Total Cash and cash equivalents 2,175,877 1,765,815

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

1 Accounting policies

1.1 Statutory Information

Institute of Risk Management is a company limited by guarantee, incorporated in England and Wales. It is also a charity registered with the Charity Commission for England and Wales, number 1209756. The address of its registered office and principal place of business is 1st Floor, 80 Leadenhall Street, London, EC3A 3DH.

During the year, the Institute registered as a charity. As a result, the financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS 102.

Consequently, a Statement of Financial Activities (SoFA) has been presented in place of the traditional Income and Expenditure Account, in order to provide a format that reflects the nature of charitable activities and funds. Comparative figures have been restated where necessary to ensure consistency of presentation.

1.2 Statement of compliance

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments at fair value. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (Second edition, effective 1 January 2019).

The financial statements are presented in sterling and reflect the results which are all from continuing activities.

The Institute is a Public Benefit Entity as defined by FRS102.

1.3 Going Concern

The Trustees have reviewed their forecasts and cash flow requirements for the foreseeable future and confirm that there are no material uncertainties. The Trustees consider that the organisation will have adequate working capital available based on current forecasts to continue in operational existence for the foreseeable future. They believe the going concern basis of accounting is appropriate for these annual financial statements.

1.4 Basis of consolidation

The consolidated (group) financial statements comprise the Institute and its wholly owned subsidiaries IRM Trading Limited (Company number 10242347), Institute of Operational Risk (Company number 05011746), IOR Enterprises Limited (Company number 09954828), IRM Advisory Services Limited (Company number 13705919) and The IRM Educational Foundation (Company number 12159277).

The results of the trading subsidiary companies are presented in the consolidated income and expenditure account and consolidated balance sheet on a line-by-line basis. A separate Statement of Financial Activities for the Charitable company itself is not presented because the Charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The Charitable company’s income for the year amounted to £4,379,988 (2024: £4,083,737). The Charitable Company’s net movement in funds for the year was a decrease of (£100,973) (2024: increase £265,226).

1.5 Income

All income is recognised once the Institute is entitled to the income, it is probable that the income will be received and can be quantified with reasonable accuracy.

Income comprises income from the following revenue streams: membership subscriptions, training, qualification fees, attendance at professional events and short educational courses, royalties and publication income from the sale of textbooks and other professional publications, and other income, all excluding value added tax.

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The following revenue categories are recognised in the period to which they relate; subscriptions, qualification fees, other income, sponsorship and advertising fees. As such some of these categories of income are deferred. The Group considers the amounts deferred do not represent a financing arrangement so are stated at their actual values less any settlement discounts or other adjustments to recoverable amounts.

Income from qualifications represents predominately examinations income and is recognised in the period in which the examination is sat.

1.6 Expenditure

Expenditure is included on an accruals basis where there is a legal or constructive obligation to make a payment to a third party and the amount can be measured reliably. Expenditure is either directly attributed to a cost category, or apportioned on a basis consistent with the use of the resources. The irrecoverable element of VAT is included within the item of expense to which it relates. Expenditure on charitable activities includes the cost of delivering education and other services for the benefit of the profession along with the associated support costs.

Expenditure on trading activities comprises the costs incurred by IRM Trading Ltd, IRM Advisory Servies Ltd, IOR Enterprises Ltd and allocated support costs.

Support costs comprise the costs which cannot be directly attributed to a particular activity in the Statement of Financial Activities and include governance costs (comprising of board and committee costs and professional compliance expenses). Support costs are apportioned between the various activities according to the estimated usage of staff resource

1.7 Intangible assets

Intangible assets comprise the costs of developing qualifications, software, website, and computer systems development. Intangible assets are recognised where it is probable that they will generate future economic benefits and the cost of the asset can be measured reliably.

Intangible assets with a cost in excess of £1,000 are capitalised. Expenditure below this threshold is normally recognised as an expense in the Statement of Financial Activities; however, items of a similar nature may be grouped and capitalised where, in aggregate, their cost exceeds the threshold and they are expected to be used together as a single asset. Assets are measured at initial cost less subsequent depreciation and any impairment losses. Amortisation and depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases: Development of qualifications - the examination period over which the qualifications will be tested CRM computer system - three years on a straight-line basis Website and other software - three years on a straight-line basis Assets in course of development - not depreciated until brought into use

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently at cost less depreciation and any impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life on the following bases:

Fixtures, fittings & equipment - three years on a straight-line basis Leasehold improvements - over the life of the lease on a straight-line basis Computer hardware - three years on a straight-line basis

Items costing less than £1,000 may be expensed immediately in the income and expenditure account.

