FERMA has issued an enterprise risk management consultation paper focused on the role of the corporate risk manager, as part of its efforts to progress the maturity of the enterprise risk management function.

The consultation paper presents a series of key questions to relevant stakeholders in the risk management community, focusing on corporate governance, capabilities and communication.

The initiative seeks to help risk managers and senior management address the operational and hierarchical challenges preventing ERM from fully delivering its strategic benefits in an increasingly volatile and interconnected risk landscape.

Commenting on the challenge, Dr Ulrich Adamheit, chair of FERMA’s ERM Committee, said: “The increasing importance of identifying, assessing and mitigating potential threats to assets and operations means organisations must take every step needed to elevate the ERM function within their strategic hierarchy. This will include reassessing ERM’s position within their organisational structures, establishing more defined roles and responsibilities and eliminating obstacles to effective strategic engagement.”

Laurence Eeckman (pictured), FERMA board member, added: “Through the development of a White Paper, FERMA seeks to bring greater rigour to the definition of the corporate risk manager’s role, clarify its scope and demonstrate how risk managers can play a more integrated and impactful role in supporting decision-making at all levels. Achieving this will not only strengthen resilience but also enhance a company’s competitiveness in an increasingly demanding business environment.”

Developed by FERMA’s ERM Committee, the paper builds on the 2023 whitepaper. Feedback from this consultation process, which will involve member associations and selected key stakeholders, will inform the next report, scheduled for release later this year.

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