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A lack of senior management attention, compounded by a lack of skilled resources, is hampering risk managers’ ability to manage emerging risks in Europe, the Middle East and Africa, according to research by the European operations of Ace Ltd.
In its “EMEA Emerging Risks Barometer 2013,” Ace found that 57% of respondents believed a lack of senior management attention is one of the biggest barriers to managing emerging risks.
Almost half — 46% — of respondents said a lack of human resources assistance and skills is a major barrier to managing emerging risks, while 40% cited a lack of risk management tools and processes as a major barrier to managing such risks.
Thirty-eight percent of respondents cited a lack of knowledge and information about risks, while 34% cited an insufficient budget and 13% cited a lack of insurance options as barriers to managing emerging risks.
“Our research suggests that emerging risks have not yet become embedded in board-level discussions on wider risk management issues,” Andrew Kendrick, president of Ace European Group, said Tuesday in a statement. “By paying greater attention to this complex and interlinked array of emerging threats and challenges, risk managers can help their organizations to put their strategic plans on a sustainable footing.”
Ace, which surveyed 650 risk managers across the region, asked them to name emerging risks they believe will have the most significant financial impact on their business over the next two years.
Forty-five percent of respondents cited infrastructure and supply chain risks; 42%, environmental; 40%, cyber; 40%, directors and officers liability; 34%, exports; 34%, business travel; and 28%, terrorism and political violence.
The study is available here.