Institute of Risk Management supports new UK gender pay gap rules

By Eimear Dodd Journalism MA student, @TheCity_Dublin editor, @Irish_TechNews

The Chair of the Institute of Risk Management (IRM) Nicola Crawford CFIRM has said that the organisation is in favour of the new regulations that require companies to report on the gender pay gap.

“In the name of equality, we as an Institute wholeheartedly support the government’s move to require companies with more than 250 staff to report on the gender pay gap by 2018. We support Virgin Money and Deloitte who have already published their figures and hope to see many more organisations following suit. Enterprise Risk Management is inherent in every organisation, in every sector globally, and people management and the associated risks are important to the success of any organisation.” said Nicola Crawford.

The new rules which came into effect on 6 April 2017 apply to companies with more than 250 employees. Employers who meet the criteria will be required to collect data about the gender pay gap among their employees.

There are six metrics which must be reported including the differences between mean hourly rates of pay for male and female employees and the proportion of male and female employees who received a bonus.

Employers will have to publish the data on a company website that is open to the public and to employees. A copy of the report must also be supplied to the government.

The new regulations apply to businesses in England, Wales and Scotland. Companies based in Northern Ireland are currently excluded.

Based in London, the Institute of Risk Management is a leading body for professional risk management. It provides education and training to its membership.

“My goal is to promote diversity in risk management, to harvest the unique experiences, skills and perspectives that women can bring to optimize decisions and build positive risk cultures. We will achieve this by uniting and empowering women in risk through networking, discussing and sharing of experiences.” commented Nicola Crawford.

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