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In collaboration
with:
FERMA EUROPEAN RISK
AND INSURANCE
SURVEY REPORT 2016
In collaboration
with:
8th biennal survey conducted by the Federation of
European Risk Management Associations (FERMA)
In ...
In collaboration
with:
 39 questions
 Survey Conducted from 8th April to 10thJune 2016
 24 national associations member...
In collaboration
with:
Content: Questionnaire
The survey comprises three parts:
PART 1: RISK MANAGEMENT PROFESSION AND PRA...
In collaboration
with:
Sample – Global
All respondents:
Long Completes
+
Short Completes
Associations Total Respondents To...
In collaboration
with:
Sample - 1st,2nd and 3rd Part completed
Long Completes
A respondent is considered
Long Complete if ...
In collaboration
with:
Sample – 1st and 2nd Part completed
Short Completes
A respondent is considered
Short Complete if he...
In collaboration
with:
406 406 406
228 228
0
100
200
300
400
500
600
700
PART 1 - RISK MANAGEMENT
PROFESSION AND PRACTICES...
In collaboration
with:
Part 1 :RISK MANAGEMENT PROFESSION AND PRACTICES IN
EUROPE
634 634
406
PART 1 - RISK MANAGEMENT PRO...
In collaboration
with:
Sample - 1st Part
A representative sample of European companies
Female
27%
Male
73%
S1: Are you?
0....
In collaboration
with:
Sample - 1st Part
18.5%
17.5%
18.0%
15.5%
11.7%
11.7%
7.3%
Less than €60k
Between €60k - €80k
Betwe...
In collaboration
with:
In collaboration
with:
10.1%
3.3%
13.6%
10.9%
31.2%
30.9%
Less than €50 million
Between € 50 million and less
than € 100 m...
In collaboration
with:
44.0%
8.0%
22.2%
12.3%
8.8%
4.6%
Don't know
Negative
Between 0% and 5%
Between 5.1% and 10%
Between...
In collaboration
with:
0.0%
0.8%
0.8%
0.8%
2.4%
95.3%
Latin America
Middle East
Africa
Asia / Pacific
North America
Europe...
In collaboration
with:
Yes
47%No
53%
Q4 - Is your organization listed on the stock market ?
A representative sample of Eur...
In collaboration
with:
13.4%
0.0%
0.2%
0.3%
0.3%
0.5%
0.6%
0.8%
0.9%
1.4%
1.6%
1.6%
2.7%
2.8%
4.7%
12.6%
22.9%
32.6%
Other...
In collaboration
with:
Yes
54%
No
46%
Q5.1 Ter - Do you have a specific qualification in risk
and/or insurance management ...
In collaboration
with:
Yes
39%
No
61%
Q5.6 - Is your qualification subject to
Continuous Professional Development (CPD)?
Q...
In collaboration
with:
A representative sample of European companies
Sample - 1st Part
Basis: 634
7.1%
0.3%
0.8%
0.8%
0.8%...
In collaboration
with:
52.0% 51.4%
29.4%
16.7%
18.7%
31.9%
Risk Management Insurance
Up to 3
Between 4 to 10
More than 10
...
In collaboration
with:
Risk Management Function - 1st Part
Q7 - Does your organization use (own or rent) a
captive ?
Yes
3...
In collaboration
with:
A representative sample of European companies
Risk Management Function - 1st Part
Basis: 634
0.0%
5...
In collaboration
with:
6.9%
10.3%
4.9%
3.5%
5.8%
3.5%
5.0%
2.2%
26.3%
15.9%
10.7%
4.9%
2.1%
8.8%
10.7%
0.5%
9.3%
4.3%
6.0%...
In collaboration
with:
2.2%
3.5%
3.5%
4.9%
4.9%
5.0%
5.8%
6.9%
10.3%
10.7%
15.9%
26.3%
Chief Operating Officer
General / C...
In collaboration
with:
Insurance report - 1st Part
Q9.2 - To whom does your organization’s Head of Insurance report?
0.5%
...
In collaboration
with:
Risk management/insurance leader
responsibility - 1st Part
Q10A - In your organization, which of th...
In collaboration
with:
Risk management/insurance leader
responsibility - 1st Part
Q10B - In your organization, which of th...
In collaboration
with:
In collaboration
with:
No
relationship
37.5%
Regular, close
collaboration
37.9%
Risk mgr's own
responsibility
11.8%
Not ap...
In collaboration
with:
Risk management/insurance leader
interactions - 1st Part
Q12.1 - Please tell us the relation of you...
In collaboration
with:
Risk management/insurance
leader interactions - 1st Part
Q12.1 - Please tell us the relation of you...
In collaboration
with:
Risk management/insurance leader
interactions - 1st Part
Q12.1 - Please tell us the relation of you...
In collaboration
with:
Risk management/insurance leader
interactions - 1st Part
Q12.1 - Please tell us the relation of you...
In collaboration
with:
Risk management/insurance leader
interactions - 1st Part
Q12.1 - Please tell us the relation of you...
