Budgets and responsibilities on the rise for French risk managers, reveals Amrae survey

Risk management budgets are rising in French companies but are often still deemed insufficient, according to risk managers surveyed by Amrae. The biennial Risk Management Barometer published by the French risk management association also found further evidence that its members are getting closer to top decision makers, who are more interested in seeking their advice. The research shows that the gender gap in the risk management profession has narrowed over the past two years. In 2022, female risk managers were paid between 15% and 20% less than their male counterparts but the difference has now shrunk to 8%. Also, 45% of France’s top risk managers in 2024 are women, compared to 41% in 2022. In 2009, when the first survey was made, just 22% of French risk managers were women, compared to 47% this year. The results were based on answers from 275 Amrae members. Half of the respondents were classified as “top risk managers”. The survey has a large company bias, with two-thirds of participants working for corporations with revenues of more than €1.5bn and employing more than 5,000 people. A total of 98% of all respondents said they can now contact executive committees directly, up from 62% in 2022. Sixteen percent said they are often called to participate in meetings with the c-suite, double the ratio of two years ago. At the same time, risk management budgets have been on the rise at 41% of companies surveyed, compared to 22% in 2022. They have remained stable at 46% of firms, compared to 64% two years ago. Just over half of risk managers said that their budget is enough to cover their needs, while 37% feel it falls short. Only 12% said that they do not have a risk management budget, half as many as two years ago. The research found that the typical French risk manager is between 36 and 55-years old (50% of all respondents), has more than 15 years of experience in the job (35%) and earns an average €77,000 a year – although salaries vary between €25,000 and €250,000. The survey also identified an increase in the ratio of risk managers under 36 years old, up to 16% from 10% in 2022, as well as of those over 56 years old, at 24% against 18%. Interestingly, 90% of new risk managers are older than 35, which indicates that companies are looking to fill their risk-related jobs with experienced hands from other functions. Thibault Bulabois, head of risk and internal controls at lottery company FDJ Group, who led the study, stressed in a press conference in Paris that risk managers are coming into the market with a more varied background than in the past. The most common background for French risk managers in 2024 is law at 32%, compared to 13% in 2022. Management or economics (23%) and engineering (18%) are the next most common background. Risk professionals with a background in insurance – 9% this year compared to 4% in 2022 – and political science – 7% up from 4% – are becoming more common. Bulabois noted that the latter, in particular, has seen interesting additions to the risk management community in times of geopolitical turmoil. The average number of staff members working in risk management is 11, although this can vary widely. Amrae vice-president François Beaume, who is also the senior vice-president of risk and insurance at Sonepar, noted during the press conference that his team is only five strong. Among French SMEs, according to the authors, risk management functions continue to be mostly performed by finance, legal directors or even CEOs. The study also finds that risk managers are looking to update their skills in areas like ESG and social responsibility (39%), artificial intelligence (36%) and cyber (22%).

Budgets and responsibilities on the rise for French risk managers, reveals Amrae survey

Gender gaps closing

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