Eeckman wins Swerma risk manager award

Laurence Eeckman, vice-president group risk management and insurances for Swedish industrial manufacturer Atlas Copco was the recipient of the Gustaf Hamilton risk manager stipendium, awarded by the Swedish risk management association (Swerma).

The prize is to recognise activities that have contributed to the development of the risk management function through either promotion or innovation.

Eeckman was recognised for several achievements: the development of the loss prevention and the enterprise risk management (ERM) function to better manage strategic risks, and the proactive management of emerging risks and their impact on current insurance solutions and need for future resilience.

She was also rewarded for her work as a Ferma board member and, more specifically, as chairman of the newly launched ERM committee and its mission to provide tools to better identify and quantify risks.

“We decided to launch the Ferma ERM Committee after the seminar held in October 2023,” said Eeckman.

On the one hand, company boards and CEOs see the need to increase resilience in the face of unprecedented and interconnected global challenges such as geopolitical tensions, digital disruptions, the war for talent and ESG-related risks.

But on the other hand, risk managers are not prepared enough to be part of the conversation, says Eeckman.

“The ERM process is still too often a tick-the-box exercise. The aim of the ERM Committee is to provide risk managers with tools in line with CEOs’ and boards’ expectations, and elevate the risk management profession in that area.

The award comes at a time when the insurance market is largely stable in terms of rates. However, says Eeckman, risk managers are challenged by the growing exposure to natural catastrophes that will be harder to cover via traditional insurance.

The same can be said for the casualty market, where the type of industry and exposure to the US market can have a big impact on individual rates. There has, though, been slight rate decreases in financial lines, including cyber insurance.

“The cyber exposure hasn’t decreased,” says Eeckman. “But companies have better controls in place, and insurance companies seem to better understand the risk as well.”

Risk managers have also been challenged by restrictive wording for coverage related to sanctions, geopolitical exposures, environmental liability. “Wording is also becoming more challenging within marine cargo insurance but rates are stable,” says Eeckman.

“The biggest challenges risk managers are facing regarding insurable risks are related to finding innovative solutions to finance natural catastrophes, but also geopolitical risks, which can have impact on own operations and the entire supply chain.”