FERMA’s aim in focussing on sustainability in our 2018 European Risk Management Seminar and in publishing this report is to strengthen the risk manager in ensuring the sustainability of our organisations and ultimately our societies.
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.
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?
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
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/
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
European Risk Management Seminar 2018 - Cyber Report FERMA
Not long ago, it seemed like we could be heading for cybergeddon; the forecasts about the threats from cyber space posed such a threat to the digital revolution. Today, as this report illustrates, we are finding a way to make cyber risk manageable, quantifiable and insurable.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
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.
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?
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
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/
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
European Risk Management Seminar 2018 - Cyber Report FERMA
Not long ago, it seemed like we could be heading for cybergeddon; the forecasts about the threats from cyber space posed such a threat to the digital revolution. Today, as this report illustrates, we are finding a way to make cyber risk manageable, quantifiable and insurable.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
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.
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
Preparing for cyber insurance - FERMA - Insurance Europe - BIPARFERMA
The guide “Preparing for cyber insurance” outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers. It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
A combined solution to compliance and risk management for sustainability repo...Ardea International
The UK has introduced new regulations for business on how to report. Integration of risk and strategy is key. Diagnostics to help define material social and environmental risk will save costs. Compliance with legal obligations will also be key.
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
FERMA ECIIA Cyber Risk Governance report 29 June 2017FERMA
The report, "At the junction of corporate governance and cybersecurity", aims primarily at supporting European organisations in meeting their obligations under the EU General Data Protection Regulation and Network Information Security Directive.
The report calls for the creation of cyber risk governance groups, chaired by the risk manager, to operate across functions within the enterprise. The role of the group is to determine the potential cost of cyber risks across the whole organisation, including catastrophic risk scenarios, and propose mitigation measures to the risk committee and the board. In addition to the risk managers, the group is to be composed of representatives of all key functions at an enterprise level involved in digital risk, notably IT, human resources, communications, finance, legal and the data protection officer (DPO) and chief information security officer (CISO). Internal audit will provide the necessary assurance to the board that the cyber risk controls are operating effectively.
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
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.
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
Preparing for cyber insurance - FERMA - Insurance Europe - BIPARFERMA
The guide “Preparing for cyber insurance” outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers. It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
A combined solution to compliance and risk management for sustainability repo...Ardea International
The UK has introduced new regulations for business on how to report. Integration of risk and strategy is key. Diagnostics to help define material social and environmental risk will save costs. Compliance with legal obligations will also be key.
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
FERMA ECIIA Cyber Risk Governance report 29 June 2017FERMA
The report, "At the junction of corporate governance and cybersecurity", aims primarily at supporting European organisations in meeting their obligations under the EU General Data Protection Regulation and Network Information Security Directive.
The report calls for the creation of cyber risk governance groups, chaired by the risk manager, to operate across functions within the enterprise. The role of the group is to determine the potential cost of cyber risks across the whole organisation, including catastrophic risk scenarios, and propose mitigation measures to the risk committee and the board. In addition to the risk managers, the group is to be composed of representatives of all key functions at an enterprise level involved in digital risk, notably IT, human resources, communications, finance, legal and the data protection officer (DPO) and chief information security officer (CISO). Internal audit will provide the necessary assurance to the board that the cyber risk controls are operating effectively.
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
The effects of our changing climate pose one of the biggest areas of uncertainty that we face, whether as
individuals, organisations or societies. With this in mind, the Institute of Risk Management (IRM) Climate
Change Special Interest Group (SIG) was formed in late 2019 with the main objectives of producing thought
leadership, organising events and building engagement with the broader IRM membership, SIG members
and other stakeholders.
One of the group’s first projects was to develop this practitioner’s guide to help risk managers and boards
integrate climate change risk management into an organisation’s existing Enterprise Risk Management
(ERM) framework. The SIG established a working group to review existing best practices from leading
practitioners, latest research and literature and incorporate personal experiences on the subject, all of which
have been compiled into this guide. This includes identifying and reporting climate change risks to boards
and supporting strategic decision making. This is both a major challenge and a big opportunity for risk
managers. The integration of emerging risk information and analysis will provide several benefits, including
an improved risk appetite framework and risk mitigation strategies across most areas of an organisation’s
risk profile. The focus has also been to support risk managers and SIG members across all sectors, not just
financial services.
https://www.theirmindia.org/
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
The financial industry has historically
played a number of fundamental roles in
shaping the modern world.