In collaboration
with:
Risk management/insurance
Organization - 1st Part
Q13 - Which of the following organization forms m...
In collaboration
with:
Risk management/insurance
Organization - 1st Part
Q14 - To what extent does your organization prior...
In collaboration
with:
Risk management/insurance
Organization - 1st Part
Q16 - Do you use IT / GRC (Governance, Risk and C...
In collaboration
with:
Part 2 : EUROPEAN INSIGHTS ON RISK
MANAGEMENT
634 634
406
PART 1 - RISK MANAGEMENT
PROFESSION AND P...
In collaboration
with:
Top 10 risks and level of
mitigation - 2nd Part
Q17.1&2 - In terms of impact –
What are the top ten...
In collaboration
with:
Top 10 risks and level of mitigation -
2nd Part
Q17.3&4 - In terms of likelihood –
What are the top...
In collaboration
with:
Top 10 risks and level of
mitigation - 2nd Part
Q19.1 - Please assess the current level of mitigati...
In collaboration
with:
Top 10 risks and level of
mitigation - 2nd Part
Q19.2 - Please assess the current level of mitigati...
In collaboration
with:
34.7%
23.9%
18.4%
20.3%
31.4%
20.1%
30.1%
16.7%
32.1%
13.9%
50.0%
59.6%
63.2%
56.6%
53.9%
56.8%
56....
In collaboration
with:
FERMA priorities at EU level - 2nd Part
Q20NEW - Among the following current regulatory matters, wh...
In collaboration
with:
PART 3: EUROPEAN INSIGHTS ON
RISK MANAGEMENT
634 634
406
PART 1 - RISK MANAGEMENT
PROFESSION AND PR...
In collaboration
with:
Changes of Insurance Program - 3rd Part
Q30 - Which of the following changes to your insurance prog...
In collaboration
with:
Changes of Insurance Program -
3rd Part
Q30.1 - Could you please define for each item below if it i...
In collaboration
with:
Types of insurance - 3rd Part
Q31 - What overall limit does your organization benefit from per annu...
In collaboration
with:
Types of insurance - 3rd Part
Q32 - How do you select your purchased limit per types of insurance ?...
In collaboration
with:
Types of insurance - 3rd Part
Q33 - In your opinion, what is commonly the most efficient internatio...
In collaboration
with:
Types of insurance - 3rd Part
Q34 - What is your main reason for implementing local standalone poli...
In collaboration
with:
Types of insurance - 3rd Part
Q36 - On average, at last renewal when were your policy documents iss...
In collaboration
with:
Loss control services and claims
handling - 3rd Part
Q37A - What are the 3 main areas of improvemen...
In collaboration
with:
Loss control services and
claims handling - 3rd Part
Q37B - What are the 3 main areas of improvemen...
In collaboration
with:
Loss control services alongside
insurance policies - 3rd Part
Q37A.bis. What are the main areas of ...
In collaboration
with:
Loss control services alongside
insurance policies - 3rd Part
Q37B.bis. What are the main areas of ...
In collaboration
with:
Use(s) of claims - 3rd Part
Q38 - Please select among following items the 3 most significant use(s)...
In collaboration
with:
Areas of improvement - 3rd Part
Q39A - What are the top 2 areas of improvement you expect from a ri...
In collaboration
with:
Areas of improvement - 3rd Part
Q39A - What are the top 2 areas of improvement you expect from a ri...
In collaboration
with:
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FERMA Risk and Insurance Report 2016 - full report with questions

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Presentation of the FERMA Risk Management Benchmarking Survey 2016 with all results per question

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FERMA Risk and Insurance Report 2016 - full report with questions

  1. 1. In collaboration with: FERMA EUROPEAN RISK AND INSURANCE SURVEY REPORT 2016
  2. 2. In collaboration with: 8th biennal survey conducted by the Federation of European Risk Management Associations (FERMA) In collaboration with: AIG, CHUBB, EY, MARSH and XL CATLIN. Presentation of the survey:
  3. 3. In collaboration with:  39 questions  Survey Conducted from 8th April to 10thJune 2016  24 national associations members of FERMA  1 contact list : others (25 contact list in total)  634 Respondents  Based on FERMA standard Key Facts:
  4. 4. In collaboration with: Content: Questionnaire The survey comprises three parts: PART 1: RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE: from S1 to Q16 This part is seeking to reinforce the understanding and positioning of the risk and insurance management role. Support the development of the risk and insurance management function. PART 2: EUROPEAN INSIGHTS ON RISK MANAGEMENT: from Q17 to Q20NEW This part is seeking to identify the main priorities for EU risk and insurance managers to ensure that FERMA supports its members’ needs and expectations as regards the risk and insurance management function. PART 3: Insurance Management : from Q30 to Q39 This part is seeking to provide EU insight on the evolution of the insurance market and risk managers’ expectations.
