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In partnership with
European
Risk Manager
Report
2020 Edition
Detailed results
European Risk Manager Report 2020 Edition
Table of content
- Key findings
- Presentation of the survey
- Profile of respondents
- How did risk managers see risks in 2020 prior to the
Covid-19 crisis?
- Part I : The risk manager’s growing role in the digital
transformation
- Part II : The risk manager’s contribution to sustainability
- Part III : The risk manager facing hardening insurance
market conditions
- Part IV : The risk manager’s education and the
increasing importance of certification
- Part V : The risk manager’s presence and interaction
within the organisation
In partnership with
European Risk Manager Report 2020 Edition
Key Findings
The FERMA European Risk Manager Survey 2020 highlights a significant evolution in the role of the Risk Manager in Europe today :
- 64% of the interviewed risk
managers have a specific
qualification in risk and/or
insurance management.
- 77% of risk managers say that a
recognised certification
matters in practising risk
management and rank internal
recognition as the first benefit of
a certification.
- Cyber threats are still the 1st concern for risk managers, and were identified by 69% of the risk managers using innovative technologies
as the most critical risk to their organisation’s growth prospects.
- The threat of the speed of technological change is the first concern within the next 3 years and the main threat identified within the next 10
years is the climate change and environmental damage.
- 67% of the risk managers use in
their activities innovative
technologies: data analysis,
data visualisation, process
automation and/or artificial
intelligence.
- The digital transformation is
increasing, however so far, 33%
of the respondents bring none of
the 4 technologies listed into
their daily work.
- The attractiveness of captives
to cover insurance risk
increases by 28%.
- Risk managers main concerns
are the limitations and
exclusions on emerging
specific risks and the change in
market conditions
- 27% of risk managers are
playing a specific role regarding
ESG-related risks, and 13% are
planning to play one.
- The main challenges faced by
risk managers to integrate ESG
risks into ERM are the difficulty
of scoping sustainability risks
(81%) and the limited
knowledge of sustainability risks
(70%).
Education Digital Insurance Sustainability
In partnership with
European Risk Manager Report 2020 Edition
Methodology and Survey Panel
The data in this report were collected from an anonymous web-based survey distributed through FERMA’s 22 member
associations and the PwC European network between January and March 2020.
The survey was composed of 56 questions and responses were received from 764 respondents in 34 countries
aggregated into 3 clusters:
• Western Europe :
Belgium, Cyprus, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
Monaco, Netherlands, Portugal, San Marino, Spain, Switzerland, UK, Vatican City
• Central & Eastern Europe :
Albania, Armenia, Austria, Bulgaria, Czech Republic, Georgia, Hungary,
Kazakhstan, Lithuania, Romania, Russia, Slovenia, Turkey
• Northern Europe :
Denmark, Finland, Norway, Sweden
76%
7%
17%
Respondent were not obliged to answer all the questions, so the size of the sample can vary from one question to another.
In addition, some of the questions allowed multiple choices so the responses do not necessarily add up to 100%.
In partnership with
European Risk Manager Report 2020 Edition
Profile of respondents - Organisation
4%
13%
29%
54%
Public sector
Services
Financial Services
Industry
Sector of activity
80%
7%
13%
Size of organisation
Large (>250 staff / >50€M )
Medium (<250 staff / <50€M )
Small (<50 staff / <10€M )
In partnership with
European Risk Manager Report 2020 Edition
Profile of respondents – Gender and age
5%
12%
30%
34%
10%
8%
Age
Less than 30 years old
Between 31 and 35 years old
Between 36 and 45 years old
Between 46 and 55 years old
Between 56 and 60 years old
More than 60 years old
68 % 32%
41%
66% 68%
30%
20% 18%
30%
14% 14%
ERM ERM/IM IM
More than 10 years Between 5 and 10 years Less than 5 years
ExperienceGender
Women represent 52% of risk managers under
30 years old, while they are only 16% among
those more than 60 years old.
Risk management is still a
profession for the experienced,
with 64% between 36 and 55 but
the average age reduced since
2016.
In partnership with
European Risk Manager Report 2020 Edition
Respondents activities Activities under the ERM Risk Manager responsibility in 2020
Activities under the IM Risk Manager responsibility in 2020
EuropeanRisk
ManagerReport
2020
In partnership with
How did risk managers
see risks in 2020 prior
to the Covid-19 crisis ?
