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.
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%)
- developing business continuity and other crisis response programmes (59%)
- 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.
PRIMO welcomes this FERMA-report and its results. We recognise the development in the public sector, though the complexity here is high as a result of the many involved stakeholders and the wide range of products and services.