Bio-tech companies believe risk management is the secret of long-term success.
According to a survey by Chubb Insurance Company of Europe, 75% of biotech companies regard strong risk management as critical to their ongoing success, and 67% say they believe they already have a strong programme in place.
The results were revealed by Chris Tait, Life Science account manager for Chubb Insurance of Europe, at a forum for chief financial officers of biotechnology companies in London.
He said the survey found biotech companies typically seek risk management advice from one of three sources:
Insurance brokers (one-in-three of the sample)
Colleagues within their organisation
Risk management consultancies
Tait added: "While many companies claim to have a strong risk management programme in place, clearly a significant number of them would benefit from taking an even more rigorous and robust approach. For example, only 26% are likely to purchase added value services for risk assessment and far too many people rely on informal methods."