In partnership with
European Risk Manager Report 2020 Edition
Top critical threats to the organisation’s growth prospects
within the next 12 months
CYBER THREAT
UNCERTAIN
ECONOMIC GROWTH
AVAILABILITY OF KEY
SKILLS
DATA FRAUD OR
THEFT
OVER-REGULATION
CYBER THREAT
UNCERTAIN
ECONOMIC GROWTH
GEOPOLITICAL
UNCERTAINLY
OVER-REGULATION
CHANGING
CONSUMER
BEHAVIOUR
TOP RISK 2020TOP RISK 2018
In partnership with
European Risk Manager Report 2020 Edition
Top 15 critical threats within the next 12 months
Top 5 risks
Top 10 risks
Top 15 risks
New risks
Growing risks since
2018
In partnership with
European Risk Manager Report 2020 Edition
Top 3 medium and long-term risks
EuropeanRisk
ManagerReport
2020
In partnership with
Part I
The risk manager’s
growing role in the
digital transformation
In partnership with
European Risk Manager Report 2020 Edition
Part I : Innovative risk management practices continue
to develop
53% 35%
28% 8%
Data analysis
of the risk managers
interviewed use at least
one of these four
innovative technologies
67%
Data
visualisation
Process
automation
Artificial
Intelligence
Web based
applications
58%
Common technologies such as
web based applications remain
the used technologies.
The main obstacles to the
use of new technologies are
the heavy investments they
represent for the function (55%)
and the lack of perceived added
value for the function (52%).
In partnership with
European Risk Manager Report 2020 Edition
Part I : Innovative risk management practices continue
to develop
In partnership with
European Risk Manager Report 2020 Edition
Part I : Risk management contributes to the digital
transformation of organisations
37%
39%
24%
How do you deal with risks arising from emerging technologies ?
Identification and assessment of risks prior to adoption of new technologies
by the business
Identification and assessment of emerging technologies used by the business
Analysis and remediation of any insurance coverage gaps
10% 9%
6% 10%
41% 36%
43% 45%
IT Information security
Risk managers’ interactions with IT and information security teams
Regular, close collaboration based on a clear mandate
Occasional collaboration
Under the risk manager’s responsibility (now or for an extensive period of time)
No relationship / involvement
In partnership with
European Risk Manager Report 2020 Edition
Part I : Focus on cyber threats
Cyber threats are the 1st concern in 2020 for risk
management regardless of the sector of activity
like in 2018, increasing by 30% since 2018.
30%
Sector of activity Cyber threats ranking 2018 Cyber threats ranking 2020
Industry 3 1
Financial services 2 1
Services 1 1
Public sector 2 1
EuropeanRisk
ManagerReport
2020
In partnership with
Part II
The risk manager’s
contribution to
sustainability
2
In partnership with
European Risk Manager Report 2020 Edition
Part II : The role of the risk manager in sustainability
60%
27%
13%
NO YES PLAN TO
Is the risk manager playing a specific role regarding
ESG-related risks in their organisation?
of the risk managers
involved in sustainability
are contributing to the
development of ESG
reports
78%
11%
Are currently developing a
risk map dedicated to
Corporate Social
Responsibility
Is the risk manager playing a specific role regarding ESG-related risks in
their organisation?
In partnership with
European Risk Manager Report 2020 Edition
Part II : The 5 greatest challenges for risk managers in
integrating ESG into the risk management process
1st
(81%) 2nd
(70%) 3rd
(55%)
4th
(51%) 5th
(43%)
EuropeanRisk
ManagerReport
2020
In partnership with
Part III
The risk manager
facing hardening
insurance market
conditions
2
In partnership with
European Risk Manager Report 2020 Edition
Part III : Tougher insurance market conditions are risk
managers’ top concern
Concerned
Not concerned
In partnership with
European Risk Manager Report 2020 Edition
Part III : The rise of captives confirmed
Over the next 2 years, what will be the strategy with regard
to risks which are difficult to place on the insurance market?
15%
43%
2018 2020
Propensity to use captives
(existing or creation)
43%
of risk managers continue
to show confidence in
captives
In partnership with
European Risk Manager Report 2020 Edition
Part III : The rise of captives confirmed
Use of captives for non-traditional lines of cover (e.g.
cyber threats, employee benefits, etc.)
Use of captives for traditional lines of cover
(e.g. general liability, property damage, etc.)