The activities of the industry supported the development of
the free market, economic expansion, improving the quality of
life, personal and national security, and enabled individuals and
organizations to save and invest. Fulfilling these functions requires
the financial sector to constantly take care of its reputation
and trust in the financial system and respond to the changing
expectations of an increasing number of stakeholders. Today,
the industry is at a key point in its evolution. In the face of climate
change and the consequent changes in investment preferences,
stakeholders expect financial institutions to contribute to a
fairer and more sustainable world and to create a new face of
the financial services sector in which profit and social impact can
coexist.
Why now? The pandemic has reinforced the need to build
a sense of purpose, strengthen confidence in banks,
and help address global issues the economy faces, such
as transformation in the face of climate change. The
accumulation in the public debate of issues such as prosperity,
development, social responsibility, justice, conflict, security, ecology
and sustainable development has created a turning point in
history. To continue to grow, the financial services industry needs
to take care of making profits in tune with multiple stakeholders,
keeping consumers at the center of everything they do. And these
consumers are more concerned than ever about climate change
and expect real action from business.
More: https://www2.deloitte.com/pl/pl/pages/zarzadzania-procesami-i-strategiczne/articles/sustainable-finance-magazine/sustainable-finance-magazine-wydanie-pierwsze.html
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
Extent of Effects and Practices on Climate Risk Management of Manufacturing F...IJAEMSJORNAL
The study aimed to identify the manufacturing companies’ risk management practices towards climate change. Towards this goal, the study investigated firstly the areas of business affected by climate change and secondly, the effectiveness of their climate change risk management practices. The study looked into the significant difference on how the respondents assess the effects of climate change on their business as well as the effectiveness of climate risk management practices when compared according to their profile variables. Descriptive survey method was employed in the conduct of the study. A validated questionnaire was used to gather the needed data among 174 manufacturing companies in Batangas Province. The data were analysed with the use of frequency count, percentage and weighted mean, as well as analysis of variance (ANOVA) for the significant difference of the means. It was found that climate change has a moderate effect in the areas of production and operation, finance and accounting, and marketing. Among the areas of climate change risk management practices, only those that involve managing the risks were regarded as effective, while the rest were considered moderately effective. It is suggested that the manufacturing companies create sustainable partnerships among other companies that have successfully implemented climate change risk management initiatives to minimize the impacts brought about by the climate change.
Expert Insight from IBM Institute of Business Value
Environmental sustainability is no longer just a corporate social responsibility (CSR) issue. Nor is it important only for compliance and reporting purposes. It is, in fact, an imperative in the fullest sense of the word.
Digital technologies—especially exponential ones—make possible many market-based mechanisms that drive change and innovation. In particular, they can support incentive mechanisms for action at a scale and speed that would be impossible through the traditional means of regulations and government intervention.
Collaboration of the Year Award winner 2020: Pim Moerman and Rob van den Eijn...FERMA
Philips Global Resilience Platform: Breaking down silo approach of departments by collaborating in multidomain platform making our company more resilient
George Ong, Chief Risk Officer, Northern Ireland WaterFERMA
Nominations for the Public Sector Risk Manager of the Year for the European Risk Management Awards 2020.
George Ong is the Chief Risk Officer for Northern Ireland Water (NIW), a Government Owned Company (GoCo). George joined the business in 2006 with a clear remit of implementing a risk and insurance management system given that the ‘Government Protection’ was to be removed from 1st April 2007. Since then George has worked to adapt, enhance and embed risk management arrangements within NIW, developed partnerships with businesses, communities and institutions to improve resilience for the Company and the community. #euroriskawards
GDPR & corporate Governance, Evaluation after 2 years implementationFERMA
FERMA’s live joint webinar with ECIIA on Monday 28 September gathered more than 300 participants
The objective of this joint webinar was to take stock of where we stand after 2 years of GDPR implementation and the practical consequences on businesses. For this, FERMA and ECIIA (European Confederation of Institutes of Internal Auditing) invited the following speakers:
- Olivier Micol, Head of Data Protection Unit at the European Commission, Directorate-General for Justice. He highlighted key elements of the recent GDPR evaluation report of the European Commission, shared the latest data and feedback from companies and civil society. He also gave an overview of future planned initiatives.
