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Risk management evolves as role gains influence

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LONDON — The role of the risk manager is changing as they exert greater influence across their organizations, says a study released Wednesday by Ace European Group, the European arm of Ace Ltd.

According to the study, 71% of risk managers in Europe believe their influence is greater now than it was three years ago, while 21% of that total believe their influence has risen “significantly.”

And 79% of respondents said that risk managers increasingly are becoming “business partners” within their organizations and are working collaboratively with other management functions.

The survey highlighted that the role of risk manager is being taken more seriously, Andrew Kendrick, president of Ace European Group, said at the study's launch in London.

He said that collaboration between risk managers and insurers can help risk managers to “rise higher up the food chain” in their companies.

Some 78% of respondents said they believe certification and the professionalism of standards were key to the future of risk management.

Speaking at the launch, Julia Graham, president of the Federation of European Risk Management Associations and chief risk officer at law firm DLA Piper L.L.P. in London, said certification would help elevate risk management's status to that of a profession rather than a discipline.

FERMA will launch a certification program for risk managers at its forum in Venice, Italy, Oct.4-7.

The study received responses during early summer 2015 from 500 risk managers across Europe.