FERMA urges Hungarian Presidency to ensure holistic approach to European competitiveness

The Federation of European Risk Management Associations (FERMA) has called upon the Hungarian Presidency to ensure holistic approach to European competitiveness and simplification of regulatory maze.

The organisation recently published its Contribution to the Hungarian Presidency of the Council of the EU which focuses on two key elements of the Presidency’s Programme: the ambition to make Europe more competitive and the intention to reinforce Europe’s defence policy.

Within the document, FERMA emphasised the critical role that the Presidency must play in promoting the competitiveness of European industry, while stating that this undertaking will require “a holistic approach”.

The Federation also noted that “attention must be paid to the simplification of the regulatory maze to keep European companies competitive”.

Moreover, as part of this process, FERMA has called upon the Hungarian Presidency to focus its efforts towards supporting the implementation of adopted legislation concerning the green and digital transition, with particular focus on the EU AI Act, the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD) and Solvency II.

As well as this, the Federation also noted: “FERMA is supportive of the Antwerp Declaration calling for ‘a new spirit of law-making’. FERMA calls on the Hungarian Presidency of the EU to keep this ethos at the core of its work, including any new initiatives, towards making Europe more competitive.”

Shifting towards more detail on AI-related developments and the implementation of the EU AI Act, FERMA stressed the important function the risk profession must have, noting: “Risk managers play pivotal roles within their organisations and society, leveraging the potential of AI, while ensuring its safe, ethical and fair use. Their participation in AI-related policymaking is crucial, particularly in discussions relating to the liability regime governing AI.”

Moving forward, FERMA also recognised the Hungarian Presidency’s commitment to maintaining dialogue on cybersecurity, calling for “a shift in focus from prioritising cyber crisis management processes, to emphasising preparedness first”, expressing that it hoped that such a move could be reflected in dialogue relating to the EU Cybersecurity policy.

Meanwhile, the Federation also called upon for the Presidency to adopt a risk-based approach to addressing Europe’s increasing exposure to crises, in order to help ensure operational continuity and minimise disruptions.

With expectation of further impacts in the latter half of 2024, it suggested that, “the EU provides tools, like funds and guidance, to help businesses manage supply shocks during crises or emergencies.”

Charlotte Hedemark, President of FERMA, commented: “The Hungarian Presidency has set ambitious goals and FERMA is committed to supporting it. While there is much focus on the challenges the EU faces, it is important we equally recognise the significant opportunities for progress that exist. The risk management community has a fundamental role to play in capitalising on these opportunities and FERMA will be an active participant in dialogue with the Hungarian Presidency.”

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