- Jérôme Avot, Group Risk Officer and Data Protection Officer at Faurecia, a global leader in automotive technology.”The GDPR served as a common thread from the start to the end of the project. We feel we have turned what might have been perceived as a constraint into an opportunity. “
- Ralf Herold, Senior Vice President, Corporate Audit BASF, a leading chemical company. He is an expert in GDPR as Germany was a pioneer in this piece of legislation.
Jérôme Avot and Ralf Herold shared their experience as a Risk Manager and DPO and as an Internal Auditor by exchanging on the changes that the GDPR involved within their companies.
https://www.ferma.eu/webinar-replay-gdpr-corporate-governance-evaluation-after-2-years-implementation/
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
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
FERMA Webinar: At the Junction of Corporate Governance and Cyber SecurityFERMA
The recommendation for a cyber risk governance model came in a report published 29 June 2018 by the Federation of European Risk Management Associations (FERMA) and the European Confederation of Institutes of Internal Auditing (ECIIA).
FERMA and ECIIA presented their report at a high-level event at the European Parliament with representatives of the EU institutions, the World Economic Forum, risk and audit practitioners from European businesses, and other European stakeholders.
The report, At the junction of corporate governance and cybersecurity, aims primarily at supporting European organisations in meeting their obligations under the EU General Data Protection Regulation and Network Information Security Directive. Recent cyber attacks, however, increased concerns on what the risk experts see as a wider lack of focus on risk governance in cyber security.
More information here:
https://www.ferma.eu/ferma-webinar-junction-corporate-governance-and-cyber-security?type=events
What will you learn from this presentation?
- Compare and assess your own governance of cyber risks against the proposed cyber risk governance model
- Know where you stand in the evolutionary journey towards cyber resilience: reactive, proactive, predictive...
- Define the key stakeholders for cyber security and conditions for success
- Find mechanisms that help leadership determine effective and efficient resource allocation
- Plan for the next move to improve your cyber risk governance
European risk management sustainability seminar reportFERMA
Sustainability has always been at the heart of the role of the risk manager, so that their organisations are resilient to shocks and can continue to fulfil their objectives. In the 21st century, that vision has widened, because companies are increasingly asked to be good corporate citizens and to play a part in our overall adaptation to climate change.
Sustainability has always been at the heart of the role of the risk manager, so that their organisations are resilient to shocks and can continue to fulfil their objectives. In the 21st century, that vision has widened, because companies are increasingly asked to be good corporate citizens and to play a part in our overall adaptation to climate change.
1st international edition of the RMIS Panorama with the support of FERMA networkFERMA
Thanks to the support of the FERMA network, 233 European risk managers responded to the Panorama of Risk Management Information System Survey produced by AMRAE. This joint work contributed an international dimension to the survey and thus increased visibility of a technical aspect of the risk management profession. Thank you to all the associations which took part in the initiative.
2018 main trends:
• RMIS projects are more transversal (Risk Management, Audit, Internal Control, Insurances…) and clients budgets increased accordingly.
• Main benefits identified by Risk Managers are related to efficiency gains (data consolidation) and analysis capabilities. RMIS also foster information sharing and better alignment across departments.
• Despite the acceleration of SAAS offers by vendors, the majority of Risk Managers opts for traditional models (licenses acquisition, on premise hosting)
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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3. 1 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
• Risk managers’ horizons are widening as they must
embrace sustainability.
• Responsible corporate behaviour and climate change are
risk management issues.
• Education is critical: for us to deepen our understanding of
these issues, and for our organisations and governments to
understand the value of professional risk management in
achieving sustainable objectives.
• Sharing knowledge is part of this. We can do this through
FERMA, through our national associations and with our
business partners.
• Achieving sustainability is a cooperative venture.
• We can be the risk managers of the 21st century.
KEY LEARNING
It is ten years since the financial crash.
