FERMA survey shows how the role of the risk manager is changing
- Published: Tuesday, 04 December 2018 08:33
The 2018 FERMA European Risk Manager survey reveals significant evolution in the role of the European risk manager. The survey was conducted in partnership with PwC France and Francophone Africa and gained 734 responses from risk managers in 29 countries.
Key findings include:
- 76 percent of risk managers assess risks that could affect the relevance and viability of the organization’s strategy and objectives.
- Nearly 70 percent of risk managers act as ‘risk conductors’, consolidating information from other risk-related functions to give a clear and comprehensive view to top management.
- Strategic activities such as governance, risk culture and risk appetite are increasingly part of the mission of the risk manager.
- There is a strengthened connection with IT and information security, which is significant as cyber risks are ranked as the number one threat to future growth.
- 86 percent are responsible for developing risk maps, risk identification, analysis, evaluation, prioritisation and reporting.
- Risk managers are increasingly using new technologies to be more predictive and proactive.
- Insurance management practices are largely stable, but insurance managers are considering strategies for the possibility of a harder market.