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.