That event and others since then
have heightened awareness of the
potential long-term consequences of
our decisions and actions. Sustainability
has become our goal, allowing us to
plan for the future rather than react to
increasingly unpredictable events that
can throw organisations and countries
off course.
Risk management is clearly an essential
part of this process and this report
deals with two of the most important
aspects: corporate behaviour and climate
change. We are going through a period of
profound transformation. The demand for
sustainability and responsible corporate
behaviour as well as rapid digitalisation
is creating profound changes at the heart
of organisations.
Sustainability encompasses care for the
environment and our physical world, but
it is far wider than green issues. It also
applies to responsible corporate behaviour
as a whole, because companies depend
on the acceptability of their practices to
continue developing and prospering. Close
scrutiny of corporate conduct will continue
as companies are valued increasingly not
just on their financial performance but
their environmental and social impact.
One issue probably throws the spotlight on
the demand for good corporate conduct
more than any other: climate change.
It is a global issue that requires deep
change to traditional business models and
corporate behaviour for us to keep global
warming below the 1.5°C threshold that
the Intergovernmental Panel on Climate
Change believes would limit its worst
effects. Yet, the need for adaptation
opens opportunities.
SUSTAINABILITY – RISK MANAGEMENT
IN THE 21ST CENTURY
1 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
4. 3 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
PANEL SESSION
SECURING OUR FUTURE THROUGH
RESPONSIBLE BUSINESS CONDUCT
Responsible business conduct and
adapting to climate change both bring
risks and opportunities. Educating
ourselves with these in mind should be
high on the priority list for European risk
managers today.
The ‘Securing our future through
responsible business conduct’ panel
session moderated by Gaëtan Lefèvre, CMI,
Group Risk & Insurance Manager, was split
accordingly into two parts: Responsible
Business Conduct and Adaptation to
Climate Change. The Responsible Business
Conduct part covered the Report on
Member States’ implementation of the EU
Non-Financial Reporting Directive and the
response from the market. Adaptation to
Climate Change followed and focused on
EU strategy on climate change and the
use of insurance in adaptation alongside
alongside natural catastrophe issues.
Each speaker presented these topics from
their own specialist angles, which sparked
a lively and highly informative debate in
the room.
Panel session speakers:
Responsible Business Conduct
Adaptation to Climate Change
Tapio Huovinen
Director Risk Management, UPM Kymmene Corporation
Tapio showed how ERM might be directly implemented for the Non-
Financial Reporting Directive taking the example of his company.
Paul Gisby
Manager, Accountancy Europe
Paul explained how the EU Non-Financial Reporting Directive was
implemented and covered the common points and differences
among the different countries, along with the implications for
business models and the evolution of risk management.
Ernst Rauch
Head of Climate and Public Sector Business Development, Munich Re
Ernst discussed climate change though a macro perspective using
statistical data, especially relating to the insurance gap between
high and low income countries.
Manoelle Lepoutre
Senior Vice President, Civil Society Engagement, Total
Manoelle gave her insight on the challenges an energy company
may face in adapting to climate change. Energy players are caught
between their mission to satisfy growing world demand for energy
and the challenge of climate change. Manoelle demonstrated how
Total pioneered by changing its business model and developing
new strategies.
Elena Visnar Malinovska
Head of the Climate Adaptation Unit DG Climate Action,
European Commission
Elena relayed the main messages that came out of the EU strategy
on adapting to climate change. She discussed EU level and member
state preparedness for climate change, sustainable finance and
what the private sector can expect in the next decade.
Rodney Irwin
Managing Director of Redefining Value and Education,
WBCSD (World Business Council on Sustainable Development)
Rodney detailed the work by WBCSD for an upcoming risk
management report including the application guidance developed
jointly with the Committee of Sponsoring Organisations (COSO) on
integrating environmental, social and governance risks into ERM.
5. 5 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY5 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Key learning
Responsible
Corporate
Conduct
WORKSHOP
There are many aspects to responsible corporate
behaviour and the professional risk manager is well
placed in the organisation to draw them together and
work with senior management to advise the board on
ensuring sustainability.
