FERMA’s Wegener predicts “new era for risk management”

The president of the Federation of European Risk Management Associations (FERMA), Dirk Wegener, opened the FERMA Seminar 2020 telling risk managers: “Today, I believe we can be on the threshold of a new era for risk management. There is the possibility of truly embedding risk management in the business model and culture of European organisations.”

In his speech, Wegener added: “Over the last eight months of pandemic, risk managers have had the unfortunate opportunity to show just how valuable risk management already is for the resilience of companies and the economy.”

”We see how much the global economy relies on interconnected infrastructures, especially digital, and uninterrupted supply chains. We are exposed to risks that can become systemic, like pandemic. Widespread cyber-crime, climate change events and conflicts also have the potential to become widely disruptive and damaging through our widespread inter-dependencies.”

“Resilience requires that we apply proven risk management methods and once we understand our exposures that we consider how financial impacts can be best mitigated.” 

The FERMA Seminar, which takes place in alternate years from the FERMA Forum, has attracted nearly 500 risk managers to participate in the event, which is being held online on a 3D platform.