1.9 Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income and expenditure account.

A subsidiary is an entity controlled by the Institute. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

The Institute owns 100% of subsidiary companies. Details are provided in note 10 of the accounts.

Investment in listed investment funds are re-measured to market value at each Statement of Financial position date. Gains and losses on re-measurement are recognised in income and expenditure account for the period.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and current and fixed term deposits with banks, with a maturity of three months or less. The Charitable company holds part of its cash reserves in a CAF Flagstone platform account, which enables access to a panel of UK banks and building societies. This allows funds to be diversified across multiple institutions while seeking competitive deposit rates

1.11 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction values and subsequently measured at their settlement value. Fixed assets investments are carried at fair value.

1.12 Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event; it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in income or expenditure in the period it arises.

1.13 Pensions

The Charitable company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the income and expenditure account in the year they are payable.

1.14 Leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

1.15 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income and expenditure account for the period.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

1.17 Fund Accounting

Funds received for a specified purpose are shown as restricted income in the Statement of Financial Activities. Any such income not spent at the year-end is shown as a restricted fund in the balance sheet.

The Institute has unrestricted funds made up of membership subscriptions, income from educational activities and other income received or generated for its charitable purposes. These are available for trustees to utilise at their discretion and in line with the charity’s objects.

Unrestricted funds which the trustees have agreed to set aside for a specific purpose are shown as designated funds on the balance sheet.

1.18 Critical accounting estimates and areas of judgement

In the application of the Institute’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

The Institute makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of the debtors and associated impairment provision.

Provisions have been made for dilapidations based on current market dilapidations reports and will be reviewed on a half year basis. These provisions are estimates and the actual costs and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

The annual amortisation charge for intangible and tangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 8 and 9 for the carrying amount of the fixed assets and for the useful economic lives for each class of asset.

2 Income split

The Group income was in the following geographic regions:
United Kingdom
Overseas
2025
£
2024
£
3,263,580
3,179,131
2,382,548
2,053,693
5,646,1285,232,824

All income is related to the supply of risk management services.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

3 Investment income

nvestment income
Bank interest
Dividends received		 2025
2024
£
£
13,154
9,618
20,229
55,990
33,383
65,608

4 Net income for the year

2025 2024
£ £
Net income for the year is stated after charging:
Depreciation and amortisation of tangible and 184,531 153,543
intangible assets
Auditor’s remuneration current year 40,337 31,450
Prior year under accrual/(over) accrual (7,226) (1,029)
Non audit services 10,000 11,948
Operating lease charges 87,359 152,435

5 Total Expenditure

2025 Total Expenditure
Education, qualifications,
Membership
Other charitable activities
Other trading activities		 Direct Costs
£
Support Costs
£
Total 2025
£
523,719
1,779,642
2,303,361
51,324
326,085
377,409
16,784
11,791
28,575
1,055,530
1,885,542
2,941,072
1,647,357
4,003,060
5,650,417
2024 Total Expenditure
Education, qualifications,
Membership
Other charitable income
Other trading activities		 Direct Costs
£
Support Costs
£
Grants
£
Total 2024
£
490,369
1,432,268
50,000
1,972,637
29,702
440,157
-
469,859
7,018
23,736
-
30,754
1,008,077
1,373,445
-
2,381,522
1,535,166
3,269,606
50,000
4,854,772

During 2024 the Charitable company awarded a single grant of £50,000 to IRM Educational Foundation. There were no grant commitments outstanding at the year end. No grants were made in 2025.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Support Costs
People costs
Premises costs
IT & website
Depreciation
Governance
Other		 2025
£
2024
£
2,918,303
2,214,926
244,986
381,786
261,011
210,246
92,230
38,904
60,358
62,466
426,172
361,278
4,003,060 3,269,606

6 Staff costs

Key management remuneration 2025 2024
£ £
Total emoluments 330,672 258,956

Included in key management remuneration above are the following amounts payable to two Trustees:

All other Trustees were not remunerated for their services. The Institute reimbursed Mbodha Ltd £4,500 (2004: £3,000) in respect of the time Mariam Crichton spent acting as a director of IOR Enterprises Ltd. During the year the Institute also reimbursed 2 Trustees (2024: 3 Directors) a total of £2,298 (2024: £2,347) for out-of-pocket expenses relating to subsistence and travel incurred in carrying out the Institute’s business.