  5. 5. In collaboration with: Sample – Global All respondents: Long Completes + Short Completes Associations Total Respondents Total invited Response Rate AGERS 13 50 26% ALRIM 37 200 18,50% ASPAR CZ 5 50 10% BFV 1 1 100% DVS 7 90 7,78% FINNRIMA 20 104 19,23% SI.RISK 5 11 45,45% POLRISK 17 100 17% AIRMIC 59 1063 5,55% AMRAE 94 748 12,57% ANRA 57 227 25,11% APOGERIS 6 58 10,34% BELRIM 30 122 24,59% BRIMA 8 11 72,73% ERMA 32 99 32,32% DARIM 41 71 57,75% IGREA 11 41 26,83% MARM 5 31 16,13% NARIM 39 158 24,68% RUSRISK 25 56 44,64% SIRM 20 106 18,87% SWERMA 26 226 11,50% NORIMA 12 55 21,82% AIG 49 686 7,14% Others 15 43 34,88% Total 634 4407 14,39%
  6. 6. In collaboration with: Sample - 1st,2nd and 3rd Part completed Long Completes A respondent is considered Long Complete if he answered for all three parts of the questionnaire. Associations Long Completes Total invited Response Rate AGERS 6 50 12% ALRIM 7 200 3,50% ASPAR CZ 3 50 6% BFV 1 1 100% DVS 6 90 6,67% FINNRIMA 13 104 12,50% SI.RISK 4 11 36,36% POLRISK 10 100 10% AIRMIC 38 1063 3,57% AMRAE 57 748 7,62% ANRA 37 227 16,30% APOGERIS 5 58 8,62% BELRIM 20 122 16,39% BRIMA 6 11 54,55% ERMA 13 99 13,13% DARIM 30 71 42,25% IGREA 10 41 24,39% MARM 2 31 6,45% NARIM 32 158 20,25% RUSRISK 9 56 16,07% SIRM 17 106 16,04% SWERMA 15 226 6,64% NORIMA 8 55 14,55% AIG 44 686 6,41% Others 13 43 30,23% Total 406 4407 9,21%
  7. 7. In collaboration with: Sample – 1st and 2nd Part completed Short Completes A respondent is considered Short Complete if he answered for first two parts of the questionnaire. Associations Long Completes Total invited Response Rate AGERS 7 50 14% ALRIM 30 200 15% ASPAR CZ 2 50 4% BFV 0 1 0% DVS 1 90 1,11% FINNRIMA 7 104 6,73% SI.RISK 1 11 9,09% POLRISK 7 100 7% AIRMIC 21 1063 1,98% AMRAE 37 748 4,95% ANRA 20 227 8,81% APOGERIS 1 58 1,72% BELRIM 10 122 8,20% BRIMA 2 11 18,18% ERMA 19 99 19,19% DARIM 11 71 15,49% IGREA 1 41 2,44% MARM 3 31 9,68% NARIM 7 158 4,43% RUSRISK 16 56 28,57% SIRM 3 106 2,83% SWERMA 11 226 4,87% NORIMA 4 55 7,27% AIG 5 686 0,73% Others 2 43 4,65% Total 228 4407 5,17%
  8. 8. In collaboration with: 406 406 406 228 228 0 100 200 300 400 500 600 700 PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT PART 3 - Insurance Management Total number of respondents for each part (Long Complete + Short Complete) Long Completes Short Completes SAMPLE
  9. 9. In collaboration with: Part 1 :RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE 634 634 406 PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT PART 3 - Insurance Management Total completes for each part
  10. 10. In collaboration with: Sample - 1st Part A representative sample of European companies Female 27% Male 73% S1: Are you? 0.3% 3.5% 7.6% 35.5% 36.1% 11.0% 6.0% Less than 25 years old Between 25 and 30… Between 31 and 35… Between 36 and 45… Between 46 and 55… Between 56 and 60… 60+ years old S2 - What is your age ? Basis: 634
  11. 11. In collaboration with: Sample - 1st Part 18.5% 17.5% 18.0% 15.5% 11.7% 11.7% 7.3% Less than €60k Between €60k - €80k Between €81k - €100k Between €101k - €120k Between €121k - €150k Between €151k - €200k More than €200k S3 - What is your total annual remuneration (including bonus and all compensations) ? Basis: 634 A representative sample of European companies
  12. 12. In collaboration with:
  13. 13. In collaboration with: 10.1% 3.3% 13.6% 10.9% 31.2% 30.9% Less than €50 million Between € 50 million and less than € 100 million Between € 100 million and less than € 500 million Between € 500 million and less than € 1 billion Between € 1 billion and €5 billion More than € 5 billion 13.2% 9.6% 21.6% 11.8% 12.8% 30.9% Less than 250 Between 250 and less than 1,000 Between 1,000 and 5,000 Between 5,001 and 10,000 Between 10,001 and 20,000 More than 20,000 Q2.1 - Organization’s turnover: Q2.2 - Organization’s total number of employees: A representative sample of European companies Sample - 1st Part Basis: 634
  14. 14. In collaboration with: 44.0% 8.0% 22.2% 12.3% 8.8% 4.6% Don't know Negative Between 0% and 5% Between 5.1% and 10% Between 10.1% and 20% More than 20% Q2.3 - Organization’s average growth rate (EBITDA - Earnings before interest, taxes, depreciation and amortization) over the last five years. A representative sample of European companies Sample - 1st Part Basis: 634
