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What’s the Current State of Risk Management in Europe?

July 22, 2020 Leave a comment DRI Admin

The 10th Edition of the European Risk Manager Report was collected before the pandemic – but its results still paint an illuminating picture of the risk landscape European resilience professionals must navigate in the short and long term.

The 2020 report, developed by the Federation of European Risk Management Associations (FERMA), gathered responses from 764 risk professionals in 34 countries, and closed on Mar. 13, which meant the results did not identify COVID-19 as a top priority. Prior to the outbreak, cyber threats were overwhelmingly the focus of risk management, with digital risks identified as the most significant threats to business in the short (12 months) and medium-term (3 years).

Uncertain economic growth ranked second in terms of short term threat, and third in the medium-term.

In the long term (in the next 10 years), though, it was climate related risks that topped the list:

  • Climate change and environmental damager
  • Changing customer behavior, and
  • Extreme weather events.

One section of the report looks at the importance of qualifications and certification in the risk management career. Overwhelmingly, those surveyed said having a recognized certification offered advantages, including

  • Improving internal recognition and gaining credibility (79%)
  • Helping develop operational skills (77%)
  • Improving employability (58%)
  • Helping develop professional networks (55%), and
  • Improving salary (31%).

Click here to download a PDF of the FERMA report. To learn more about DRI International’s Certified Risk Management Professional training and credential, click here.