In partnership with
European Risk Manager Report 2020 Edition
Part III : Insurance management purchasing contrasted
Despite the high ranking
of cyber threats and data
fraud and theft in the top
five risks for the next 12 months,
35% of respondents bought no
stand-alone cyber coverage.
EuropeanRisk
ManagerReport
2020
In partnership with
Part IV
The risk manager’s
education and the
increasing importance
of certification
2
In partnership with
European Risk Manager Report 2020 Edition
Part IV : Education in risk management
of the risk managers
interviewed have a
qualification in risk and/or
insurance
management
64%
have a university or
business school
degree
67%
have a professional
education
50%
have other type of
education
3%
In partnership with
European Risk Manager Report 2020 Edition
Part IV : Certification
say that a recognised
certification matters in
practising risk
management
77%
44%
of respondents have a
certification or plan to
apply for one.
EuropeanRisk
ManagerReport
2020
In partnership with
Part V
The risk manager’s
presence and
interaction
within the organisation
2
In partnership with
European Risk Manager Report 2020 Edition
Part V : Levels of interaction with the 3 lines of defence
Fast decreasing interaction
2020 vs 2018
Different levels of interaction between
various functions continue:
First rank partners – with whom the risk
management function has a regular or
very close relationship, based on a clear
mandate ;
Second rank partners – with whom the
risk management function has a more
distant relationship and occasional
collaboration;
Third rank partners – with whom
relationships can be improved, as there is
little or no relationship or involvement.
In partnership with
European Risk Manager Report 2020 Edition
Part V : The risk manager’s presence at a strategic level of
the organisation
44%
28%
8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Contact directly the CEO
Contact indirectly the CEO through
their superior
ERM managers represented on :
IM managers represented on :
Risk Committee
60%
Risk Committee
51%
Executive Committee
29%
Executive Committee
47%
Audit Committee
48%
Audit Committee
25%
Board Committee
27%
Board Committee
39%
ERM / IM managers represented on :
Risk Committee
44%
Executive Committee
35%
Audit Committee
32%
Board Committee
34%
In partnership with
European Risk Manager Report 2020 Edition
Part V : Strategic risk assessment by the risk manager
of risk managers assess risks
that could affect the relevance
and viability of their
organisation’s
strategy and
objectives.
74%
of risk managers assess risks
related to the different
strategies considered by their
organisation during its
strategy definition.
60% of risk managers assess risks
related to the non-alignment
of their organisation’s
strategy with its mission,
vision and core
values.
59%
76% in 2018 41% in 2018
47% in 2018

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FERMA European Risk Manager Report 2020: full set of results

  • 1. In partnership with European Risk Manager Report 2020 Edition Detailed results
  • 2. European Risk Manager Report 2020 Edition Table of content - Key findings - Presentation of the survey - Profile of respondents - How did risk managers see risks in 2020 prior to the Covid-19 crisis? - Part I : The risk manager’s growing role in the digital transformation - Part II : The risk manager’s contribution to sustainability - Part III : The risk manager facing hardening insurance market conditions - Part IV : The risk manager’s education and the increasing importance of certification - Part V : The risk manager’s presence and interaction within the organisation
  • 3. In partnership with European Risk Manager Report 2020 Edition Key Findings The FERMA European Risk Manager Survey 2020 highlights a significant evolution in the role of the Risk Manager in Europe today : - 64% of the interviewed risk managers have a specific qualification in risk and/or insurance management. - 77% of risk managers say that a recognised certification matters in practising risk management and rank internal recognition as the first benefit of a certification. - Cyber threats are still the 1st concern for risk managers, and were identified by 69% of the risk managers using innovative technologies as the most critical risk to their organisation’s growth prospects. - The threat of the speed of technological change is the first concern within the next 3 years and the main threat identified within the next 10 years is the climate change and environmental damage. - 67% of the risk managers use in their activities innovative technologies: data analysis, data visualisation, process automation and/or artificial intelligence. - The digital transformation is increasing, however so far, 33% of the respondents bring none of the 4 technologies listed into their daily work. - The attractiveness of captives to cover insurance risk increases by 28%. - Risk managers main concerns are the limitations and exclusions on emerging specific risks and the change in market conditions - 27% of risk managers are playing a specific role regarding ESG-related risks, and 13% are planning to play one. - The main challenges faced by risk managers to integrate ESG risks into ERM are the difficulty of scoping sustainability risks (81%) and the limited knowledge of sustainability risks (70%). Education Digital Insurance Sustainability
  • 4. In partnership with European Risk Manager Report 2020 Edition Methodology and Survey Panel The data in this report were collected from an anonymous web-based survey distributed through FERMA’s 22 member associations and the PwC European network between January and March 2020. The survey was composed of 56 questions and responses were received from 764 respondents in 34 countries aggregated into 3 clusters: • Western Europe : Belgium, Cyprus, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Monaco, Netherlands, Portugal, San Marino, Spain, Switzerland, UK, Vatican City • Central & Eastern Europe : Albania, Armenia, Austria, Bulgaria, Czech Republic, Georgia, Hungary, Kazakhstan, Lithuania, Romania, Russia, Slovenia, Turkey • Northern Europe : Denmark, Finland, Norway, Sweden 76% 7% 17% Respondent were not obliged to answer all the questions, so the size of the sample can vary from one question to another. In addition, some of the questions allowed multiple choices so the responses do not necessarily add up to 100%.