  15. 15. In collaboration with: 0.0% 0.8% 0.8% 0.8% 2.4% 95.3% Latin America Middle East Africa Asia / Pacific North America Europe A representative sample of European companies Sample - 1st Part Q3.1 - Where are your organization’s headquarters ? 5.5% 5.8% 88.6% National or Country Division or Regional Corporate (Head Office) Q3.3 - Which part of the organization do you work in ? Basis: 634
  16. 16. In collaboration with: Yes 47%No 53% Q4 - Is your organization listed on the stock market ? A representative sample of European companies Sample - 1st Part Basis: 634
  17. 17. In collaboration with: 13.4% 0.0% 0.2% 0.3% 0.3% 0.5% 0.6% 0.8% 0.9% 1.4% 1.6% 1.6% 2.7% 2.8% 4.7% 12.6% 22.9% 32.6% Other Security Director / Manager Health and safety Director / Manager General / Company Secretary Compliance Director / Manager Chief Operating Officer Business Continuity Director / Manager Head of Treasury / Treasury manager President, Chairman Captive Director / Manager Chief Financial Officer / Finance Manager Head of Internal Audit / Audit Manager Legal Counsel / Head of Legal Department Chief Executive Officer / Managing Director Operational Risk Director / Manager Chief Risk Officer Risk Director / Manager Insurance Director / Manager Q5.1 - Respondent primary position. A representative sample of European companies Sample - 1st Part Less than 5 years 12% Between 5 and 10 years 25% More than 10 years 62% Q5.1 Quater – Respondent relevant professional experience in risk management and/or insurance. Basis: 634
  18. 18. In collaboration with: Yes 54% No 46% Q5.1 Ter - Do you have a specific qualification in risk and/or insurance management ? A representative sample of European companies Sample - 1st Part Q5.2 - Where is your specific qualification in Risk Management or Insurance from ? (Multiple Answer) 19.5% 27.9% 35.8% 38.7% Business School A national risk management association which is a member of FERMA University Professional Institute – please specify the name of the organisation awarding the qualification and the level of the qualification : Basis: 344Basis: 634
  19. 19. In collaboration with: Yes 39% No 61% Q5.6 - Is your qualification subject to Continuous Professional Development (CPD)? Q5.7 - Do you plan to apply for Ferma Certification (Rimap)? A representative sample of European companies Sample - 1st Part Yes 33% No 67% Basis: 634
  20. 20. In collaboration with: A representative sample of European companies Sample - 1st Part Basis: 634 7.1% 0.3% 0.8% 0.8% 0.8% 0.9% 0.9% 1.9% 2.4% 2.4% 2.5% 2.8% 3.3% 3.5% 3.6% 3.6% 3.8% 4.4% 4.7% 5.8% 5.8% 6.5% 7.1% 9.3% 10.9% 16.2% Other, please specify PARIMA, Asia Pacific ASPAR CZ, Czech Republic MARM, Malta SI.RISK, Slovenia APOGERIS, Portugal BRIMA, Bulgaria NORIMA, Norway BFV, Germany POLRISK, Poland RIMS, United States IGREA, Spain FINNRIMA, Finland AGERS, Spain RUSRISK, Russia SIRM, Switzerland ERMA, Turkey SWERMA, Sweden DVS, Germany ALRIM, Luxembourg BELRIM, Belgium NARIM, Netherlands DARIM, Denmark ANRA, Italy AIRMIC, UK AMRAE, France Q5.3 - Are you or your organization a member of one of the following Risk Management associations? (Multiple Answer)
  21. 21. In collaboration with: 52.0% 51.4% 29.4% 16.7% 18.7% 31.9% Risk Management Insurance Up to 3 Between 4 to 10 More than 10 Q6.1 - Full time equivalent people working for Risk Management or Insurance Risk Management Function - 1st Part Filter on Q3.3 Basis: 562 Basis: 72
  22. 22. In collaboration with: Risk Management Function - 1st Part Q7 - Does your organization use (own or rent) a captive ? Yes 34% No 66% 29.4% 44.4% 61.2% 37.9% 9.3% 17.8% Traditional Lines of Cover Non-traditional Lines of Cover More important Identical Less important Q7.1 - Involvement of the captive in over the next 2 years. Basis: 634 Basis: 214 Q7.2 - Strategy in regards to risks which are difficult to place on the insurance market 6.0% 17.4% 42.4% 34.3% Create a captive insurance / re-insurance company Use alternative risk transfer vehicles (Rent-a-captives, protected cell companies,… Risk retention Lobby the insurance market to develop more innovative solutions Basis: 420
  23. 23. In collaboration with: A representative sample of European companies Risk Management Function - 1st Part Basis: 634 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Total Insurance premium Outside services TOTAL INSURANCE TOTAL RISK TOTAL COST OF RISK 2015 Q8x2W2016 - Total Cost of Risk in 2015 (in Euros).
