FERMA Unveils Tool for Mapping Risks Associated with Remote Working

The Federation of European Risk Management Associations (FERMA) has launched a risk management tool meant to provide a simplified guide to mapping risks associated with remote working.

The tool is a simple questionnaire that can be used by organizations of any size. It sets out a template of risks and opportunities linked to remote working divided into categories: strategic, financial, security and safety, operational, regulatory and compliance, and technological. A scoring system of impact and likelihood in each of the categories automatically creates a heat map and a radar screen visual, according to FERMA.

Organizations can use the results provided by the tool to focus more clearly on identifying and mitigating risks related to their remote working policies and take advantage of opportunities. Output from the tool can also help risk managers communicate with senior executives and others in the organization about risks and opportunities, FERMA said.

The risk mapping tool project stems from FERMA's research among members about the implications of the COVID-19 pandemic. That research revealed that although many companies had been developing remote working policies before the pandemic, the rapid switch to remote work in response to government public health measures heightened levels of risk, FERMA said.

Among the risks increased by the rapid move to remote work were workplace safety and cyber risks, especially with the pandemic's impact on the expansion of many organizations' digitalization.

The risk mapping tool is available on demand. More information about the remote working risk mapping tool can be found on FERMA's website.