Risk Management is the process by which organisations identify and manage a broad portfolio of significant risks that might have an impact on the organisation’s success. Risk management is foundational for organisations of all sizes to ensure they are prepared to and/or capitalise on possible events. In essence, risk management is helping to build a resilient organisation designed to survive and thrive in a rapidly changing business environment.
By the end of 2020, PwC partnered with BELRIM and conducted this study to better understand the changing role and activities of Belgian risk managers in the ‘new normal’, and to identify their priorities. This resulted in a unique survey on the risk profession in Belgium, and in particular, questions are designed to understand how Belgian organisations have developed and implemented risk management frameworks and processes. Also, it assesses the impact of COVID-19 on risk management.
The study involved both a survey and a BELRIM focus group interview. This report summarises the main insights, takes a snapshot of risk managers’ perspectives in the midst of the pandemic crisis and helps to understand how the risk management profession might evolve in the aftermath of COVID-19 from risk to resilience.
Belgian risk and insurance managers were the primary focus group of this survey.
50% of respondents combine both functions, while 31% are risk managers mainly dealing with enterprise risk management. 19% are insurance managers.
To the extent feasible, we sought participation from a wide range of different industries and sectors. Amongst others, the industrial manufacturing sector, the financial services, technology and engineering & construction industry represent more than 55% of total participants.