Organisations have to manage non-traditional risks that
arise from reactions to their business conduct on a larger
scale than ever before. Demand for responsible business
conduct is not limited to financial prudence, but spans a
wide range of environmental, human, governance and
social issues.
Negative reaction to corporate conduct can result in
protests and pressure from stakeholders and politicians
with legal and regulatory action to follow. Companies can
lose competitive advantage, especially in fast developing
technology-based industries. This is an enterprise risk for
a business because it can affect its ability to outperform its
competitors and deliver sustainable returns.
Uncertainty and complexity create an urgent need to
effectively manage the risks and threats that face us. At the
same time, there is great potential for generating corporate
and social benefits. Risk managers also have skills that allow
organisations to make investments that build sustainability
for themselves and for society.
Integrating ESG risks into an ERM programme
Environmental, social and governance (ESG)
risks remain new, complex and long term.
However, frameworks like those suggested
in the COSO ERM 2017 or the ISO 31000:
2018, allow integrating and managing these
risks, whether they are opportunities or
threats, and sometimes both. Therefore,
they should be naturally involved in any
ERM project, as these are in essence global
and integrated. Further, the success of an
ERM programme rests on an open trans-
functional cooperation.
Developing and implementing an ERM
programme requires strategic thinking and
the clear inclusion of uncertainty in the
strategic process both at the development
stage and the implementation, with a
definite imprint on governance.
Where organisations already have an ERM
programme, they can incorporate ESG
issues to report to the board and highlight
to auditors where their status has been
changing, especially if action and more
detailed reporting are needed.
Success will mean:
• Strengthening of resilience as the
organisation improves its capacity to
anticipate threats and find the proper
controls to mitigate them and/or seize
opportunities;
• Common language to address risks.
Continues next page >
Risk-managers should play an
essential role in cooperating
with ESG managers
Paul Gisby, Accountancy Europe
““
6. 7 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
How the Environmental Liability Directive (ELD)
transformed the environmental liability insurance market
1. You need to know and understand the new ‘biodiversity risks’. Good baseline
data is important to understand your exposure and to assess the
possible damages.
2. Some EU countries may have stronger local requirements than others, for
example for ecological damage or mandatory financial guarantees. Your local
environmental insurance policy will have to take this into account.
3. There are several key factors to consider for the risk transfer decision on
environmental insurance: internal organisation, ELD local legislation and
similar legislation in other parts of the world.
4. You need to take into account non-regulatory factors like increasing natural
disasters due to climate change or cyberthreats that might impact your
operations with consequences on natural resources and biodiversity.
5. The choice of the appropriate option for risk transfer depends on the
corporate financial situation and the group risk appetite.
Risk mapping in CSR: could it become mandatory?
1. The risk map is not a goal as such, but a tool to measure the appropriateness
and effectiveness of your CSR-related activities, required by law or not.
2. A company’s responsibility is not limited to the organisation, but extends to
all lines of business, subsidiaries, vendors and subcontractors, products
and services.
7. 9 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Businesses face an evolving landscape
of emerging environmental, social
and governance (ESG) related
risks that can impact a company’s
profitability, success and even
survival. COSO and WBCSD believe
that leveraging a company’s enterprise
risk management governance and
processes can support identification,
assessment and mitigation of ESG-
related risks.
Over the past decade, the prevalence of
ESG-related risks has steadily increased
while the more traditional economic,
geopolitical or technological risks are
less dominant.
Companies worldwide have experienced
measurable impacts after product
safety recalls, worker fatalities, child
labour, polluting spills and weather-
related supply chain disruptions. Many
of these have translated to financial or
reputational harm – in some cases to the
point of no recovery.
Considering ESG challenges at an
enterprise level offers an opportunity
for business leaders to expand their
understanding of a company’s risk profile
and the value creation structure – while
enabling them to consider how these
issues impact shareholders and society.
Continued next page >
Aligning ERM
and ESG Risks
SUSTAINABILITY
Sustainability risks are, at the end of the day, business risks. Although they
can be new and emerging, complex and longer term, issues such as climate
change, human rights or resource scarcity all have the ability to impact
an organization’s profitability, success or even survival.