  24. 24. In collaboration with: 6.9% 10.3% 4.9% 3.5% 5.8% 3.5% 5.0% 2.2% 26.3% 15.9% 10.7% 4.9% 2.1% 8.8% 10.7% 0.5% 9.3% 4.3% 6.0% 2.1% 35.5% 12.0% 7.6% 1.3% Risk Committee President / Chairman Head of Treasury Head of Internal Audit General Counsel / Head of Legal Department General / Company Secretary Chief Risk Officer Chief Operating Officer Chief Financial Officer Chief Executive Officer / Managing Director Board of Directors / Supervisory Board Audit Committee Insurance Risk Management Risk Management/Insurance report - 1st Part Q9ALL - To whom does your organization’s Head of Risk Management / Insurance report? Basis: 634
  25. 25. In collaboration with: 2.2% 3.5% 3.5% 4.9% 4.9% 5.0% 5.8% 6.9% 10.3% 10.7% 15.9% 26.3% Chief Operating Officer General / Company Secretary Head of Internal Audit Audit Committee Head of Treasury Chief Risk Officer General Counsel / Head of Legal Department Risk Committee President / Chairman Board of Directors / Supervisory Board Chief Executive Officer / Managing Director Chief Financial Officer Risk Management report - 1st Part Basis: 634Q9.1 - To whom does your organization’s Head of Risk Management report?
  26. 26. In collaboration with: Insurance report - 1st Part Q9.2 - To whom does your organization’s Head of Insurance report? 0.5% 1.3% 2.1% 2.1% 4.3% 6.0% 7.6% 8.8% 9.3% 10.7% 12.0% 35.5% Head of Internal Audit Audit Committee Chief Operating Officer Risk Committee General / Company Secretary Chief Risk Officer Board of Directors / Supervisory Board President / Chairman General Counsel / Head of Legal Department Head of Treasury Chief Executive Officer / Managing Director Chief Financial Officer Basis: 634
  27. 27. In collaboration with: Risk management/insurance leader responsibility - 1st Part Q10A - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned? RM’s or IM’s Responsibility - Yes 31.7% 40.9% 47.5% 53.9% 61.8% 62.9% 65.5% 67.7% 68.0% 73.5% 74.8% Analysis of capital projects and delivering business plans Definition of compliance (Management, Framework, embedding and assurance) Design and implementation of risk financing strategy and association solutions Development and embedding of Business Continuity Management / Emergency Management / Crisis Management / Incident response programes and solutions Alignment and integration of risk management as part of business strategy Define a risk appetite strategy / statement Assistance to other functional areas in contract negotiation, project management, acquisitions and investments Development and implementation of Risk Culture across the organization Design and implementation of risk controls/prevention Insurance management and claims handling / insurable loss prevention Development of map of risks: risk identification, analysis, evaluation, prioritization and reporting Basis: 634 104 Respondents skipped the question (16,4%)– not mandatory-
  28. 28. In collaboration with: Risk management/insurance leader responsibility - 1st Part Q10B - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned? 51.1% 66.2% 49.1% 58.5% 71.8% 58.0% 34.5% 43.5% 50.8% 45.6% 42.0% 14.7% 10.3% 16.6% 8.4% 4.7% 14.0% 9.3% 10.4% 18.0% 21.5% 13.1% 17.5% 7.1% 18.0% 16.7% 7.1% 11.5% 39.7% 29.7% 14.8% 16.6% 28.5% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% 16.4% Define a risk appetite strategy / statement Development of map of risks: risk identification, analysis, evaluation,… Alignment and integration of risk management as part of business… Assistance to other functional areas in contract negotiation, project… Insurance management and claims handling / insurable loss prevention Design and implementation of risk controls/prevention Analysis of capital projects and delivering business plans Design and implementation of risk financing strategy and association… Development and implementation of Risk Culture across the… Development and embedding of Business Continuity Management /… Definition of compliance (Management, Framework, embedding and… Embedded Planned for 2015/16 Not planned Skip question Basis: 634 104 Respondents skipped the question (16,4%)– not mandatory-
  29. 29. In collaboration with:
  30. 30. In collaboration with: No relationship 37.5% Regular, close collaboration 37.9% Risk mgr's own responsibility 11.8% Not applicable 12.8% Strategic planning business No relationship 18.5% Regular, close collaboration 58.0% Risk mgr's own responsibility 15.5% Not applicable 8.0% Ethics / Compliance / Legal Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (1/6) Basis: 634
  31. 31. In collaboration with: Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (2/6) No relationship 39.0% Regular, close collaboration 33.9% Risk mgr's own responsibility 10.6% Not applicable 16.6% Corporate Social Responsibility Sustainability / Sustainable Development No relationship 10.6% Regular, close collaboration 48.4% Risk mgr's own responsibility 30.8% Not applicable 10.3% Business Continuity / Crisis Management Basis: 634
