Though already ranked in the top 1% of countries in the FM Global Resilience Index, the nation of Luxembourg refuses to rest in its quest to manage risks like natural hazards, fires, cyberattacks, and the warming climate.
A desire to improve in every area prompted a royal delegation from the country to visit FM Global last fall. The meeting took place in Rhode Island, USA, at FM Global's Research Campus—the state-of-the-art center featuring simulations to ultimately help companies prepare and protect their facilities against fire, hydraulic, electrical, and natural hazards. The delegation witnessed fire, explosion, and earthquake simulations, gaining visceral evidence of risk management’s business value.
During the visit, Minister Franz Fayot signed a joint Statement of Intent with Kevin Ingram, senior executive vice president and CFO of FM Global, in the presence of Crown Prince Guillaume. The agreement outlined potential future paths of R&D cooperation between FM Global and Luxembourg.
Also last fall, FM Global signed another important document related to Luxembourg. The memorandum of understanding outlined a new partnership between that country’s premier scientific body, Luxembourg Institute of Science and Technology (LIST), and FM Global. The partners will collaborate on a wide array of projects focused on property risk management and business continuity.
Toward a 'digital, resilient, and sustainable society'
The partnership with LIST aims at improving knowledge of risks, opportunities, and consequences around climate change, industrial automation, and other variables affecting business value. "This new partnership is fully aligned with our ambition to become a model of research and innovation for a digital, resilient, and sustainable society," says the institute's former CEO, Thomas Kallstenius.
As part of the collaboration, the combined LIST and FM Global research team will develop a joint roadmap of projects. The work will draw on LIST's multidisciplinary expertise in environmental science, material science, and information technology.
"Partnering with LIST will build upon our common research emphasis and expertise in these areas, supplement our research on fire, explosion, equipment, and other hazards performed in the U.S., and complement our natural hazards research in the U.S. and Asia," says Louis Gritzo, chief science officer at FM Global.
Extending the relationship
The partnership will also strengthen FM Global's presence in Europe, constituting "a foundational building block to enhancing our research there to better assess and protect against the rapid changes that automation, cyberattacks, and climate risk pose worldwide."
FM Global has been present in Luxembourg since 2017 with a European headquarters through which eight different branches across the EU are managed.
Says Gritzo, "Integrating new teams, new knowledge, and new work will enhance both of our organizations and yield dividends to business and society in Luxembourg, Europe, the U.S., and beyond."