Bob Hirth, Chair 2013-2017, Committee of Sponsoring
Organizations of the Treadway Commission (COSO)
““
9 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
COSO is a private sector initiative
developing risk-related frameworks
and guidance.
WBCSD is the World Business Council
for Sustainable Development. Rodney
Irwin is the WBCSD Managing Director,
Redefining Value and Education.
WHAT IS COSO?
WHAT IS WBCSD?
8. 11 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Most companies have ERM governance and
processes in place to manage risks. The
most commonly-adopted framework is that
developed by COSO.1
In September 2017,
COSO released an updated framework
Enterprise Risk Management: integrating
with strategy and performance. The
framework consists of five components
and 20 principles while addressing the
evolution of enterprise risk management
and the need for organisations to improve
their approach to managing risk to meet
the demands of an evolving business
environment. See figure below.
According to COSO, ERM provides an entity
with a path for creating, preserving and
realising value. Its foundations support an
organisation’s strategic goals and business
objectives, while maintaining effective
governance. Its processes help identify,
assess, manage, monitor and better
communicate the risks that organisations
face. Effective ERM helps an organisation
identify the challenges that lie ahead and
adapt to meet them.
Incorporating ESG-related risks in ERM could
improve risk management practices and
company performance overall. A 2013 study
by EY, “Turning Risk into Results”, found that
companies with mature risk management
practices outperformed their competitors
financially. Companies that ranked in the top
20% in terms of risk management maturity
reported earnings three times higher than
companies in the bottom 20%. Further, the
2017 “Environmental, Social and Governance
Survey” by the CFA Institute found that 38%
of institutional investors consider ESG
performance a proxy for management
quality.
Ultimately, companies should address the
disconnection between their financial and
non-financial reporting systems. Those
which achieve integration between these
two areas are better able to manage their
risks through a more comprehensive
strategy in comparison to an individual,
siloed approach.
PRINCIPLES ACCORDING TO COSO’S ERM FRAMEWORK
COSO defines ERM as “the culture, capabilities and
practices integrated into strategy and execution that
organisations rely on to manage risk and in creating,
preserving and realising value.”
1
Based on research of Fortune 100 companies
by market capitalisation, 69% of companies use
COSO for ERM or internal controls.
Source: Enterprise Risk Management. COSO and WBCSD. 2018. p 8
9. 13 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
USING ERM TO
REPORT ON ESG
We made this part of the board reporting and simplified this table so that auditors
can see the levels of prevention, monitoring and reaction highlighting where the issues
lie or are changing – each of the responsible people for each of these topics then
come once a year to provide a more detailed report on their specific topic –
adding to the level of risk assessment.
Tapio Huovinen, UPM-Kymmene,
Director of Risk Management
““
AUDIT COMMITTEE | QUARTERLY DASHBOARD | ESG RISK REPORTING
TOPIC PREVENT MONITOR
INCIDENTS REMEDIATION
REACT
Labor practice, Safety and Human rights
Environment
Product safety
Business integrity
Supply chain responsibility
Stakeholders and society
Supply Chain: • (detail) Business Integrity: • (detail)
Environment:
• (detail)
IT:
• (detail)
IT (Information and Cyber security)
Privacy
Security
Finance
Energy market compliance
Securities market compliance
Improvement /
decline compared to
previous quarter
Generally
effective
Plan to
become
effective
Ineffective
or significant
deviations
Not
applicable
Protection of assets and Information
UPM KYMMENE CORPORATION
10. 15 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
NON-FINANCIAL
REPORTING
CYPRUS
GREECE
I absolutely see a huge role for the risk managers working with
the ESG managers, creating tools to measure the quantification
to determine materiality – it therefore can’t be too siloed within
the organisation.
Paul Gisby, Accountancy Europe,
Manager
““
VARIATIONS IN DEFINITIONS
OF LARGE PUBLIC ENTITIES
Eleven member states have adopted
the standard definition (green).
Nineteen member states have
extended the definition to additional
organisations (orange).
Non-financial reporting (NFR) is intended
to provide a clear picture of a company’s
performance beyond financial information.
it is increasingly important for investors and
other stakeholders.