  32. 32. In collaboration with: Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (3/6) No relationship 18.1% Regular, close collaboratio n 58.8% Risk mgr's own responsibility 13.7% Not applicable 9.3% Internal Control / Internal Audit No relationship 37.5% Regular, close collaboratio n 40.7% Risk mgr's own responsibility 9.6% Not applicable 12.1% IT- for major projects Basis: 634
  33. 33. In collaboration with: Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (4/6) No relationship 32.2% Regular, close collaboration 42.3% Risk mgr's own responsibility 10.6% Not applicable 15.0% Investments and investors relations No relationship 26.3% Regular, close collaboration 45.0% Risk mgr's own responsibility 9.8% Not applicable 18.9% Mergers & Acquisitions – for acquisitions / transfers decisions Basis: 634
  34. 34. In collaboration with: Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (5/6) No relationship 31.5% Regular, close collaboratio n 45.7% Risk mgr's own responsibility 7.6% Not applicable 15.1% Sourcing / Procurementted No relationship 25.4% Regular, close collaboration 47.2% Risk mgr's own responsibility 7.6% Not applicable 19.9% Manufacturing / Logistics / Distribution / Quality Basis: 634
  35. 35. In collaboration with: Risk management/insurance leader interactions - 1st Part Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (6/6) No relationship 7.3% Regular, close collaboration 35.0% Risk mgr's own responsibility 49.5% Not applicable 8.2% Insurance Managementted No relationship 35.5% Regular, close collaboration 44.2% Risk mgr's own responsibility 7.6% Not applicable 12.8% HR - Employee Benefitsted Basis: 634
  36. 36. In collaboration with: Risk management/insurance Organization - 1st Part Q13 - Which of the following organization forms most closely describes that of your company ? 11.0% 23.8% 33.9% 7.7% 7.7% 15.8% All functions together in a single department All functions separate in four different departments Risk and Insurance Management together Risk Management and Internal Control together Internal Audit separate Insurance Management separate Basis: 634
  37. 37. In collaboration with: Risk management/insurance Organization - 1st Part Q14 - To what extent does your organization prioritize risks by mapping them ? 25.9% 49.1% 3.5% 10.9% 10.7% On a global corporate level only (strategic, financial and operational) From corporate level down to divisions and business units Only for certain business units Only for certain categories of risks No such approach has been put in place yet Basis: 634
  38. 38. In collaboration with: Risk management/insurance Organization - 1st Part Q16 - Do you use IT / GRC (Governance, Risk and Compliance) tools to manage the following Risk Management / insurance activities? (YES) Basis: 634 55.4% 52.1% 34.1% 45.6% 35.2% 44.6% 56.6% 49.2% Risk mapping Risk registers Scenario Analysis Risk quantification Risk appetite and tolerance Claims analysis Risk reporting / Risk dashboards Monitoring of risk mitigation actions / controls
  39. 39. In collaboration with: Part 2 : EUROPEAN INSIGHTS ON RISK MANAGEMENT 634 634 406 PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT PART 3 - Insurance Management The number of Long Completes + Short Completes
  40. 40. In collaboration with: Top 10 risks and level of mitigation - 2nd Part Q17.1&2 - In terms of impact – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items) 38.2% 40.2% 45.4% 46.5% 48.3% 48.6% 55.5% 59.5% 60.4% 63.4% Interest rate & Foreign exchange IT systems and data centers Market strategy, clients Cyber-attack / data privacy Reputation and brand Competition Noncompliance with regulation and legislation Political, country instability (crisis, war, regulatory changes) Business continuity disruption Economic growth/slowdown Basis: 634
  41. 41. In collaboration with: Top 10 risks and level of mitigation - 2nd Part Q17.3&4 - In terms of likelihood – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items) 39.9% 41.6% 42.6% 46.1% 47.5% 49.4% 55.8% 56.5% 57.7% 63.2% Strategic project failures Interest rate & Foreign exchange IT systems and data centers Cyber-attack / data privacy Market strategy, clients Noncompliance with regulation and legislation Competition Political, country instability (crisis, war, regulatory changes) Business continuity disruption Economic growth/slowdown Basis: 634
  42. 42. In collaboration with: Top 10 risks and level of mitigation - 2nd Part Q19.1 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation level 36.0% 32.5% 28.5% 30.8% 35.6% 23.4% 38.6% 12.2% 36.3% 13.9% 45.0% 52.9% 51.4% 47.1% 42.5% 54.9% 40.3% 36.1% 47.5% 45.0% 19.0% 14.5% 20.1% 22.0% 21.9% 21.8% 21.0% 51.7% 16.2% 41.0% Interest rate & Foreign exchange IT systems and data centers Market strategy, clients Cyber-attack / data privacy Reputation and brand Competition Noncompliance with regulation and legislation Political, country instability (crisis, war, regulatory… Business continuity disruption Economic growth/slowdown High Mid Low Basis: 402 Basis: 383 Basis: 377 Basis: 352 Basis: 308 Basis: 306 Basis: 295 Basis: 288 Basis: 255 Basis: 242
