Risk managers in UK receive more contract certainty than European counterparts: FERMA

Risk managers in the United Kingdom enjoy greater contract certainty than their European counterparts, according to a Federation of European Risk Management Associations (FERMA) survey.
The survey results were presented at a recent FERMA conference in London, as reported by the U.K. risk management association AIRMIC in its October 2010 bulletin.
The survey found 65% of U.K. respondents received the documentation for their master policies within a month of inception, compared to 46% of European risk managers polled.
Nearly half (45%) of the survey respondents said risk function now reports to the board or executive committee of their respective organizations.
“The main drivers are legal, regulatory and compliance requirements, cited by 71% of respondents as a major factor,” AIRMIC reported.
“The wider business benefits of ERM are still nowhere near to being the main reason for board interest in risk management, though shareholder pressure appears to be on the rise.”