Preliminary Results of the Belgian Risk Management Survey 2021 Introduction

On Thursday, January 21^st we kicked off with our first closed exchange of 2021, revealing the preliminary results of the Belgian Risk Management Survey as initiated by BELRIM in partnership with PWC Belgium.

The exchange was hosted by Adriana Cavaliere, BELRIM Board Member and Corporate Risk Manager at skeyes together with Marc De Pauw, Director Risk Assurance Services at PWC and Matthias Coene,  Senior Manager Risk Assurance Services.

A successful first exchange thanks to the great and active participation of members of various industries, with a key focus on better understanding of the changing role and needs of Belgian Risk Managers in the “new normal”

During the exchange we zoomed into 4 main topics:

1. The perception of risk management in organisations and the possible changes due to COVID-19
2. The need for integrated risk management and how to work with other 2^nd line functions
3. The need for strategic risk management – including assessment of business continuity and organizational capabilities
4. New risks on the horizon

Some takeaways:

1. COVID-19 has clearly strengthened the role of Risk Management. Less obvious risks, black swans, are getting more attention. The upside of COVID-19.
2. Cooperation with other 2^nd line functions is important. The integrated cooperation is strongly determined by the organisational structure. Overall there is a need to have the cooperation more formalized driven by regular meetings and consultations.
3. Organizational resilience is key with particular attention to the wellbeing of people, the new way of working. Strategic risk management, including scenario-based planning, is becoming more and more important in supporting organizational resilience. As important is the effective management of a crisis by considering existing blocks of solutions, serving multiple scenarios, serving business continuity. A customer driven approach will favour buy-in of stakeholders.
4. Risks have changed, have become more severe, rather than that there are new risks. Changed risk comes with new challenges, requiring new solutions. A major challenge lies in obtaining or maintaining the right insurance cover following the post COVID hardening of the insurance market.

A great evening of sharing experiences and insights, allowing us to build better, together.

Bear in mind that this evening was not the end, but just the beginning. This preliminary session will be followed by a final one upon closure of the survey. The date of this exchange will be communicated shortly.

And there is even more

• You will receive a free report with the consolidated key findings and recommendations
• You will have the opportunity for a free meeting with risk management experts from PWC Belgium
• And you will have a chance to be invited to one or our “Risky Business” podcast episodes.

Adriana Cavaliere, Board Member BELRIM