  43. 43. In collaboration with: Top 10 risks and level of mitigation - 2nd Part Q19.2 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation strategy 41.3% 60.8% 53.8% 59.7% 56.5% 49.0% 64.2% 23.6% 49.9% 26.9% 33.5% 17.6% 7.3% 19.3% 5.6% 2.9% 5.4% 10.6% 33.7% 3.7% 25.2% 21.6% 38.9% 21.0% 37.9% 48.1% 30.4% 65.8% 16.4% 69.4% Interest rate & Foreign exchange IT systems and data centers Market strategy, clients Cyber-attack / data privacy Reputation and brand Competition Noncompliance with regulation and legislation Political, country instability (crisis, war, regulatory… Business continuity disruption Economic growth/slowdown Reduction Transfer Accepted Basis: 402 Basis: 383 Basis: 377 Basis: 352 Basis: 308 Basis: 306 Basis: 295 Basis: 288 Basis: 255 Basis: 242
  44. 44. In collaboration with: 34.7% 23.9% 18.4% 20.3% 31.4% 20.1% 30.1% 16.7% 32.1% 13.9% 50.0% 59.6% 63.2% 56.6% 53.9% 56.8% 56.8% 53.8% 53.3% 56.7% 15.3% 16.5% 18.4% 23.1% 14.7% 23.1% 13.1% 16.7% 14.6% 29.4% Interest rate & Foreign exchange IT systems and data centers Market strategy, clients Cyber-attack / data privacy Reputation and brand Competition Noncompliance with regulation and legislation Political, country instability (crisis, war, regulatory… Business continuity disruption Economic growth/slowdown High Mid Low Basis: 402 Basis: 383 Basis: 377 Basis: 352 Basis: 308 Basis: 306 Basis: 295 Basis: 288 Basis: 255 Basis: 242 Top 10 risks and level of mitigation - 2nd Part Q19.3 - Please assess the current level of mitigation for the areas risks you have previously identified: Satisfaction level
  45. 45. In collaboration with: FERMA priorities at EU level - 2nd Part Q20NEW - Among the following current regulatory matters, what should be the first 3 priorities for FERMA at EU level? Basis: 581 28.9% 32.9% 32.9% 41.5% 52.2% 54.7% 57.0% Enforcement of Solvency 2 and impacts for captives The possibility of an EU-wide mandatory financial security (bonds, letter of credit,… A future EU regulation on the European cyber insurance market Standardisation of cybersecurity norms Risks connected to the increased reporting and transparency requirements (reputation,… Data Protection Regulation implementation Give a legal basis to the Risk Manager profession Optional for non-EU organisations
  46. 46. In collaboration with: PART 3: EUROPEAN INSIGHTS ON RISK MANAGEMENT 634 634 406 PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT PART 3 - Insurance Management The number of Long Completes - Part 3
  47. 47. In collaboration with: Changes of Insurance Program - 3rd Part Q30 - Which of the following changes to your insurance program will you consider as a result of the current financial and economic climate ? (Multiple Answer) 9.6% 24.1% 27.3% 30.5% 32.8% 42.9% 53.7% Purchase of credit insurance Implementation or further use of captive facilities Selection of more financially robust insurers Acceleration of claims settlement process Insurance buying pattern Negotiate long-term agreement or roll-over Strengthen loss prevention activity Basis: 406
  48. 48. In collaboration with: Changes of Insurance Program - 3rd Part Q30.1 - Could you please define for each item below if it increases/decreases or stay identical? Insurance buying pattern: 33% 48.9% 45.9% 55.6% 11.3% 10.5% 3.8% 39.8% 43.6% 40.6% Retention level Purchased limit Lines of cover Identical Decrease Increase Basis: 133
  49. 49. In collaboration with: Types of insurance - 3rd Part Q31 - What overall limit does your organization benefit from per annual aggregate, independent of sublimits, for the following types of insurance? Basis: 406 26.8% 25.9% 38.9% 37.4% 43.1% 25.1% 17.5% 27.3% 22.2% 27.1% 14.0% 16.3% 6.7% 9.9% 21.4% 20.4% 20.0% 5.7% 11.1% 3.0% 22.7% 18.0% 16.3% 6.7% 4.2% 6.4% 1.7% 45.3% 6.4% 15.3% 7.4% 38.7% 23.2% 63.5% 4.7% Public Liability Product Liability Directors' & Officers' Liability Gradual Environmental impairment… Errors & Omissions / Professional Liability Cyber risk coverage Property (including business interruption) <50M EUR 50 – 100M EUR 101 –300M EUR >300M EUR No coverage
  50. 50. In collaboration with: Types of insurance - 3rd Part Q32 - How do you select your purchased limit per types of insurance ? (Multiple Answer) 74.1% 54.9% 47.3% 23.2% 21.4% 20.0% 4.4% Basis: 406
  51. 51. In collaboration with: Types of insurance - 3rd Part Q33 - In your opinion, what is commonly the most efficient international insurance program for the following risks? 17% 10% 26% 4% 13% 14% 5% 10% 11% 8% 32% 14% 44% 11% 30% 34% 8% 36% 33% 39% 20% 12% 16% 17% 22% 19% 19% 35% 39% 40% 8% 12% 3% 35% 11% 7% 53% 3% 7% 3%23% 51% 11% 33% 25% 25% 16% 16% 10% 11% No opinion / don't know Local standalone policies only Master policy & local policies limited to selected countries Master policy and local policies in each country where the insured is present Basis: 406
