Industry and Academic Leaders Establish Latvia’s First Risk Management Association

The Latvian Risk Management Association (LRMA) has been officially established as the country’s first dedicated professional body focused on advancing the culture, standards, and practical application of risk management in Latvia. Among its founders are representatives from both the business community and academic sector, including Olegs Cernisevs, Founder of StarBridge, CTO of Blackcat, and Doctor of Science.

Until now, Latvia has not had a unified association representing the interests of risk professionals across disciplines. LRMA was created to fill this gap by fostering collaboration between practitioners, researchers, and educators, bringing scientific insights closer to real-world organizational challenges.

Olegs Cernisevs, one of the founders of LRMA, said: “Risk management is evolving rapidly. Organizations must navigate an ever-expanding range of risks while keeping up with European regulations like NIS2 and DORA. The old mindset of trying to eliminate risks altogether is no longer viable. What we need is a realistic, science-driven approach that helps businesses operate with confidence. Our Association is committed to shaping that framework for Latvia and contributing to it across Europe.”

A key strategic objective of the Association is to join the Federation of European Risk Management Associations (FERMA). By doing so, LRMA aims to contribute Latvia’s expertise to the broader European risk-management conversation and ensure that Latvian professionals have direct access to European-level guidance, trends, and initiatives.

Latvian higher-education institutions are also expected to play an important role in the Association’s development. Previously, the absence of a national risk-management association meant that students had to register with foreign organizations to access a FERMA-aligned study program. LRMA aims to change this by creating a direct pathway for students to join the Association and by aligning the program more closely with Latvia’s needs and professional landscape.

With its establishment, the Latvian Risk Management Association marks an important milestone for the country’s professional landscape. By uniting experts from academia and industry, promoting evidence-based practices, and building strong connections with European partners, the Association aims to raise the maturity of risk management in Latvia and ensure that local organizations are equipped to navigate an increasingly complex environment. LRMA invites professionals, researchers, and institutions to join its work in shaping a resilient and forward-looking risk management community.