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From the President’s Desk

Dear reader! In the May Newsletter, I’d like to inform you about the strategic partnership established between SRLA and European Federation of Local Government Chief Executives (UDiTE). The partnership agreement was officially signed at the UDiTE Siena Conference that took place on 19-20 April 2024 and marked the beginning of joint efforts towards promoting good governance through effective strategic risk leadership among European municipalities and local authorities.  Please, follow our joint events at SRLA or UDiTE websites!

Magda Stepanyan
SRLA President

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SRLA Bookshelf

The SRLA Bookshelf is a monthly feature of the Newsletter and will highlight new and notable publications of books, reports and other research on strategic risk leadership, including but not limited to the work of SRLA Members.  This month we feature Hersh Shefrin’s 2023 book, “The Behavioral Economics and Politics of Global Warming.” It is accessible via Open Access on Cambridge Core at

Shefrin is a highly regarded scholar, and the book’s title suggests his area of specialization—behavioral economics, though he is quite well known for his journeys into adjacent topics.  Risk Management is such a topic, but in this book he examines the foundations of what he considers a most vexing issue.  Why does modern economic analysis consistently fumble with the challenge of evaluating large scale/long term challenges such as global warming?  An exploration of this question carries readers into the realm of—yes—economic analysis—but also into political science.  It is here that we find his discussion most directly relevant to SRLA.  Conventional cost/benefit-style analyses pay short shrift to such essential matters as ‘the long run,’ ‘collective benefits,’ the scale and scope of global risks, and—of course—the non-economic benefits of solutions to challenges like climate change.

Just a note on last month’s newsletter, where the SRLA Resource Center was announced as ‘coming soon.’  Indeed, it will be coming soon, and readers should expect to see it emerging on our website over the next few months!

Meet a SRLA Board Member Simon Grima 

‍Simon Grima is the Deputy Dean of the Faculty of Economics, Management and Accountancy, Associate Professor and the Head of the Department of Insurance and Risk Management, which he set up in 2015. He started and coordinated the MA, MSc and undergraduate B. Com degree in Insurance and Risk Management. 

Simon is also a Professor at the University of Latvia, Faculty of Business, Management and Economics. He has been invited to lecture as a visiting lecturer at the UNICATT Milan, Chitkara Business School, Chitkara University, India; Galgotias University, India; and Hazhi Zeka University, Kosovo. 


He served as the President of the Malta Association of Risk Management (MARM) and the Malta Association of Compliance Officers (MACO) between 2013 and 2015 and between 2016 and 2018 respectively. He has again been appointed as president of MARM (now merged with MACO) since October 2023. 


Moreover, he has been the chairman of the Scientific Education Committee of the Public Risk Management Organization (PRIMO), now renamed the Strategic Risk Leadership Association (SRLA) and the Federation of European Risk Managers (FERMA) since 2018 and 2020, respectively. His research focus is on Governance, Regulations, Sustainability, Financial Management, Financial Services and Internal Controls, and he has over 35 years of experience varied between Financial Services, academia and public entities. 


He has acted as co-chair and keynote Speaker, is a member of the scientific program committee at some international conferences, and is a chief editor, editor and review editor of some Journals and Book Series. He has been awarded Outstanding Reviewer for the Journal of Financial Regulation and Compliance in the 2017 and 2022 Emerald Literati Awards. 


Simon also acts as an independent director for financial services firms, sits on risk, compliance, procurement, investment, and audit committees, and carries out duties as a compliance officer, internal auditor, and risk manager.

Experts’ Corner from SRLA Member

The Futility of Hindsight: Part 1

By John Schembri, MSc. SRM (L’cstr.); PgC, OHS (P’mth); SIRM; CBCI.

An ex-Serviceman of eighteen years’ experience in operations and command, John has held a Master of Science degree in security risk management from the world-renowned Scarman Centre, University of Leicester, UK, since 2001. He has extensive experience in critical infrastructure, specialising in resilience, digitalisation of risk management and operations in challenging environments.

Key Words: Will; Reasonability; hindsight; active foresight; major incidents; grounded theory; competence.