  52. 52. In collaboration with: Types of insurance - 3rd Part Q34 - What is your main reason for implementing local standalone policies in certain countries ? 3.9% 12.8% 15.5% 4.9% 2.0% 54.4% 6.4% Cost implications Service proximity (of insurers, brokers, and third parties) Local risk profile (influenced by level of protection, claims history etc.) Political and economic background of the country Pressure of local entity to remain out of the program Compliance to local regulation Other Basis: 406
  53. 53. In collaboration with: Types of insurance - 3rd Part Q36 - On average, at last renewal when were your policy documents issued in relation to the policy inception date for …? Basis: 406 Before inception date 18% Within 1 month of inception date 33% Within 3 months of inception date 34% Over 3 months of inception date 15% Master policy Before inception date 15% Within 1 month of inception date 25% Within 3 months of inception date 44% Over 3 months of inception date 16% Local policy issuing
  54. 54. In collaboration with: Loss control services and claims handling - 3rd Part Q37A - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer) 36.9% 25.9% 26.1% 11.1% 11.6% 9.4% 35.5% 18.2% 38.7% 13.5% 29.3% 20.7% Policy wording tests Set-up of claims handling procedure Building relationships between insured, insurers and brokers Pre-selection of lawyers and adjusters Crisis management simulations Return phone calls within 24 hours Coordination between teams involved (in house, broker,… Adequate and realistic reserve and evolution of reserve Confirmation of position on coverage as quickly as reasonably… 30 days advanced payment once coverage is confirmed Learnt lessons analysis Automatic access to worldwide claims reporting For your service providers (brokers, insurers, third parties) Basis: 406
  55. 55. In collaboration with: Loss control services and claims handling - 3rd Part Q37B - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer) Within your own organization 20.2% 36.2% 22.7% 12.1% 45.6% 4.7% 29.8% 7.4% 11.1% 4.7% 53.9% 12.8% Policy wording tests Set-up of claims handling procedure Building relationships between insured, insurers and… Pre-selection of lawyers and adjusters Crisis management simulations Return phone calls within 24 hours Coordination between teams involved (in house, broker,… Adequate and realistic reserve and evolution of reserve Confirmation of position on coverage as quickly as… 30 days advanced payment once coverage is confirmed Learnt lessons analysis Automatic access to worldwide claims reporting Basis: 406
  56. 56. In collaboration with: Loss control services alongside insurance policies - 3rd Part Q37A.bis. What are the main areas of improvement related to loss control services alongside insurance policies? For your service providers (brokers, insurers, third parties) - YES 60.3% 61.1% 65.5% 48.0% 35.0% Property Liability (public, products) Cyber D&O Motor Basis: 406
  57. 57. In collaboration with: Loss control services alongside insurance policies - 3rd Part Q37B.bis. What are the main areas of improvement related to loss control services alongside insurance policies? Within your own organization - Yes Basis: 406 57.6% 66.0% 68.2% 46.1% 40.6% Property Liability (public, products) Cyber D&O Motor
  58. 58. In collaboration with: Use(s) of claims - 3rd Part Q38 - Please select among following items the 3 most significant use(s) of claims related data. (Multiple Answer) 7.1% 17.0% 23.2% 27.8% 42.6% 44.6% 45.1% 66.3% I do not conduct risk and insurance data analysis Improve benchmarking abilities Provide rationale for the risk management budget Allow you to conduct captive optimization Understand the company's risk appetite and tolerance Assess the cost of uninsured risks Allow you to conduct insurance program limit optimization Allow you to conduct insurance program retention optimization Basis: 406
  59. 59. In collaboration with: Areas of improvement - 3rd Part Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer) Filter on Q16 Basis: 306 25.5% 19.6% 39.5% 23.2% 40.2% 21.2% 16.0% 24/7 access Daily update of activity & documents Claims management tools Interactivity Tailor-made and user-friendly reporting… Technical information/ advice/ best… Management schedules / planning In-house IT tool
  60. 60. In collaboration with: Areas of improvement - 3rd Part Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer) External IT solution (broker or insurer-provided) Basis: 306 Filter on Q16 27.1% 21.9% 34.0% 28.8% 37.6% 27.5% 7.8% 24/7 access Daily update of activity & documents Claims management tools Interactivity Tailor-made and user-friendly… Technical information/ advice/ best… Management schedules / planning
  61. 61. In collaboration with: Thank you www.toluna-group.com/fr

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