The Federation of European Risk Management Associations (FERMA) is to publish its first European Risk and Insurance Management Report incorporating the results of the 2014 FERMA Benchmarking Survey which will begin shortly.
FERMA’s intention is to create a reference work for risk and insurance managers throughout Europe that will also provide a tangible basis for reporting to senior management on risk management. It will be published at the FERMA Seminar on 20-21 October 2014*.
This seventh edition of the survey, which takes place every other year, will be more quantitative and practical and provide more benchmarks for comparison than previous versions of the survey. Among the changes will be:
- A more detailed analysis of the most significant risks facing the business and tolerances for specific risks;
- An examination of the cost of risk, including insurance, risk consulting costs, broker remuneration, etc;
- A wider examination of the relationships between risk management and other internal functions of the organisation;
- A further examination of the link between corporate performance and risk management identified in the previous FERMA benchmarking survey in 2012;
- A specific question on the identification and insurability of emerging risks such as cyber risks, environmental liabilities and supply chain exposures;
- An evaluation of EU hot topics and their impacts for company governance and insurance markets.
Cristina Martinez, leader of the survey project group and a member of the FERMA board, explains, “We believe that by strengthening the quantitative nature of the survey we can produce a report that has lasting value both for individual risk and insurance managers and for our member associations to further explore the issues that the survey will highlight. It will also provide a sound basis for analysis of developments with future surveys.”
The FERMA Benchmarking Survey is already the widest expression of the views of risk and insurance managers across Europe with more than 800 responses in 2012. FERMA will send out the first invitations to take part in the 2014 survey on 24 March. An independent research company, Toluna, will collect the responses and compile the results.
The survey group has refined and clarified the questions with the help of its five commercial partners, FERMA member associations and other risk professionals. This year Marsh, XL Group and Zurich have joined FERMA’s established partners, AXA Corporate Solutions and Ernst & Young, to support the survey.
There will be an official translation of the questions from English into French, Spanish, Italian and German. National risk management associations will also be able to translate into their own languages, as POLRISK and ERMA intends to do into Polish and Turkish.
*FERMA Seminar 2014 and publication of FERMA’s European Risk and Insurance Management Report
FERMA’s Seminar 2014 will take place on 20 and 21 October at Square in central Brussels. Journalists are welcome to attend. There will be a press conference on 20 October to announce the results of the survey.
Lee Coppack, FERMA media coordinator, at email@example.com
+44 208 318 0330/ +44 7843 089904.