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Climate Change is a Big Future Threat – But What Are Risk Managers Doing About It Now?

June 8, 2022 Leave a comment DRI Admin

A new survey of European risk managers has identified the biggest threats facing their businesses, amplified by both the pandemic and the crisis in Ukraine. But the actions being taken to mitigate some of them vary widely.

The Federation of European Risk Management Associations (FERMA) has released an overview of its 2022 European Risk Manager Report, the first to be completed since the pandemic began. Polling 556 respondents in 27 countries, it offers a look at the current and emerging risk landscape throughout the continent. The biggest current threats highlighted:

  • Cyber threats – 63%
  • Supply chain or distribution failure – 41%
  • Geopolitical uncertainties – 31%
  • Uncertain economic growth – 31%, and
  • Over-regulation – 27%

But when viewing the long term (10 years), more existential threats top the list:

  • Climate change – 48%
  • Changing consumer behavior – 24%, and
  • Natural disasters – 21%

Climate change and cyber threats were also the top risks lacking management attention in times of transition. The work done currently to mitigate climate change risks vary:

  • It is a risk identified in the risk map – 54%
  • Work on transitional climate change risks – 46%
  • Work on different climate change scenarios – 33%
  • Quantify financial impact of physical and climate change risk – 31%
  • Do not work on climate change risk – 15%

FERMA will be publishing the complete report at the end of June.

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