Presentation of the eighth biennal benchmarking survey conducted by the Federation of European Risk Management Associations (FERMA).
More information on ey.com/FR/Advisory
2015 European Insurance CRO survey – Findings and key themesEY
Get insights about the current state and changing dynamics of risk functions and the evolving role of group CROs.
For more information, please visit our website: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/ey-insurance-cro-surveys-findings-from-europe-us
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
EY Global Capital Confidence Barometer (12th Edition)EY
Innovation, complexity and disruption define the new M&A market.
Our 12th Global Capital Confidence Barometer finds the global M&A market maintaining the positive momentum that developed during 2014. For the first time in five years, more than half our respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand.
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Waves of change: revisited – Insurance opportunities in Sub-Saharan AfricaEY
EY and Oxford Economics surveyed 125 insurance executives in seven countries in sub-Saharan Africa to identify factors powering the growth of the insurance sector and determine how companies are balancing opportunities and risks.
2015 European Insurance CRO survey – Findings and key themesEY
Get insights about the current state and changing dynamics of risk functions and the evolving role of group CROs.
For more information, please visit our website: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/ey-insurance-cro-surveys-findings-from-europe-us
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
EY Global Capital Confidence Barometer (12th Edition)EY
Innovation, complexity and disruption define the new M&A market.
Our 12th Global Capital Confidence Barometer finds the global M&A market maintaining the positive momentum that developed during 2014. For the first time in five years, more than half our respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand.
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Waves of change: revisited – Insurance opportunities in Sub-Saharan AfricaEY
EY and Oxford Economics surveyed 125 insurance executives in seven countries in sub-Saharan Africa to identify factors powering the growth of the insurance sector and determine how companies are balancing opportunities and risks.
Исследование Insurance Banana Skins 2015PwC Russia
В исследовании Insurance Banana Skins 2015, направленном на изучение рисков в сфере страхования в 2015 году и проведенном Центром по изучению финансовых инноваций (ЦИФИ) совместно с фирмой PwC, участвовало более 800 респондентов из числа страховщиков и сторонних наблюдателей из 54 стран мира. Цель исследования заключалась в том, чтобы выяснить, какие риски, по их мнению, представляют наибольшую опасность для страхового сектора в ближайшие 2‒3 года.
Новое исследование основных рисков в сфере страхования показало, что в число самых серьезных рисков для страховщиков теперь входят киберриски и процентные ставки. Эти риски появились в рейтинге пятого обзора впервые за все время проведения исследований. Таким образом, становится очевидно, насколько большую озабоченность они вызывают в отрасли, если они рассматриваются в одном ряду с изменениями в нормативно-правовом регулировании и макроэкономикой в более широком контексте.
What are the key components of holistic risk management? This report, sponsored by SAP, investigates the organisational measures companies must take to address the totality of the risks they face. Read more>> http://bit.ly/1LsYvUx
Eight years after the global financial crisis triggered a slate of new rules and regulations, a Brunswick Group survey of 2,039 respondents from four countries finds continuing deep skepticism across the globe about the benefits of big banks and the effectiveness of financial regulation.
Key findings:
Eight years post-crisis, anxiety persists
Regulation attractive but not impactful
Desire for smaller, local banks but also multiple services
Uncertain implications of Brexit
Headline-grabbing scandals can cause massive damage: a deposed CEO, a replaced communications head or billions of euros lost. But how to anticipate reputational risks – or even avoid them – before a crisis hits?
Article written by Phil Riggins, a partner in Brunswick’s London office, for Communication Director magazine Issue 04/2015
http://www.communication-director.com/issues/hidden-powers/seeing-dark#.Vm_zvEqLSUk
Aligning operating models and strategic prioritiesEY
EY Wealth & Asset Management’s comparison of globally integrated and multi-boutique operating models can help firms determine what’s more important: synergy or autonomy.
