FERMA has released its EU policy manifesto which presents its priorities for the policymakers in the EU Institutions for the next institutional mandate (2024-2029) and outlines how the Federation can contribute to these.

The document – Making Europe risk ready for a brighter future – details four pillars which FERMA believes EU leaders must address to help bolster the overall resilience of the Europe Union. These include: simplifying the regulatory maze to keep European companies competitive; supporting the transition to net-zero by taking a risk management approach; building a more cyber secure and resilient EU; and bolstering the EU’s preparedness and response capabilities for future crises.

The manifesto raises concerns regarding the proliferation of EU rules and requirements over the last five years. While highlighting positive developments such as the adoption of risk-based approaches in policies and the use of risk assessments to guide policymakers’ decisions, FERMA believes simpler rules and simplified processes will help EU enterprises remain competitive.

It also highlights positive initiatives in the transition to net zero such as the EU climate risk assessment but urges amplification of the role of the risk manager in the process and raises concerns regarding the lack of insurance coverage to support companies in making the transition.

The manifesto also flags the importance of continuing to focus on cyber prevention and risk management in a dramatically altered digital threat landscape. FERMA urges a greater focus on the need to quantify cyber exposures more accurately, particularly as AI and cybersecurity issues increasingly overlap.

FERMA has called upon policymakers to develop common EU cybersecurity standards building on ENISA’s ‘Cybersecurity for SMEs’ report, while also proposing revisions to the EU cyber security strategy, integrating cyber risk management and insurance into the review. The Federation also highlights the need for an assessment into the feasibility of an EU cyber reinsurance pool, or alternative mechanism for catastrophic cyber risks.

Charlotte Hedemark, President of FERMA, said: “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.”

Image courtesy European Union

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