Integrated risk management critical for business resilience: Ferma and WEF

The Federation of European Risk Management Associations (FERMA) welcomes the call in the Global Risk Report 2016 for a culture of integrated risk management to create resilience in a world that is facing risks which are manifesting themselves in new, often unpredictable and potentially very harmful ways.

FERMA strongly supports the view stated in the World Economic Forum report that an integrated culture of risk management must span the whole organisation, including its supply chains. It cannot afford to have different policies, operating procedures and managers for different types of risk. Instead all parts of an organisation must work collaboratively on risk management through integrated planning.

FERMA president Jo Willaert said: “As risk managers, one of our principle roles is to see that risks are managed across the organisation and support the board and senior management in embedding and maintaining a transparent risk culture. We therefore welcome the conclusions of the Global Risk Report 2016, which underlines the need for companies, organisations and governments to follow a holistic approach to risk management so as to build resilience at national and global levels.”