Executives at European companies seem to be a bit more confident about their use of the risk management discipline than many other countries.

The Federation of European Risk Management Associations’ fifth biennial benchmark surveyed 782 risk managers at companies and public organizations in 19 European countries.

The following are the results:

• 78% of European risk managers say they believe risk management is properly embedded within their companies
• 45% percent of respondents said risk management reports to the company CEO while 35% said risk management reports to the chief financial officer
• 47% said the financial crisis had increased the standing of risk management within their organizations
• Concerning insurance rates, 48% said they were concerned about a “looming hard market” and one-third said they would like to lock in the price of their insurance program for the long term
• Of respondents that operate captives, 60% described Solvency II as potentially a “major issue;” 42% said they were concerned about Solvency II’s potential effects on capacity and rates

Solvency II, also known as the “Basel for insurers” is slated to go into effect in 2012

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