Staff costs
Wages andsalaries
Social securitycosts
Pensioncontributions
Consultancy fees and short-termcontractors		 2025
2024
£
£
2,121,312
1,779,870
249,213
203,940
98,412
85,503
176,587
43,791
2,645,524
2,113,104

The number of staff whose annual emoluments in the period fell within the following bands were:

2025 2024
£60,000 to £70,000 1
 2
£70,000 to £80,000 2
 2
£80,000 to £90,000 1
 -
£90,000 to £100,000 1
 1
£100,000 to £110,000 -
 1
£110,000 to £120,000 - 2
£130,000 to £140,000 3
 -
£200,000 to £220,000 - 1
£240,000 to £250,000 1 -

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

The number of staff employed during the year was 35 (2024:35) .The average number of staff employed (FTE) during the year was 32 (2024: 35).

7 Taxation

During the year the Institute became a registered charity. As a result, it is exempt from taxation on income and gains applied for charitable purposes. No corporation tax liability arises for the year. All charges disclosed relate to prior year adjustments in respect of periods before the Institute obtained charitable status. The wholly owned subsidiaries of the Institute will make Qualifying Charitable Donations of their taxable profits to the Institute, as their parent charity. As a result, no liability to corporation tax arises for the group.

During the comparative period ended 30 June 2024 the group was not a registered charitable group and incurred total current tax of £47,706 and deferred tax of £17,102. This year a current tax charge of £213 reflects a prior period adjustment to the tax charge. A deferred tax credit is recorded of £55,591 reflecting the reversal of timing differences that are not expected to result in a future tax charge in the charitable group.

8 Intangible assets – Group and Charitable company

Cost
At 1 July 2024
Additions
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
At 30 June 2025
Net Book Value
At 30 June 2024
At 30 June 2025		 Course
development
costs
Software
Website
development
CRM
Systems
TOTAL
£
£
£
£
£
845,839
147,555
232,107
378,804
1,604,305
26,410
5,603
-
41,730
73,743
872,249
153,158
232,107
420,534
1,678,048
700,256
126,529
232,107
259,517
1,318,409
92,300
10,255
60,331
162,886
792,556
136,784
232,107
319,848
1,481,295
145,583
21,026
-
119,287
285,896
79,693
16,374
-
100,686
196,753

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

9 Tangible fixed assets – Group and Charitable company

Cost
At 1 July 2024
Additions
Disposals
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
Disposals
At 30 June 2025
Net book value
At 30 June 2024
At 30 June 2025		 Computer
equipment
Fixtures,
fittings and
equipment
Leasehold
improvements
TOTAL
£
£
£
£
67,848
79,775
193,176
340,799
18,063
20,403
38,466
(67,848)
(67,848)
18,063
100,178
193,176
311,417
67,848
60,132
153,892
281,872
6,021
7,766
7,857
21,645
(67,848)
(67,848)
6,021
67,898
161,749
235,669
-
19,643
39,284
58,927
12,042
32,280
31,427
75,749

10 Fixed Asset Investments

Group
Cost or valuation
At 1 July 2024
Distributions capitalised
Disposals
Revaluations
At 30 June 2025
Charitable company
Cost or valuation
At 1 July 2024
Distributions capitalised
Revaluations and disposals
At 30 June 2025		 Listed investments
£
1,311,427
9,511
(418,842)
(13,177)
888,919
Investment in
subsidiary
companies
Listed
investments
Total
£
£
£
3
1,311,427
1,311,430
9,511
9,511
(432,019)
(432,019)		 Listed investments
£
1,311,427
9,511
(418,842)
(13,177)
888,919
3
888,919
888,922

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Subsidiary undertakings

The Institute holds more than 20% of the share capital of the following companies:

Company Income Expenditure Surplus/ Net assets Shares Held
(deficit)
Subsidiary £ £ £ £ Class %
undertakings
IRM
Trading
Limited		 2,366,844 (2,256,592) 110,252 668,751 100 ordinary
shares at £1		 100
IOR
Enterprises
Limited		 221,649 (167,764) 53,885 292,143 100 ordinary
shares at £1		 100
IRM Advisory
Services 100 ordinary
Limited 166,573 (155,598) 10,975 11,044 shares at £1 100
Institute of IRM controls
Operational
Risk		 29,577 (23,085) 6,492 94,837 Company limited
by guarantee		 right to
appoint and
remove
directors
IRM
Educational
Foundation		 - (7,001) (7,001) 41,606 Charitable
company		 IRM holds
more than 75%
of voting rights

The results of all these subsidiary entities have been included in these consolidated financial statements. All subsidiaries are registered in England and Wales with the registered office address at 80 Leadenhall Street, London.

11 Debtors, amounts falling due within one year

Trade debtors
Amounts due from group undertakings
Other debtors
Prepayments and accrued income		 Group
Charitable
company
2025
2024
2025
2024
£
£
£
£
471,201
451,121
228,081
232,620
-
-
102,136
49,999
619,403
472,831
558,663
468,439
165,934
222,314
146,640
177,962
1,256,538
1,146,266
1,035,520
929,020

There were Group impairment provisions for bad debt at the year-end of £200,420 (2024: £460,586)

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

12 Creditors: due within one amounts falling year

Tradecreditors
Amounts due to group undertakings
Other creditors
Taxation and socialsecurity
Deferredincome
Accruals		 Group
Charitable
company
2025
2024
2025
2024
£
£
£
£
273,872
195,105
148,336
238,364
-
-
746,876
823,858
12,234
-
12,234
-
142,219
145,905
131,078
126,116
1,634,317
1,682,381
1,496,150
1,281,936
767,392
753,444
190,048
263,572
2,830,034
2,776,835
2,724,722
2,733,846

Deferred income represents amounts received for membership, qualifications and training to be supplied in the following year and will be recognised as income in that financial year.

Deferred income reconciliation:
At 1 July 2024
Released during the year
Deferred during the year
At 30 June 2025		 £
£
1,682,381
1,659,971
(1,682,381)
(1,659,971)
1,634,317
1,682,381
1,634,317
1,682,381

13 Provision for liabilities - Group and Charitable company

At 1 July 2024
Movements in provision for the year
At 30 June 2025		 Dilapidations
Deferred
taxation
Total
£
£
£
55,842
55,591
111,433
(45,732)
(55,591)
(101,323)
10,110
-
10,110

As part of the Group’s property leasing arrangements there is an obligation to return the property to an agreed condition at the end of the lease. The cost is charged to the income statements as the obligation arises. The provision is expected to be utilised when the lease terminates.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

14 Share capital

The Institute does not have a share capital and is limited by guarantee. In the event of the Institute being wound up the maximum amount which each Member is liable to contribute is £1.

15 Financial commitments

At 30 June 2025 the Group was committed to making the following payments under operating leases.

2025 2024
£ £
Land and buildings
Due: Within one year 67,333 84,186
Between two and five years 255,627 275,745
After five years - -
Other equipment
Due: Within one year 5,333 2,577
Between two and five years 5,950 1,933
After five years - -
Total 334,243 364,441

16 Movements in Funds

Reconciliation of Movements in Unrestricted Funds

Charitable company – current year

Fund
General fund
Designated fund
Total unrestricted		 At 1 July 2024
Income 2025
Expenditure 2025
At 30 June 2025
741,867
4,457,693
(4,558,667)
640,893
5,713
–
–
5,713
747,580
4,457,693
(4,558,667)
646,606

Charitable company – previous year

Fund
General fund
Designated fund
Total unrestricted		 At 1 July 2023
Income 2024
Expenditure 2024
At 30 June 2024
476,641
4,227,340
(3,962,114)
741,867
5,713
–
–
5,713
482,354
4,227,340
(3,962,114)
747,580

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Group – current year

Fund At 1 July 2024 Income 2025 Expenditure 2025 At 30 June 2025
General fund 1,674,350 5,723,834 (5,650,205) 1,747,979
Designated fund 5,713 – – 5,713
Total unrestricted 1,680,063 5,723,834 (5,650,205) 1,753,692
roup – previous year
Fund At 1 July 2023 Income 2024 Expenditure 2024 At 30 June 2024
General fund 1,267,500 5,376,428 (4,969,578) 1,674,350
Designated fund 5,713 – – 5,713
Total unrestricted 1,273,213 5,376,428 (4,969,578) 1,680,063

Group – previous year

The General Fund represents the charitable company’s free reserves available for day-to-day operations. All unrestricted income and expenditure during the year has been accounted for within the general fund, resulting in a closing balance of £640,893 (Charitable company) and £1,747,979 (Group). These balances reconcile to the Statement of Financial Position as at year end.