The roadmap to success in 2018 from the wealth management cmo perspective finalApril Rudin
Bob Dannhauser - head of Private Wealth for CFA Institute, David Lo - director at Scorpio Partnership and I do a deep dive into how to view #wealthmanagement marketing in 2018
Building an opportunity oriented reputation culture.
In order to answer questions about communications professionals’ current understanding of corporate reputation and how to build an organizational culture focused on proactive reputation building, Brunswick Insight, surveyed senior in-house European communications professionals. The results of our study suggest that the most forward-thinking organizations are positioning their entire organization to build reputation proactively.
EY Wealth & Asset Management explores how digital technology is accelerating the transformation of wealth management. Read the full report at ey.com/wealthITsurvey
Onopia - 55 Questions pour imaginer ou faire évoluer votre Business Model. Ces 55 questions sont à utiliser conjointement avec le Business Model Canvas d'Alex Osterwalder.
Исследование Insurance Banana Skins 2015PwC Russia
В исследовании Insurance Banana Skins 2015, направленном на изучение рисков в сфере страхования в 2015 году и проведенном Центром по изучению финансовых инноваций (ЦИФИ) совместно с фирмой PwC, участвовало более 800 респондентов из числа страховщиков и сторонних наблюдателей из 54 стран мира. Цель исследования заключалась в том, чтобы выяснить, какие риски, по их мнению, представляют наибольшую опасность для страхового сектора в ближайшие 2‒3 года.
Новое исследование основных рисков в сфере страхования показало, что в число самых серьезных рисков для страховщиков теперь входят киберриски и процентные ставки. Эти риски появились в рейтинге пятого обзора впервые за все время проведения исследований. Таким образом, становится очевидно, насколько большую озабоченность они вызывают в отрасли, если они рассматриваются в одном ряду с изменениями в нормативно-правовом регулировании и макроэкономикой в более широком контексте.
What are the key components of holistic risk management? This report, sponsored by SAP, investigates the organisational measures companies must take to address the totality of the risks they face. Read more>> http://bit.ly/1LsYvUx
Eight years after the global financial crisis triggered a slate of new rules and regulations, a Brunswick Group survey of 2,039 respondents from four countries finds continuing deep skepticism across the globe about the benefits of big banks and the effectiveness of financial regulation.
Key findings:
Eight years post-crisis, anxiety persists
Regulation attractive but not impactful
Desire for smaller, local banks but also multiple services
Uncertain implications of Brexit
Headline-grabbing scandals can cause massive damage: a deposed CEO, a replaced communications head or billions of euros lost. But how to anticipate reputational risks – or even avoid them – before a crisis hits?
Article written by Phil Riggins, a partner in Brunswick’s London office, for Communication Director magazine Issue 04/2015
http://www.communication-director.com/issues/hidden-powers/seeing-dark#.Vm_zvEqLSUk
Aligning operating models and strategic prioritiesEY
EY Wealth & Asset Management’s comparison of globally integrated and multi-boutique operating models can help firms determine what’s more important: synergy or autonomy.
The roadmap to success in 2018 from the wealth management cmo perspective finalApril Rudin
Bob Dannhauser - head of Private Wealth for CFA Institute, David Lo - director at Scorpio Partnership and I do a deep dive into how to view #wealthmanagement marketing in 2018
Building an opportunity oriented reputation culture.
In order to answer questions about communications professionals’ current understanding of corporate reputation and how to build an organizational culture focused on proactive reputation building, Brunswick Insight, surveyed senior in-house European communications professionals. The results of our study suggest that the most forward-thinking organizations are positioning their entire organization to build reputation proactively.
EY Wealth & Asset Management explores how digital technology is accelerating the transformation of wealth management. Read the full report at ey.com/wealthITsurvey
Onopia - 55 Questions pour imaginer ou faire évoluer votre Business Model. Ces 55 questions sont à utiliser conjointement avec le Business Model Canvas d'Alex Osterwalder.