The EU Non-Financial Reporting Directive
requires organisations that come within
its scope - large public entities - to disclose
information relating to environmental,
employee, social, respect for human rights,
anti-corruption and anti-bribery matters.
This includes a description of the principal
risks relating to these matters connected
with the company’s operations and how the
company manages those principal risks.
It is a first step towards improving and
harmonising the publication of non-financial
information within the EU but it is far
from perfect.
Comparability of NFR reports is essential
to their utility especially in comparing
organisations in the same sector but there
is a way to go.
The Directive allows member states to
define what organisations come within
its scope beyond a minimum, as the map
here shows, and organisations can decide
which reporting standards to use. Statutory
auditors need only to check that the
report exists. However, the Directive has
opened grounds for collaboration between
accounting professionals across Europe.
Source: CSR Europe and GRI, Member State Implementation of Directive 2014/95/EU. 2017
11. 17 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Rodney Irwin
Managing Director
Redefining Value and Education,
World Business Council for
Sustainable Development
With Rodney Irwin
17 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Will there be any sanctions if the company
doesn’t live up to what it says in its Non-
Financial Reporting? Is this a reputation risk?
Probably, possibly and maybe: there is no right answer
to this. I think it depends on what the company is saying,
to whom they are saying it and whether they can back
up what they are saying or not. At a very simplistic level,
disclosure in sustainability reports has not been subject to
the required disclosure in legal documents like the annual
report. Whether statements in the non-financial report,
whose contents are not always subject to audit, would
open the company to litigation or not is a moot point.
As I’m not a lawyer, I don’t think I should comment on
this. However, making statements for which you have no
evidence and that are to be relied upon by others can
create some problems. That is why at the WBCSD we
believe that sustainability communication, particularly
material ESG issues, needs to be at the highest levels within
the organisation. They need to be subject to rigour, they
need to be embedded into business culture and into the
outcomes of strategy, and not something that is bolted on
to the side. Therefore, if a company is really serious about
sustainability, it should be embedded into its decision
making, it should be disclosed in a manner that is palatable
and receivable by the audience, and they should be able
to confirm that what they are saying is to the best of their
knowledge, true and fair.
Continued next page >
How do you think non-financial
reports will be used most
effectively by risk managers?
I think the rush to disclose and report
information is a step too far. The risk
management community can best
serve the organisations they work for
by using their unique skills to identify,
prioritise and communicate internally
environmental, social and governance
risks to management, so that they can be
managed before they need to be disclosed.
Whilst I appreciate that there is a lot
happening around the world with respect to
disclosure of sustainability information or
ESG information, the real area of interest,
and, I suppose the sweet spot, is getting
this information into the hands of decision
makers within the organisation, so that they
can manage these issues.
If a company is
really serious about
sustainability, it should
be embedded into its
decision making, and
should be disclosed in a
manner that is palatable
and receivable by the
audience. The company
should be able to confirm
that what they are saying
is to the best of their
knowledge, true and fair.
I suppose the sweet
spot is getting this
information into the
hands of decision makers
within the organisation,
so that they can manage
these issues before they
become disclosable.
Q&A
12. 19 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
When it comes to ESG, do you
think that responsibility falls
on the management from the
top down?
Absolutely, within any organisation the
board, and here in Europe sometimes the
supervisory board, has the responsibility
for insuring that the company is sufficiently
well-managed and that investors and
other stakeholders are informed in a
reliable manner that is free from material
misstatement. Therefore, the tone at the
top is all important within this regard and
oversight of ESG and risk management
needs to be stronger and more aligned.
In the FERMA Risk Manager Survey that
was previewed at the Seminar, it came
as a surprise that the risk management
community did not see ESG risks as
especially important in 2018. The World
Economic Forum’s Global Risk Report for
the last five years has been showing an
ever-growing prevalence of the impact and
the likelihood of ESG risk, more so than
cyber risks. I’m not saying that those risks
aren’t important, but the writing has been
on the wall for a long time. What I think risk
managers can take away from here is that
they should ensure that their organisation’s
sustainability agenda can be supported
by the risk management community. Risk
managers can offer their skill set to their
colleagues and can help embed sustainable
outcomes into the core strategy by doing
what risk managers do best: looking to
the future and identifying what things can
help, hinder and prevent the business
from thriving; bringing their skills to the
management with their opportunities.
