FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives.
Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis for productive discussions between the incoming EU leaders and FERMA. Acting on behalf of 23 risk associations in 22 European countries, representing over 5,600 risk professionals.”
“The Federation is committed to facilitating constructive, risk-focused dialogue with policymakers that leads to decisive action across these four priority areas of regulation, the net-zero transition, cyber resilience, and crisis preparedness,” further added Beaupérin.
The Policy Manifesto, titled “Making Europe risk ready for a brighter future,” outlines four key areas FERMA believes EU leaders should focus on to enhance the resilience of the European Union. The priorities were identified through a survey and in-depth discussions with FERMA members.
These areas are:
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- Simplifying regulations to maintain the competitiveness of European companies
- Supporting the transition to net-zero through risk management strategies
- Enhancing cybersecurity and resilience within the EU
- Strengthening the EU’s preparedness and response to future crises
Charlotte Hedemark, President, FERMA, commented: “The incoming EU leaders are facing a risk landscape of almost unparalleled complexity heightened by growing geopolitical tensions, ongoing economic uncertainty, and the constantly expanding cyber threat.
“Our Manifesto aims to promote risk-focused solutions to help elevate resilience and boost competitiveness across the EU and apply FERMA’s comprehensive risk expertise to drive positive action on these four critical pillars.”
The Manifesto highlights concerns over the growing complexity of EU regulations. While recognising positive developments such as risk-based policies, FERMA calls for simpler rules and streamlined processes to keep European businesses competitive.
It suggests that the Fit for Future Platform (F4F) provide the European Commission with recommendations to simplify overlapping policies and support legislation implementation with clear guidance.
The Manifesto supports initiatives like the EU Climate Risk Assessment but stresses the need for greater involvement of risk managers and better insurance coverage for companies transitioning to net zero.
FERMA proposes the creation of an Expert Group on Climate Protection Gaps and a parliamentary hearing on insurance challenges for the net-zero transition.
Further to this, FERMA emphasises the importance of improving cyber prevention and risk management amid evolving digital threats.
It calls for developing common EU cybersecurity standards, revising the EU Cyber Security Strategy to include cyber risk management and insurance, and assessing the feasibility of an EU cyber reinsurance pool.
The Manifesto advocates for stronger geopolitical resilience through enhanced risk management and cross-border collaboration.
FERMA supports the ‘Preparedness Union’ proposal, calls for a permanent risk manager within the European Commission, and urges more tools, funds, and guidelines to help businesses handle supply shocks during emergencies.