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
Deutscher Mittelstand: Geschäftslage auf Rekordniveau
Die Geschäfte im deutschen Mittelstand laufen so gut wie seit Jahren nicht. Mehr als jeder zweite Mittelständler ist derzeit uneingeschränkt zufrieden mit der Geschäftslage – der höchste Wert seit dem Jahr 2004. Lesen Sie im EY Mittelstandsbarometer, warum auch der Ausblick optimistisch bleibt.
Vous avez une vision ? Nous vous offrons la une !EY
Participez à l'édition 2016 du Prix de l'Entrepreneur de l'Année, organisée par EY et le magazine L'Express !
Le Prix de l'Entrepreneur de l'Année met en avant les champions de l'esprit d'entreprise, moteurs de la croissance et de la compétitivité française.
Pour plus d'informations, consultez le site dédié : www.ey.com/fr/eoy
Après le secteur du Divertissement et avant le monde Bancaire, le secteur du Tourisme a vécu une véritable transformation numérique en trois étapes.
Décryptage dans ce cahier de tendance de 66 pages, proposé par le média Maddyness.
wwww.maddyness.com
Deutsche Autobauer verteidigen Spitzenposition: Volkswagen erzielte den höchsten Halbjahresgewinn unter den weltweit größten Herstellern, BMW die höchste Marge
Chaque jour 8h30 Digitools.io ( Magazine 3.0 / Annuaire intelligent ) vous propose sur ses réseaux sociaux une Data liée à la transformation numérique des entreprises.
32 mesures proposées par Pacte PME pour faire émerger les nouveaux champions de l’économie française
Mardi 21 mars 2017, l’association Pacte PME, présidée par Christophe de Maistre, rend public son Livre blanc à destination des candidats à la Présidence de la République et des élus. Ce document propose une alliance solide et durable entre grandes entreprises et PME dans l’hexagone.
Votre réussite est remarquable ? EY célèbre la performance de l'agroalimentaire, en partenariat avec l'ANIA.
Plus d'informations : ey.com/fr/prixagroalimentaire
Synthese des propositions et actions du medefAdm Medef
SYNTHESE
Le MEDEF présente ses propositions et ses actions pour la digitalisation de l’économie française
Le MEDEF a défini une stratégie en faveur de la transformation numérique de l’économie française autour de 5 axes, déclinés en propositions de réformes et en actions :
- Axe 1 / Filière technologique : faire de la France la « Silicon Valley » de l’Europe autour des technologies et des plateformes de la filière IoT (Internet of Things, c’est-à-dire l’Internet des objets) ;
- Axe 2 / Ecosystème industriel : créer un écosystème attractif et compétitif en France autour du prototypage, de la préindustrialisation et de la fabrication de solutions IoT ;
- Axe 3 / Entreprises : Accompagner 100.000 TPE PME et ETI françaises dans leur transformation vers la « Smart economy » : le Programme METAMORPHOSE (sensibilisation, formation, accompagnement et financement)
- Axe 4 / Attractivité : rendre la France « business friendly » pour attirer les investisseurs et favoriser la croissance de nos start-up et PME en ETI et en grandes entreprises ;
- Axe 5 / Communication : mettre en place une stratégie de communication internationale autour de notre vision et de notre stratégie « smart economy ».
FERMA European risk and insurance report 2016 - full set of resultsFERMA
FERMA's 2016 European Risk and Insurance Report is designed to serve as a high-level overview for risk
and insurance managers and other executives. Our analysis includes benchmarking information drawn from
respondents across a variety of industries and companies. The data, therefore, reflects general trends about
the profession.
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
FERMA European Risk and Insurance Report (ERIR) 2016FERMA
FERMA's 2016 European Risk and Insurance Report (ERIR) is gathering the views of more than 600 European risk managers at a time of major changes in Europe.
The findings of this report, combined with FERMA’s mission and strategy, will shape our activities over the next two years.
