Risk management looks very differenttoday than it did 10 years ago.
While over a third of risk managers still have responsibility for risk transfer solutions, such as insurance, our research shows that mitigation is the most common area of responsibility, selected by 83% of respondents.
Measurement practices, such as quantitative risk analysis, are a key responsibility for 58% of the risk managers we spoke to, while just 17% have oversight of employee benefits.
FERMA’s CEO, Typhaine Beaupérin says the organisation has continued to see an expansion in the scope of the risk management function and greater visibility at the strategic level within organisations.
The body’s recent ERM Maturity Study found that 44% of respondents present risk assessment results and risk management activities at board or management meetings. However, Beaupérin argues that risk quantification remains an area where improvements are needed.
“We will see risk quantification capabilities becoming much more mature.”
She says: “Currently, most risk managers evaluate risk using a combination of qualitative and quantitative metrics. It is our expectation that as new technologies and innovations such as…
