FERMA Launches Risk Management Tool For Remote Work

Remote work
Photo by Anete Lūsiņa on Unsplash

A simplified guide on risk mapping for remote workers has been released by the Federation of European Risk Management Associations (FERMA).

The tool is a simple questionnaire that may be used by organizations of any size. It divides risks into seven areas using a template of risks and opportunities associated with remote working: strategic, financial, security and safety, operational, regulatory and compliance, and technology.

Relevant questions prompt the user to assess how exposed their company is to specific risks in each category, as well as the potential consequences. According to FERMA, a heat map and a radar screen graphic are automatically created using a simple grading system of impact and likelihood for each of the risk categories.

Organizations can use the findings to focus more clearly on identifying and reducing the risks associated with their policies, as well as seizing opportunities.

The initiative is the result of FERMA’s investigation into the pandemic’s implications among its members. Although many organisations had been implementing remote working practises prior to the pandemic, risk managers say the virtually instantaneous move in response to government public health initiatives increased the level of risk. Workplace safety and cyber threats were cited as major concerns, particularly in light of the pandemic’s acceleration of digitization.

The tool was developed by a project group made up of senior risk managers from major corporations in Belgium, France, Italy, and Sweden, expanding on prior work done for SMEs by the French risk management association AMRAE.

The project team believes that the FERMA tool’s output can assist managers in organisations of all sizes in communicating critical risks and opportunities to senior executives and other departments.

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