One of the priorities that our members see for FERMA is to strengthen the professional standing of risk managers in Europe, and FERMA’s professional certification programme rimap® will be an important contribution to achieving that objective.
FERMA’s 2016 European Risk and Insurance Report is a source of valuable information and topics for further discussion to build the profession.
GDPR & corporate governance: the role of risk management and internal audit o...FERMA
The webinar discussed the full results and recommendations of a joint project between FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA), to assess how the EU General Data Protection Regulation (GDPR) impacted our professions, one year after its enforcement. This webinar helped to know:
- To which extent the risk manager and the internal auditor are involved in the GDPR corporate implementation
- How GDPR has affected the interactions between risk management, internal audit and Data Protection Officer (DPO)
- What are the best practices and recommendations to embed personal data protection in the risk and audit governance of your organisation
After one year of GDPR implementation, FERMA and ECIIA sent in May a common basis of five questions to their risk and internal audit members.
The objectives were to:
- Evaluate the roles of the risk management and internal audit functions regarding the GDPR and personal data related risks
- Provide a unique insight into the implementation of the GDPR by companies to the European policymakers
Ferma PwC European Risk Manager Report_ full set results 2018FERMA
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
44% of respondents can contact the CEO directly
56% of respondents believe their role is increasingly recognised internally
53% of respondents think that the risk manager is becoming the risk conductor by consolidating risk information to give a clear and comprehensive view to the senior management
Aon Retail & Wholesale Inperspective Nov 2016Graeme Cross
A rapidly shifting social, business, political and economic environment is placing UK retailers on continuous watch as they adapt and react to new threats and challenges.
Historic risk management norms like crime and security are giving way to external threats in the registers of modern companies; but many of these are intangible such as protecting brand equity and are often considered very hard to measure or mitigate.
Meanwhile the increasing influence of technology affects almost every corner of the industry from distribution and the way shoppers interact with a brand; to the supply chain and its continuing search for peak efficiency.
As a result, technology, rather than store networks or stock, is becoming one of the single greatest assets and vulnerabilities identified by the industry’s risk management community.
Table of Contents:
- A prime opportunity to enhance professional skills
- Making FERMA ever more open and efficient to support risk managers
- Apply now for 2016-7 FERMA-Lloyd’s programme
Knowledge Corner
- Expert Views: the changing aspects of managing terrorism risk
- Solvency II: Spotlight now turns on national regulators
- Final agreement on data protection regulation
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
Всемирный обзор экономических преступлений за 2016 годPwC Russia
В рамках подготовки Всемирного обзора экономических преступлений PwC за 2016 год было опрошено более 6 000 участников из 115 стран. Несмотря на незначительное общее снижение количества зарегистрированных экономических преступлений, финансовая стоимость каждого отдельного мошеннического действия увеличивается. Четырнадцать процентов респондентов столкнулись с убытками на сумму более 1 млн долл. США за последние два года.
The document covers the role of SMEs in Europe, and assesses the current digitalization level in this region. We researched on the benefits for the enterprises if these turn to the digital completely.
