It was recently announced that Typhaine Beaupérin (pictured) will step down as chief executive officer and secretary general of The Federation of European Risk Management Associations in June.
After almost a decade in the industry, Beaupérin reflected on the drastic changes she has seen in the risk management sector.
She told Insurance Business: “During my time at FERMA, we’ve witnessed increasing complexity in the business environment, greater unpredictability - exemplified by events such as the pandemic - and the rising interconnectedness of risks. These factors have all contributed to the elevation of the risk management profession.”
Speaking on how to deal with risk, she said: “The ability to collaborate and foster continuous learning in a dynamic and evolving risk landscape is crucial… for me, this ongoing development and collective growth have been among the most meaningful aspects of serving as CEO of FERMA.”
For Beaupérin, it is vital for all sectors and industries to evaluate risk: “It is important to acknowledge that all sectors and industries are facing increasing complexity, scale, and unpredictability in the risk environments in which they operate. As a result, there is an urgent need for organisations to continuously enhance the maturity of their risk strategies. The era of simply maintaining a risk register and relying on static risk assessment processes is firmly behind us.”
She also argues that with such risk, there must be a collaborative approach: “Today’s interconnected risk landscape, the rapid escalation of emerging threats, and their potential for global impact demand a more proactive, integrated approach. This calls for cross-functional collaboration, with risk managers leading efforts to break down organisational silos and adopt a holistic, enterprise-wide view of risk - one that informs strategic decision-making at the highest levels.”
In addition, Beaupérin believes organisations should extend risk horizons: “Emerging risks - whether from climate change, geopolitical shifts, or accelerating digitalisation - require attention over much longer timeframes than the typical 12-month forecasting cycles many companies rely on.”
Beaupérin also believes brokers must act as risk advisors: “The role of the broker is evolving - moving beyond its traditional function as an insurance intermediary to encompass a broader range of risk advisory services.
“This includes helping to develop forward-looking strategies to anticipate, mitigate, and manage emerging risks more effectively. A key part of this expanded role involves bringing richer risk data into the conversation, alongside the technologies that can transform that information into actionable insights.”
However, brokers should still perform their role as intermediaries: “That said, the broker’s role as an insurance intermediary remains vital,” she said. “In this capacity, it is essential that they champion the work of risk managers - highlighting efforts to reduce exposure and increase organisational resilience. This advocacy is crucial to ensuring that insurance premiums accurately reflect the true risk context in which businesses operate.”
As brokers expand their advisory roles, risk managers must evolve and lead these integrated efforts
Beaupérin believes that risk managers should be involved in strategic decision-making.
In order to achieve this, she argues they must develop a leader’s mindset: “They must have a deep understanding of the business model and a clear view of strategic objectives. This allows them to craft risk strategies that not only strengthen organisational resilience but also support sustainable growth.”
Beaupérin also implores that risk managers should delve deeper into risk. “Consider how risk can be a driver of opportunity,” she said. “How can businesses extract value from risk situations in ways that generate competitive advantage?”
To achieve this, Beaupérin emphasises that it is about organising the risk framework: “The answer lies in connecting the dots - embedding risk and resilience into the core strategic framework. By doing so, risk managers can help create opportunities for growth, innovation, and increased competitiveness.”
According to Beaupérin technology is heavily involved in many risk management processes. “Technology is playing an increasingly prominent role in supporting risk managers across a wide range of functions, including risk analysis and assessment, risk mapping, reporting, and impact quantification.
“As risks become more interconnected and complex, the use of advanced technologies to turn risk data into actionable insights will be essential. These tools can help risk managers make faster, more informed decisions and better anticipate potential threats and opportunities.”
Beaupérin , however, cautions that technology comes with its own risks and it is once again about collaboration when it comes to management: “At the same time, risk managers are also tasked with navigating the evolving risk landscape shaped by digital transformation. This includes managing new exposures and cyber threats that arise from increased digitalisation. As a result, collaboration between the risk and IT functions is both frequent and critical, forming an integral part of the risk manager’s daily operations.”
