Julia Graham, vice-president of the Federation of European Risk Management Associations (FERMA) examined some of the most intractable issues the insurance industry, and its clients, will be facing in the coming year.
Here are her conclusions:
— In the context of doing business the economic downturn is not over pressure on business and government infrastructures might also undermine the ability of organizations to manage risk.
— The potential impact of disease remains on the radar, yet there is an air of complacency and businesses still don’t quite know how to manage this risk.
— The specter of terrorism is creeping upwards.
— Floods in Australia, South America and Africa as well as other natural events remind us of the potential impact of changes to the global climate.
— Legal and regulatory pressures and changes continue to emerge and tighten – including issues concerning Solvency II and the European Insurance and Occupational Pensions Authority (EIOPA).
— Security and integrity of information are under greater threat than ever from cyber crime and inadequate data security. As technology develops (a threat and an opportunity), organizations are increasingly at risk and the supply chain increasingly demanding to manage.
— Risk managers need more than ever to be equipped to deliver their responsibilities – this is a maturing role and requires improved emphasis on career development and education – and good resource will be in demand.
She added that “FERMA’s agenda, and the Risk Forum in Stockholm in October, are very closely aligned to all of this and ‘what really matters.'”
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