Tag Archives : Surveys

Risk managers are developing strategic role and wider view of risks, survey finds

European risk managers are taking a more strategic role in their companies with increasing access to top management levels and the board. Against this background, they have a wider vision of the risks that could affect the ability of business to achieve its objectives.European Risk & Insurance Report 2016

These are the key conclusions of the 8th European Risk and Insurance Survey conducted by the Federation of European Risk Management Associations (FERMA) and reported in the FERMA European Risk and Insurance Report. The report was published on 4 October 2016 on the occasion of the FERMA Seminar taking place in Malta.

More than half the 634 respondents to the survey are becoming:

  • involved in implementing risk culture across the organisation (68%),
  • developing risk management as a part of business strategy (62%) and
  • developing business continuity and other crisis response (59%) programmes,
  • and two-thirds report to the board or top management level.

The survey shows rising concern among risk managers about economic conditions and business continuity disruption since the previous FERMA survey in 2014. Together with political and country instability, these are regarded as the three top risks to businesses. Digital risks – cyber-attack/data privacy and IT systems and data centres – also increased in importance in 2016.

Jo-WillaertThe President of FERMA Jo Willaert commented: “From this survey, we see that risk managers are moving into a position where they are helping embed risk management into the business model and culture of their organisations. They are taking an enterprise wide vision of risks, including the wider business environment, and the majority report to a chief officer or the board.

Respondents also indicated they want additional expertise and techniques, such as scenario analysis and post-event lessons learned, to enhance insight into the nature of the complex risks facing their companies. As a result, they are looking for their advisers, brokers and insurers to go beyond transactions and provide support in such activities. For example, risk control and transfer remain a day-to-day responsibility for the great majority of risk managers (86%), but loss prevention has become the top priority.

Digital and cyber risks are, not surprisingly, a rising concern and risk managers are looking for a greater partnership with insurers on loss prevention and incident management. The purchase of standalone cyber risk coverage has grown since 2014, but two-thirds of companies still do not buy such protection.

There is work to be done here in strengthening our resilience to these constantly evolving risks. FERMA has always emphasised that they are enterprise risks, and the survey shows that we need closer relationships between the risk management and IT functions. We are also looking for a partnership with our advisers, brokers and insurers to strengthen our resilience and management of incidents,” said Jo Willaert.

In terms of risk managers’ European objectives, the survey revealed three clear priorities for FERMA: establish official recognition of the risk manager, advise on data protection regulations and present risk managers’ views on increased corporate reporting and transparency requirements.

Said Jo Willaert: “The findings of this report, combined with FERMA’s mission and strategy adopted at our general meeting in June, will shape our activities over the next two years, including the continuing development of our professional certification programme rimap®.

The full European Risk and Insurance Report and supporting documents are available on the FERMA website at http://archives.ferma.eu/about/publications/benchmarking-surveys/benchmarking-survey-2016/ and also on Slideshare here below:

Press contacts:

Italian SMEs between Crisis and Risk Management

According to the latest survey by the Observatory Permanent on Risk Management in Italian SMEs by RiskGovernance-Politecnico di Milano, the situation is ambiguous: there has been a certain increase in the interest and knowledge concerning risk management issues, but application is still blocked by structural and cost-related constraints and is thus limited to financial aspects. This approach is accounted for by the economic crisis, which has turned out to be counter-productive for recovery and even for the survival of companies. Continue reading

The Risk Manager’s Barometre

The Barometre of the Risk Manager (in French) published every two years by AMRAE, in association with Deloitte, is intended to create a benchmarking tool for enterprises to position themselves in relation to the practices observed among businesses generally. Continue reading

AMRAE – The risk manager’s barometer

MRAE has published Le Baromètre du Risk Manager – the risk manager’s barometer – a report based on a survey of more than 100 risk managers , conducted in cooperation with Deloitte. It is a unique analysis of the position and role of the risk manager, broken down into four parts: Responsibilities, Profiles, Remuneration and Development Continue reading

Interview with Franck Baron

Interview with Franck Baron, General Manager, Risk Management and Insurance at International SOS. Continue reading

Commercial Risk Europe – Risk Frontiers Survey 2012

This year’s Risk Frontiers survey of European risk managers, sponsored by XL and Willis, took place as European companies grappled with big and fast developing political, social and economic changes such as the eurozone crisis, ongoing dramatic effects of the Arab Spring and the spectre of a ‘double dip’ European and global downturn. It was no surprise therefore that this year, more than in the past, the discussion was very macro-focused.

In this survey we shed light on those macro issues and other big risks keeping risk professionals awake at night, discuss the role risk managers should play to help their organisations navigate such choppy waters and consider to what extent the insurance market is responding and delivering on innovation. We also take an indepth look at the state of the corporate insurance market and the challenges raised by globalisation and multinational insurance programmes. Continue reading

Commercial Risk Europe – News Analysis from FERMA Seminar 2012 in Versailles

Commercial Risk Europe Conference Report – FERMA Seminar 2012. As part of a series of European conference reports that we will publish through the year we bring you the most important and in-depth news and analysis from this year’s meeting of European risk managers in Versailles, France. Continue reading

FERMA Risk Management Benchmarking Survey 2012: the Results

FERMA Risk Management Benchmarking Survey 2012: “Keys to Understanding the Diversity of Risk Management in a Riskier World”. Read and download the results of our Survey. Continue reading

Risk management is linked to better corporate performance, FERMA survey finds

Maturity of risk management processes is correlated with sustainable improvements in corporate performance, the 2012 Risk Management Benchmarking Survey of the Federation of European Risk Management Associations (FERMA) has revealed. The results of the survey, conducted in cooperation with AXA Corporate Solutions and Ernst & Young, were announced today (Mon) at the FERMA Seminar being held on 22 and 23 October in Versailles, outside Paris. This is the sixth edition of the survey, which has taken place every other year since 2002. The 2012 survey showed that companies with the most advanced risk management showed the strongest level of growth for the past five years, as measured in terms of earnings before interest, taxes, depreciation and amortisation (EBITDA). Continue reading

More than 800 respond to 2012 Benchmarking Survey

The 2012 FERMA Benchmarking Survey conducted in May and June received 809 responses, a record number. This is the sixth time that FERMA has carried out the survey and on each occasion the number of participants has risen significantly. The 2010 survey had 782 responses. Continue reading