  • 5. In partnership with European Risk Manager Report 2020 Edition Profile of respondents - Organisation 4% 13% 29% 54% Public sector Services Financial Services Industry Sector of activity 80% 7% 13% Size of organisation Large (>250 staff / >50€M ) Medium (<250 staff / <50€M ) Small (<50 staff / <10€M )
  • 6. In partnership with European Risk Manager Report 2020 Edition Profile of respondents – Gender and age 5% 12% 30% 34% 10% 8% Age Less than 30 years old Between 31 and 35 years old Between 36 and 45 years old Between 46 and 55 years old Between 56 and 60 years old More than 60 years old 68 % 32% 41% 66% 68% 30% 20% 18% 30% 14% 14% ERM ERM/IM IM More than 10 years Between 5 and 10 years Less than 5 years ExperienceGender Women represent 52% of risk managers under 30 years old, while they are only 16% among those more than 60 years old. Risk management is still a profession for the experienced, with 64% between 36 and 55 but the average age reduced since 2016.
  • 7. In partnership with European Risk Manager Report 2020 Edition Respondents activities Activities under the ERM Risk Manager responsibility in 2020 Activities under the IM Risk Manager responsibility in 2020
  • 8. EuropeanRisk ManagerReport 2020 In partnership with How did risk managers see risks in 2020 prior to the Covid-19 crisis ?
  • 9. In partnership with European Risk Manager Report 2020 Edition Top critical threats to the organisation’s growth prospects within the next 12 months CYBER THREAT UNCERTAIN ECONOMIC GROWTH AVAILABILITY OF KEY SKILLS DATA FRAUD OR THEFT OVER-REGULATION CYBER THREAT UNCERTAIN ECONOMIC GROWTH GEOPOLITICAL UNCERTAINLY OVER-REGULATION CHANGING CONSUMER BEHAVIOUR TOP RISK 2020TOP RISK 2018
  • 10. In partnership with European Risk Manager Report 2020 Edition Top 15 critical threats within the next 12 months Top 5 risks Top 10 risks Top 15 risks New risks Growing risks since 2018
  • 11. In partnership with European Risk Manager Report 2020 Edition Top 3 medium and long-term risks
  • 12. EuropeanRisk ManagerReport 2020 In partnership with Part I The risk manager’s growing role in the digital transformation
  • 13. In partnership with European Risk Manager Report 2020 Edition Part I : Innovative risk management practices continue to develop 53% 35% 28% 8% Data analysis of the risk managers interviewed use at least one of these four innovative technologies 67% Data visualisation Process automation Artificial Intelligence Web based applications 58% Common technologies such as web based applications remain the used technologies. The main obstacles to the use of new technologies are the heavy investments they represent for the function (55%) and the lack of perceived added value for the function (52%).
