Expert view - Creating an international network in risk management education
Through rimap®, FERMA is building the first network of risk management education providers and risk managers across Europe. Marcus Feldt of the Stockholm School of Economics Executive Programme explains the expectations for this new network.
“The Risk Management Diploma offered by the Stockholm School of Economics (SSE) Executive Education is one of the first six education programmes in risk management to receive accreditation from rimap.
Founded in 1909, SSE is a leading research body within finance, economics, general management and leadership. Our sub-brand IFU specialises in insurance education, and SSE Executive Education believes this new network will provide a solid framework for continued work on professional and academically relevant education within the risk management area.
The network will contribute to a more coherent and improved basis of competence, where knowledge sharing and best practice occur between education bodies and FERMA. We expect this new relationship to raise the level of awareness and knowledge about risk management at every level in the public sector and business world.
Contribution to the development
Our aim is to broaden our scope of courses to cover every significant aspect of risk management. That means traditional fields and fundamentals, but mainly new and topical subjects. The development of the risk management portfolio will have two drivers. One is the day-to-day work done by Executive Education/IFU in creating courses and seminars in current risk management subjects, such as cyber risks, culture and governance. Second is cooperation through SWERMA with networking activities and discussions to remain relevant to its members and have an updated educational offering.
We have been working closely with SWERMA for more than five years and have a joint agenda in developing the whole risk management profession. This applies not just to the role itself, but even more to awareness at top management and board level of the potential of risk management as a strong tool for developing companies, other organisations and, to a great extent, society.
In ten years
Our belief is that the risk management profession, or rather professions, will become more formalised in many areas, such as in financial services. A more precise specification of many risk roles will also occur, given new regulations and authorities’ recommendations, as risk management organisations mature. From the enterprise risk management perspective, we believe there will be further integration and formalisation of organisational functions working with risks within many organisations.
This will increase the scope for risk managers who will have to work more closely with other second line entities, as well as first line and business representatives. In this role, they will be not just highlighting compliance and security issues but also driving business development and adding value to their organisations. Thanks to this development, we believe that the profession will gain a higher acceptance and recognition in many organisations, including from the board of directors and top management.”
Marcus Feldt is Specialised Client Director for the Stockholm School of Economics.