Michel Dennery, FERMA Vice President and member of the survey working group, talks to FERMA about the 2014 Benchmarking Survey
FERMA: Michel, this is the seventh edition of the Benchmarking Survey. What is different about this one?
Michel Dennery: The survey working group has made some changes of detail with the aim that the survey will become a reference work for the profession of risk managers to benchmark their position relative to European best practices.
As before, we have three sections, two dealing with risk management and governance and the other covering risk transfer. Within these sections we now look at how risk management and the risk management function contribute to raising the performance of the business. We want to explore further the connection between maturity of risk management and corporate performance revealed by the previous survey.
There has been a big change in the status of risk management since we started our Benchmarking Surveys in 2002. At that time the risk management function was just starting to be established in many companies. Although risk management is not at the same level of maturity in all companies and countries, today no one contests the need for a risk management function, especially in large public companies. Risk management is recognised as a control function; the issue now is how it can contribute better to the effectiveness and good governance of the company.
FERMA: Why is it important for risk managers to respond to the survey?
We have reassessed the questions to increase the focus on risk management and risk transfer and reduce the number of responses as much as possible. We are conscious that the survey does make a demand on members, but if they take time to consider their answers, they will be the first beneficiaries of the quality of the results.
FERMA: What do you as a risk manager personally hope to learn from the survey?
First, I would like to benchmark how well my company is positioned in its organisation of risk management in terms of best practices and what should I do to improve the risk management practice in my company. Then, what are the key risks for the company, for the economy and for Europe? Have we identified the right risks? Finally, what are risk managers’ expectations of the insurance market and how is the market developing? How to optimise the use of risk transfer is an important question for companies in a flat economy.
FERMA: What about the general climate for business?
We also have some questions about risk management in relation to the European economy and we expect to be able to disclose an analysis of the risk profile according to the economic situation in the individual country.
The survey results will be published at the FERMA European Risk and Insurance Report at the 2014 Seminar in Brussels on 20 and 21 October. Registration is now open at https://www.ferma.eu/event/ferma-seminar-2018/
If you are interested in participating and haven’t received an invitation, please send your name, company, country and email address to Christel Jaumoulle at FERMA (firstname.lastname@example.org) and you will receive a separate personal link by email
For more information about the FERMA Risk Management Benchmarking Survey 2014, click here