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Pandemic Survey Highlights European Risk Management Response

January 8, 2021 Leave a comment DRI Admin

A year into the coronavirus pandemic, here’s a snapshot of how organizations throughout Europe have measured their risk management response so far.

The Federation of Risk Management Associations (FERMA) recently published “Risk Management, Recovery, and Resilience,” a survey of 314 risk and insurance management professionals in Europe during COVID-19. It found that in the immediate response to the pandemic, they prioritized people via quick pivots to telework and facilitating health and safety measures.

Other findings from the 314 respondents:

  • More than 30% were involved in creating and implementing their organization’s COVID-19 crisis management
  • 90% felt their organizations were either well or somewhat prepared to deal with the pandemic, with 74% identifying business continuity plans as their principle risk management tools
  • 75% said the demand for risk management is likely to grow as the result of the pandemic, and
  • 85% said they’d welcome an increased role by the EU in pandemic management in the future.

However, one area where respondents felt let down was in insurance coverage. 67% said their insurance didn’t provide their organization with sufficient coverage from business disruptions.

As a result of the survey, FERMA made these policy recommendations:

  • Build organizational capacity by increasing business continuity and risk management training
  • Identify and plan for how certain risks – such as cybersecurity and climate change – may be interconnected at a systemic level
  • Make insurance coverage for non-damage business interruption more accessible and affordable, and
  • Increase the role of the EU in planning for future large catastrophic risks.

Click here to read the complete report.