The Designated Fund of £5,713 represents amounts set aside by the trustees for prizes to the Institute’s top student from countries within Asia, Australasia or Africa. This fund remained unchanged during the year, with no income, expenditure or transfers. The balance will continue to be held for its intended purpose until such time as the trustees authorise its use.

17 Allocation of Net Assets

Charitable company - current year

Fund
General fund
Designated fund
Total unrestricted		 Fixed assets and
investments
Net current
assets/(liabilities)
Provisions for
liabilities
At 30 June 2025
1,161,424
(510,421)
(10,110)
640,893
-
5,713
–
5,713
747,580
(504,708)
(10,110)
646,606

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

Charitable company - previous year

Fund Fixed assets and Net current assets/ Provisions for At 30 June 2024 At 30 June 2024
investments (liabilities) liabilities
General fund 1,656,253 (802,953) (111,433) 741,867
Designated fund - 5,713 – 5,713
Total unrestricted 1,656,253 (797,240) (111,433) 747,580
roup – current year
Fund Fixed assets and Net current assets/ Provisions for At 30 June 2025
investments (liabilities) liabilities
General fund 1,161,421 596,668 (10,110) 1,747,979
Designated fund - 5,713 - 5,713
Total unrestricted 1,161,421 602,381 (10,110) 1,753,692

Group – current year

Group – previous year

Fund
General fund
Designated fund
Total unrestricted		 Fixed assets and
investments
Net current
assets/(liabilities)
Provisions for
liabilities
At 30 June 2024
1,656,250
129,533
(111,433)
1,674,350
-
5,713
-
5,713
1,656,250
135,246
(111,433)
1,680,063

The Designated Fund of £5,713 represents amounts set aside by the trustees for prizes to the Institute’s top student from countries within Asia, Australasia or Africa. This fund remained unchanged during the year, with no income, expenditure or transfers. The balance will continue to be held for its intended purpose until such time as the trustees authorise its use.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

18 Related party relationships and transactions

The charitable company is the parent company of five subsidiary undertakings.

During the year, the charitable company provided a range of intra group services to its subsidiaries, including marketing, management and administrative support. Charges in respect of these services came to a total of £1.16m (2024: £1.34m), analysed as follows:

Company 2025 2024
£ £
IRM Trading Ltd 958,184 1,179,758
IRM Advisory Services Ltd 54,053 52,218
IOR Enterprises Ltd 152,898 117,444
Institute of Operational Risk 660

Companies of which Trustees are employees sometimes purchase Group services on normal third-party terms.

There were no other related party transactions in the year (2024: no other related party transactions) except for the Trustee remuneration and expenses disclosed in note 6.

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

19 Comparative Statement of Financial Activities

(Incorporating the Income and Expenditure Account)

Notes
Income from :
Charitable Activities
Education
Membership
Other charitable activities
Other trading Activities
Total income
2
Expenditure on:
Charitable activities
Other trading activities
Other expenditure - taxation
7
Total expenditure
5, 6
Net (expenditure)/income before investment gains
Net gains on investments
4, 9
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 Unrestricted Funds 2024
£
Unrestricted Funds
2023
£
2,301,813
1,884,316
669,617
606,349
13,574
51,865
2,247,820
1,706,489
5,232,824
4,249,019
(2,473,250)
(2,588,934)
(2,431,522)
(1,655,691)
(64,806)
(37,834)
(4,969,578)
(4,282,459)
263,246
(33,440)
143,604
81,269
406,850
47,829
406,850
47,829
1,273,214
1,225,385
1,680,064
1,273,214

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Institute of Risk Management - Annual report and financial statements year ended 30 June 2025

THE INSTITLrrE OF OPERATIONAL RISK Part of the IRM Group irm