FERMA's Policy Manifesto Calls on EU to Simplify Regulations and Enhance Risk Management

The Federation of European Risk Management Associations (FERMA) has released its European Union (EU) Policy Manifesto, urging EU leaders to simplify regulatory complexities, support the net-zero transition, bolster cyber security, and enhance crisis preparedness. The manifesto, titled "Making Europe Risk Ready for a Brighter Future," outlines priorities for the next institutional mandate (2024–2029).

The manifesto focuses on four key areas:

• Simplifying regulations to maintain competitiveness
• Supporting net-zero transition with a risk management approach
• Enhancing EU cyber resilience
• Strengthening crisis preparedness and response

FERMA's concerns over increasing regulatory complexity highlight the need for simpler rules. It calls on policymakers to use the Fit for Future Platform to provide actionable recommendations for simplifying overlapping policies and to support implementation with clear guidance.

For the net-zero transition, FERMA emphasizes the importance of risk management and the need for insurance coverage. It suggests the creation of an Expert Group on Climate Protection Gaps and a parliamentary hearing on insurance challenges related to the net-zero transition.

In addressing cyber security, FERMA urges better quantification of cyber exposures and the development of common EU cyber security standards. It also proposes revisions to the EU Cyber Security Strategy and the exploration of an EU cyber-reinsurance pool.

To enhance crisis preparedness, FERMA supports the "Preparedness Union" and calls for a permanent risk manager within the European Commission. It also urges the EU to provide tools, funds, and guidelines to help enterprises manage supply shocks during emergencies.

Charlotte Hedemark, president of FERMA, said, "The incoming EU leaders face a complex risk landscape. Our manifesto aims to promote risk-focused solutions to elevate resilience and competitiveness across the EU."

Typhaine Beaupérin, CEO of FERMA, added, "We will use our manifesto to facilitate constructive dialogue with policymakers, acting on behalf of 23 risk associations in 22 European countries, representing over 5,600 risk professionals."