Hedemark urges members to join risk revolution at record forum

Ferma president Charlotte Hedemark has called on risk and insurance managers across Europe to join her in the risk revolution by embracing a “transformative” approach to risk management as the profession moves from “old-school, reactive methods” to a “more proactive, strategic and integrated approach”. Hedemark made the call to arms during her opening speech at the largest ever Ferma Forum, where the federation is celebrating its 50th anniversary. The event in Madrid has attracted more the 3,000 attendees, more than 60 speakers and over 75 exhibitors. “I think this is a real testament to how far we have come in 50 years and really demonstrates the relevance of such a gathering at European level to complement the work that is being done at national level to drive our profession forwards,” said Hedemark. “I invite you to join me in the risk revolution,” she said. Ferma’s president said the new Ferma survey, published at the forum, shows that the risk revolution is underway. The research found that 91% of risk managers are now engaged in corporate strategy to some extent. This underlines the way the role has moved from an operational to strategic, said Hedemark. She said the risk revolution requires risks mangers to be more innovative and agile. “We need to find ways to respond to risks in real time, but also to adopt new tools and solutions, like AI or advanced data analytics to improve risk detection, prediction and mitigation,” she told delegates. “The idea of revolution encourages us to think of the ways we can and must adapt to rapidly emerging risks, like cyber threats, climate change and the potential challenges of AI. It also incites risk managers to step into a more collaborative, strategic role, becoming central to their organisations, working across functions and with leadership, contributing both to long term resilience and to growth,” added Hedemark. She said the revolution requires a change in culture, where risk awareness is embedded across organisations and all colleagues understand the importance and value of proactively managing risks. “This is a call to action. A rallying cry to us all to actively participate in reshaping and redefining risk management to meet the demands of an increasingly complex, interconnected world,” said Hedemark. Ferma’s president went on to explain that today’s risk landscape is very different to the environment when the federation was founded. She said the world now faces a rapidly changing and interconnected set of risks, driven by technological advancements, a climate crisis and geopolitical instability. Risk managers must now face the twin challenges of responding to immediate, short-term shocks at the same time as integrating longer term concerns, like adapting to climate change and the green transition, she continued. “Resilience and adaptability are key to managing these evolving threats,” said Hedemark. She used her speech to list some of the ways Ferma is helping members navigate the current risk landscape and preparing them for the future. A big focus is lobbying at EU level to get risk-based approaches integrated into key areas of European legislation, she explained. Ferma’s recently published its policy manifesto for 2024 to 2029 that aims to “make Europe risk ready for a brighter future”. The federation has also started to develop EU policy notes to help risk managers implementation key EU legislation. In addition, Ferma has recently established both a new ERM Committee and Foresight Committee to better deliver members. Meanwhile, it continues to share best practice and expertise across national member associations, and attempt to boots the professionalism of the risk management sector through its Rimap certification process, said Hedemark.

Hedemark urges members to join risk revolution at record forum

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