Source: https://www.elinext.com/researches/
Table of Contents
1. FERMA President’s blog
2. Seminar risk manager numbers high – and rising
3. FERMA’s survey results support risk leaders
4. FERMA is Forty!
5. Seminar master class: radical reforms in the London market
6. More demanding environmental requirements ahead? Seminar roundtable to discuss
8. Letter from Brussels
9. Launch of New Guidance on 8th Company Law
10. Expert Views
11. Coinsurance: new review of Insurance Block Exemption
12.Knowledge Corner
Table of Contents:
-Expert Views: Cyber risks, the SPICE Initiative at Airbus
-“Battling a Common Enemy” – conference at the European Parliament on how to tackle cyber threats
-Risk Conversation at Board level: 2nd webinar with ecoDa and AIG
-A sense of urgency required (FULL VERSION)
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europe’s, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Immer mehr deutsche börsennotierte Unternehmen müssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
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8th edition of the FERMA benchmarking survey
1. In collaboration with EY, AIG, XL Catlin, Marsh and CHUBB
Jeudi 30 mars 2017 - Lyon
FERMA Benchmarking Survey
8th Edition
2. 1
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
FERMA Benchmarking Survey
8th Edition
3. 2
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Intervenants
Sébastien Rimbert
Directeur Associé
Risk Advisory EY
Paris
Florent Midey
Directeur Associé
Risk Advisory EY
Lyon
Gaëlle Larchevèque
Directeur contrôle
interne et audit
Groupe April
4. 3
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Introduction
103
responses
634
responses
►Eight biennal benchmarking survey conducted by the
Federation of European Risk Management Associations
(FERMA).
►The survey received 634 responses and was conducted from
April to June 2016.
►Focus on the French market
►16,2% of the panel
240
responses
►Focus on small and medium enterprises
►38% of the panel have revenues less than €1 billion
7. 6
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Risk Management reporting lines
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
Global
France
ETI
18,8%
17,5%
22,9%
8. 7
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Insurance Management reporting lines
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
Global
France
ETI
20,4%
9. 8
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Risk/Insurance Managers’ roadmap
ETI Market
Top embedded activities
1. Development of map of risks: risk identification,
analysis, evaluation, prioritization and reporting
2. Insurance management and claims handling / insurable
loss prevention
3. Assistance to other functional areas in contract
negotiation, project management, acquisitions and
investments
Activities planned for 2016-2017
1. Development and embedding of Business
Continuity Management / Emergency Management
/ Crisis Management / Incident response programs
and solutions
2. Design and implementation of risk
controls/prevention
3. Alignment and integration of risk management as
part of business strategy
10. 9
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
7%
13%
37%
42%
10%
24%
18%
48%
11%
22%
16%
51%
Emerging Moderate Mature Advanced
2012 2014 2016
Risk Management interactions with Top
Management
There is no
mechanism in
place to
formally report
about risk
management
GRAPH CAPTION
Emerging Moderate Mature Advanced
Meets Board
and/or Top
Management
members on a
requested
basis
Formally
presents to the
Board of
Directors and
Top
Management
once a year
Formally
presents to the
Board of
Directors and
Top
Management
several times
per year
45%
ETI Position 2016
11. 10
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Organisational Model
Organisational model between Risk Management, Insurance Management, Internal
Control and Internal Audit
French market position – 2016
11,0%
23,8%7,7%
15,8%
All functions together in
a single department
All functions separate in
four different
departments
Risk and Insurance Management together
Risk Management and
Internal Control together
Internal Audit
separate
Insurance Management
separate
29,1%
20,4%
9,7%
20,4%
12,6%
7,8%
7,7%
38,9%
11% - Full panel
Top 3 – ETI organisational model
1- Risk and Insurance Management
together (26%)
2- All functions separate in four
different departments (21%)
3- All functions together in a single
department (18%)
12. 11
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Organisational Model
Relationships between Risk Management, Insurance Management, Internal Control
and Internal Audit: basic coordination but room for improvement.
