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Press release22 October 2012Risk management is linked to better corporateperformance, FERMA survey findsMaturity of risk management processes is correlated withsustainable improvements in corporate performance, the 2012Risk Management Benchmarking Survey of the Federation ofEuropean Risk Management Associations (FERMA) hasrevealed.The results of the survey, conducted in cooperation with AXACorporate Solutions and Ernst & Young, were announcedtoday (Mon) at the FERMA Seminar being held on 22 and 23October in Versailles, outside Paris. This is the sixth edition ofthe survey, which has taken place every other year since 2002.The 2012 survey showed that companies with the mostadvanced risk management had the strongest level of growthfor the past five years, as measured in terms of earnings beforeinterest, taxes, depreciation and amortisation (EBITDA).From a record number of 809 responses from risk andinsurance managers in European 20 countries, the surveyfound that: 28% of companies with advanced risk management practices reported an EBITDA growth rate of more than 10%, compared to 22% whose risk management was classed as mature, 15% for moderate and 16% for emerging. Among companies with an EBITDA growth rate of more than 20%, three-quarters (74%) have mature or advanced risk management practices.The President of FERMA, Jorge Luzzi, said: “We have longbelieved that good risk management contributes to sustainable
corporate growth. Now we have clear evidence that there is acorrelation. This is a particularly important finding in light ofthe pressures on corporate results during the last five years.”Other key messages from the survey include:In the current financial and economic climate, top managementwants more information on the risks and risk management ofthe business, according to 46% of respondents. In 53% of thecompanies with mature or advanced risk management (2010 –45%), the function now reports to the board, a boardcommittee or a top executive.However, the survey found that there is considerable work tobe done before companies across Europe fully understand theimplications of the European 8th Company Law Directive andintegrate them into their business.When it comes to the insurance market in the currentfinancial climate, European businesses say they wantsustainable relationships with stable partners. They are notlooking generally to increase risk transfer (17%), but they wantlong term arrangements (40%) and more robust insurancepartners (32%). More than half (57%) reported strengtheningtheir loss prevention activities.The respondents’ message to insurers is improve efficiency butdon’t forget innovation. They want more efficiency in theclaims settlement process (43%), more tailored policy wording(36%) and innovative coverage (30%). Neither more capacity(14%) nor greater geographical coverage (12%) is a highpriority for respondents, which is a measure of the insurancemarket resilience following the catastrophe losses of 2011.Jorge Luzzi said: “We believe the FERMA survey is mostextensive measure of the current state of risk management inEurope and of commercial insurance buyers’ views of theinsurance market. The findings are valuable, and provideactionable information for us and our companies.”He paid tribute to the survey’s sponsors. “We thank AXACorporate Solutions and Ernst & Young very much for theircontinued support for this survey. It is an important piece ofresearch and the detailed findings are evidence of theresources which they have contributed.”
Notes to journalistsThe 2012 FERMA Benchmarking Survey took place between20 April and 17 June 2012. It took the form of an onlinequestionnaire which was open to members of the FERMAmember associations and other approved risk and insurancemanagers. An independent, third party organisation managedthe questionnaires and analysed the results.There was a total of 809 replies, although not all respondentsanswered every question. The companies represented cover awide range of industry sectors. Most are large or very large;55% have an annual turnover above €2bn; 59% have more than5,000 employees; 45% have operations in more than 20countries and 54% are listed on at least one stock exchange.The FERMA Seminar is an event exclusively for risk andinsurance managers and sponsors. It takes place every otheryear, alternating with the larger FERMA Risk ManagementForum which is an open to everyone. The next FERMAForum will take place in Maastricht in the Netherlands from 29September until 2 October 2012.For more information, contactLee CoppackFERMA media firstname.lastname@example.org or +44 (0)20 8318 0330 or+44 (0)7843 089904OrFlorence BindelleFERMA executive email@example.com or +32 (2) 761 94 31About FERMA
The Federation of European Risk Management Associations(FERMA) brings together 22 national risk managementassociations in 20 European countries. FERMA has 4,500individual members representing a wide range of businesssectors from major industrial and commercial companies tofinancial institutions and local government bodies. Thesemembers play a crucial role for their organisations withrespect to the management and treatment of complex risksand insurance issues.Member associations are from the following countries:Belgium (BELRIM), Czech Republic (ASPAR CZ), Denmark(DARIM), Finland (FinnRiMa), France (AMRAE), Germany(DVS/BfV), Italy (ANRA), Luxembourg (PRiM), Malta (MARM),Netherlands (NARIM), Norway (NORIMA), Poland(POLRISK), Portugal (APOGERIS), Russia (RusRisk), Slovenia(Sl.RISK), Spain (AGERS and IGREA), Sweden (SWERMA),Switzerland (SIRM), Turkey (ERMA) and United Kingdom(Airmic).