  • 14. In partnership with European Risk Manager Report 2020 Edition Part I : Innovative risk management practices continue to develop
  • 15. In partnership with European Risk Manager Report 2020 Edition Part I : Risk management contributes to the digital transformation of organisations 37% 39% 24% How do you deal with risks arising from emerging technologies ? Identification and assessment of risks prior to adoption of new technologies by the business Identification and assessment of emerging technologies used by the business Analysis and remediation of any insurance coverage gaps 10% 9% 6% 10% 41% 36% 43% 45% IT Information security Risk managers’ interactions with IT and information security teams Regular, close collaboration based on a clear mandate Occasional collaboration Under the risk manager’s responsibility (now or for an extensive period of time) No relationship / involvement
  • 16. In partnership with European Risk Manager Report 2020 Edition Part I : Focus on cyber threats Cyber threats are the 1st concern in 2020 for risk management regardless of the sector of activity like in 2018, increasing by 30% since 2018. 30% Sector of activity Cyber threats ranking 2018 Cyber threats ranking 2020 Industry 3 1 Financial services 2 1 Services 1 1 Public sector 2 1
  • 17. EuropeanRisk ManagerReport 2020 In partnership with Part II The risk manager’s contribution to sustainability 2
  • 18. In partnership with European Risk Manager Report 2020 Edition Part II : The role of the risk manager in sustainability 60% 27% 13% NO YES PLAN TO Is the risk manager playing a specific role regarding ESG-related risks in their organisation? of the risk managers involved in sustainability are contributing to the development of ESG reports 78% 11% Are currently developing a risk map dedicated to Corporate Social Responsibility Is the risk manager playing a specific role regarding ESG-related risks in their organisation?
  • 19. In partnership with European Risk Manager Report 2020 Edition Part II : The 5 greatest challenges for risk managers in integrating ESG into the risk management process 1st (81%) 2nd (70%) 3rd (55%) 4th (51%) 5th (43%)
  • 20. EuropeanRisk ManagerReport 2020 In partnership with Part III The risk manager facing hardening insurance market conditions 2
  • 21. In partnership with European Risk Manager Report 2020 Edition Part III : Tougher insurance market conditions are risk managers’ top concern Concerned Not concerned
  • 22. In partnership with European Risk Manager Report 2020 Edition Part III : The rise of captives confirmed Over the next 2 years, what will be the strategy with regard to risks which are difficult to place on the insurance market? 15% 43% 2018 2020 Propensity to use captives (existing or creation) 43% of risk managers continue to show confidence in captives
  • 23. In partnership with European Risk Manager Report 2020 Edition Part III : The rise of captives confirmed Use of captives for non-traditional lines of cover (e.g. cyber threats, employee benefits, etc.) Use of captives for traditional lines of cover (e.g. general liability, property damage, etc.)
  • 24. In partnership with European Risk Manager Report 2020 Edition Part III : Insurance management purchasing contrasted Despite the high ranking of cyber threats and data fraud and theft in the top five risks for the next 12 months, 35% of respondents bought no stand-alone cyber coverage.
  • 25. EuropeanRisk ManagerReport 2020 In partnership with Part IV The risk manager’s education and the increasing importance of certification 2
  • 26. In partnership with European Risk Manager Report 2020 Edition Part IV : Education in risk management of the risk managers interviewed have a qualification in risk and/or insurance management 64% have a university or business school degree 67% have a professional education 50% have other type of education 3%
  • 27. In partnership with European Risk Manager Report 2020 Edition Part IV : Certification say that a recognised certification matters in practising risk management 77% 44% of respondents have a certification or plan to apply for one.
  • 28. EuropeanRisk ManagerReport 2020 In partnership with Part V The risk manager’s presence and interaction within the organisation 2
  • 29. In partnership with European Risk Manager Report 2020 Edition Part V : Levels of interaction with the 3 lines of defence Fast decreasing interaction 2020 vs 2018 Different levels of interaction between various functions continue: First rank partners – with whom the risk management function has a regular or very close relationship, based on a clear mandate ; Second rank partners – with whom the risk management function has a more distant relationship and occasional collaboration; Third rank partners – with whom relationships can be improved, as there is little or no relationship or involvement.
  • 30. In partnership with European Risk Manager Report 2020 Edition Part V : The risk manager’s presence at a strategic level of the organisation 44% 28% 8% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Contact directly the CEO Contact indirectly the CEO through their superior ERM managers represented on : IM managers represented on : Risk Committee 60% Risk Committee 51% Executive Committee 29% Executive Committee 47% Audit Committee 48% Audit Committee 25% Board Committee 27% Board Committee 39% ERM / IM managers represented on : Risk Committee 44% Executive Committee 35% Audit Committee 32% Board Committee 34%
  • 31. In partnership with European Risk Manager Report 2020 Edition Part V : Strategic risk assessment by the risk manager of risk managers assess risks that could affect the relevance and viability of their organisation’s strategy and objectives. 74% of risk managers assess risks related to the different strategies considered by their organisation during its strategy definition. 60% of risk managers assess risks related to the non-alignment of their organisation’s strategy with its mission, vision and core values. 59% 76% in 2018 41% in 2018 47% in 2018