13. 12
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
5%
16% 17%
62%
8%
15%
22%
55%
11%
14%
26%
49%
0%
10%
20%
30%
40%
50%
60%
70%
Emerging Moderate Mature Advanced
2012
2014
2016
Risk mapping deployment
No such
approach has
been put in
place yet
GRAPH CAPTION
Emerging Moderate Mature Advanced
Only for certain
business units /
categories of
risks
On a global
corporate level
only (strategic,
financial and
operational)
From corporate
level down to
divisions and
business units
57,3%
29,1%
10,7%
2,9%
38%
26%
French market position – 2016 ETI Position 2016
14. 13
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
IT/GRC tools
Scenario Analysis 34%
Legend 2016
2014
Risk appetite and tolerance 35%
Claims analysis 45%
Risk quantification (Evaluating the probability of a
risk event occurrence and effect) & Risk modelling
46%
Monitoring of risk mitigation actions / controls 49%
Risk mapping 55%
Risk registers 52%
Risk reporting / Risk dashboards 57%
22,3%
26,2%
35,0%
30,1%
36,9%
51,5%
40,8%
45,6%
French market position - 2016
28%
31%
45%
French market position – 2016 ETI Position 2016
16. 15
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Top 10 risks (1/2)
French market
Full Panel Risk vs French market - 2016
Top 10 Risk in 2016 – Full Panel Top 10 Risk in 2016 – French market
French market VS Full
Panel Risk position
#1 Economic conditions Business continuity disruption
#2 Business continuity disruption Cyber-attack / data privacy
#3 Political, country instability Economic conditions
#4 Non-compliance with regulation and legislation Political, country instability (crisis, war, regulatory changes)
#5 Competition Competition
#6 Reputation and brand Fraud, Bribery and Insider Dealing
#7 Cyber-attack / data privacy Non-compliance with regulation and legislation
#8 Market strategy, clients Market strategy, clients
#9 IT systems and data centers Interest rate & Foreign exchange
#10 Interest rate and foreign exchange Quality of products & services (design, safety & liability)
Equal to Full Panel
Above Full Panel
Under Full Panel
Specific Risk in Top 10 for the French market
17. 16
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Top 10 risks (2/2)
French market
Business continuity disruption
Cyber-attack/data privacy
Economic Conditions
Political country instability (crisis, war, regulatory changes)
Competition
Non-compliance with regulation and legislation
Fraud, Bribery and Insider Dealing
Market strategy, clients
French Market
Interest rate & Foreign Exchange
Quality of products & Services (safety & liability)
Legend High
Low
Medium
Full Panel
Mitigation Satisfaction Level
18. 17
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Top 10 risks (1/2)
ETI market
Full Panel Risk vs ETI market - 2016
Top 10 Risk in 2016 – Full Panel Top 10 Risk in 2016 – ETI market
ETI market VS Full
Panel Risk position
#1 Economic conditions Economic conditions
#2 Business continuity disruption Business continuity disruption
#3 Political, country instability Non-compliance with regulation and legislation
#4 Non-compliance with regulation and legislation Political, country instability (crisis, war, regulatory changes)
#5 Competition Reputation and brand
#6 Reputation and brand Market strategy, clients
#7 Cyber-attack / data privacy Human resources / key people, social security (labour)
#8 Market strategy, clients Competition
#9 IT systems and data centers IT systems and data centers
#10 Interest rate and foreign exchange Cyber-attack / data privacy
Equal to Full Panel
Above Full Panel
Under Full Panel
Specific Risk in Top 10 for the ETI market
19. 18
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Top 10 risks (2/2)
ETI market
Economic Conditions
Business continuity disruption
Non-compliance with regulation and legislation
Political country instability (crisis, war, regulatory changes)
Reputation and brand
Human resources/ key people, social security (labour)
Market strategy, clients
Competition
ETI Market
IT systems and data centers
Cyber attack/ data privacy
Legend High
Low
Medium
Full Panel
Mitigation Satisfaction Level
20. 19
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
Risks’ level of satisfaction
ETI market
What are the five risks for which ETI Risk Managers are the most/least satisfied in
terms of mitigation?
Highest level of satisfaction
1. Business continuity disruption
2. Noncompliance with regulation and
legislation
3. Reputation and Brand
4. Economic growth/slowdown
5. Market strategy
Lowest level of satisfaction
1. Digital transformation
2. Corporate social responsibility, Human
Rights and Ethics
3. Terrorism
4. Strategy execution and transformation
programs
5. Security
21. 20
FERMA Risk Management – Benchmarking Survey 2016 – 8th Edition
In collaboration with
European risk map
Full Panel