European companies are prioritising risk management as never before, although some weaknesses remain.
These findings come from research on risk management leadership conducted with risk managers from the Federation of European Risk Management (FERMA) and the public sector associations PRIMO by Harvard Business Review Analytic Services sponsored by insurer Zurich.
In their responses, more than 200 executives at major European organizations emphasise how top management and the board are increasingly setting direction and taking tighter control of risk management, integrating it with overall company strategy and embedding it deeper into corporate culture.
The survey indicates that, at 35 percent of organizations, either a chief risk officer or a risk manager has direct responsibility for risk management. At 27 percent, either the CEO or the CFO/treasurer has direct responsibility, while the board itself is responsible at 14 percent.