FERMA Launches Risk Management Tool for Remote Working

January 28, 2022

The Federation of European Risk Management Associations (FERMA) has launched a simplified guide to risk mapping for remote working.

The tool consists of a simple questionnaire that organizations of any size can use. Using a template of risks and opportunities linked to remote working, the tool divide risks into seven categories: strategic, financial, security and safety, operational, regulatory and compliance and technological.

Relevant questions prompt the user to consider what exposure their organization could have to certain risks in each category and their potential consequences. A simple scoring system of impact and likelihood of each of the categories of risk automatically creates a heat map and a radar screen visual, explained FERMA.

Using the results, organizations can more clearly focus on identifying and mitigating the risks related to their policies and take advantage of the opportunities.

The project stems from FERMA’s research among its members on the implications of the pandemic. Risk managers have indicated that although many companies had been developing remote working policies before the pandemic, the almost overnight switch that occurred in response to government public health measures heightened the level of risk. Key issues identified included workplace safety and cyber risks, especially in the context of expanding digitalization which the pandemic accelerated.

A project group composed of leading risk managers from major companies in Belgium, France, Italy and Sweden developed the tool, building on work that the French risk management association, AMRAE, had done previously for SMEs.

The project group believes that the output from the FERMA tool can help managers in organizations of all sizes communicate important risks and opportunities with senior executives and other functions in the organization.

This tool is available on demand. To receive the tool, please contact FERMA at administration@ferma.eu. A guide for the tool can be found on the FERMA website.

Source: Federation of European Risk Management Associations (FERMA)

Topics Risk Management

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