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Are You Part of the Corporate Strategy Planning?

August 3, 2022 Leave a comment DRI Admin

As risk and resilience planning begins to impact the cyber and environmental aspects of corporate strategy, a new survey sees more risk professionals are getting a seat at the table.

The Federation of European Risk Management Associations (FERMA) has published its bi-annual Risk Manager Survey. Its findings saw an increase in the number of risk managers collaborating with other departments on issues like sustainability and cybersecurity, which directly affect organizations’ BCM and resilience capabilities. As a result, discussions of risk at Board and top management levels are becoming more frequent.

The report asked respondents to rank the top risks in the next 12 months, the next three years, and the next 10. Cyber threats were most immediate, while changing customer behavior outranked it as a three-year threat. Climate change/environmental damage remains the top long-term risk.

Other highlights of the survey:

  • 67% said they implemented innovative technologies such as data analysis/visualization, web-based applications and process automation, though AI, IoT, drones and blockchain are little-used
  • They identified the need for a stable relationship with IT/ and Information Security teams, with an average 50% reporting regular/close collaborations
  • Almost all risk managers believe access to historical claims and loss data on large risks would help develop and improve their practices, and
  • Environmental, Social and Governance (ESG) risks have become a focal point – 56% say they currently play or will play a specific role in this area.

As in the 2020 survey, 64% of respondents said they have a qualification in risk management, which they noted helped to improve employability. For more information on DRI’s Risk Management Continuity course and certification, click here.

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