The tone at the top is all
important within this
regard and oversight of
ESG and risk management
needs to be stronger and
more aligned.
In the FERMA Risk Manager
Survey that was previewed
at the Seminar, it came
as a surprise that the risk
management community did
not see ESG risks as especially
important in 2018.
If you could sum it up, what would be the one
key takeaway for risk managers from the
FERMA Seminar?
13. 21 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
WORKSHOP - ENVIRONMENT
ELDTRANSFORMED THE MARKET
HOW
21 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Over the last 15 years, we have seen the environmental impairment
liability insurance market shaped and driven by the European
Environmental Liability Directive (ELD) to a point where the overall
insurance offer is now recognised as matching the demands of the
European Commission.
There remains ongoing political pressure to introduce schemes to cover
the most extreme scenarios of large-scale accidents and insolvency risks,
and risk managers are coming under renewed pressure to justify their
mitigation strategies and plans for environmental incidents.
TOP 10 RISKS 2018 VS. 2016
CYBER THREATS 37% +6
UNCERTAIN ECONOMIC GROWTH 31% -1
GEOPOLITICAL UNCERTAINTY 30% =
Changing consumer behavior 28% +4
Over-regulation 28% -1
Speed of technological change 26% NEW
Availability of key skills 23% NEW
Climate change and environmental damage 22% NEW
Data fraud or theft 16% -2
Exchange rate volatility 11% =
FERMA European Risk Manager Survey 2018
The workshop, moderated by Gaëtan
Lefèvre, outlined ways in which risk
managers could –
• Understand the current state of play
within the market for Environmental
Impairment Liability (EIL) and the
anticipated trends and drivers for the
next five years.
• Determine when EIL insurance is the most
appropriate, considering the different EIL
needs in coverages and limits, based upon
the size of their company.
• Understand whether other financial
solutions are more beneficial when
compared with insurance.
• Find a balance between loss prevention
and financial protection for the largest
loss scenarios connected to an
environmental incident.
Aurélie Fallon St Lo, Environmental Risk
Underwriter for XL Catlin, presented her
thoughts with an overview of the ELD to set
the scene for the workshop and how this is
implemented at a local level, showing how
this impacts upon and reflects differences
between European countries.
Significant variations in how the ELD
is implemented
• Countries are required to report
‘significant’ biodiversity damage but there
is little information on what the definition
of ‘significant’ is.
• Czech Republic, Denmark, France,
Luxembourg, the Netherlands, Slovenia
and Slovakia reported no ELD incidents.
• Germany reported 60 ELD cases.
• Hungary and Poland reported more than
500 incidents.
The biggest challenges
• Knowing and understanding your exposure
as a result of biodiversity risks.
The importance of good baseline data
- to understand the exposure.
- to assess the damages.
Continued next page >
14. 23 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Q) “How big of an influence does a risk manager have within the organisation
for making the decisions on EIL coverage?” (from a Risk Manager from France).
A “It depends purely on the risk manager. Make sure that you have buy-in
from the management as well as the people on the floor, so that
they help you meet your requirements for the good of
the business.”
Arthur Lu, Head of Global
Environmental Impairment Liability
for Allianz Global Corporate &
Specialty, talked to the workshop
about how new issues, including
climate change and ecological
damages, will look to influence
and change the shape of the market
and how insurance will need to
respond in the future.
Annemarie Schouw, Manager Risk and
Insurance for Tata Steel, brought a practical
level of experience to the workshop,
outlining how to arbitrate between
insurance and other solutions in order to
find the best and most flexible answer
to the individual needs of each business.
Ecological Damage
“Insuring agreements of EIL policies must be
amended where third party claims include
ecological damage.”
Aurélie Fallon Saint Lo, Senior Environmental Risk
Underwriter, Client and Distribution Leader,
XL Catlin
NON-REGULATORY FACTORS -
CLIMATE
I urge you to communicate with your
colleagues how you are monitoring
emissions and pollution incidents.
Only then can you realise early that
there is an issue, and you can be
proactive rather than reactive.
Annemarie Schouw, Manager Risk
and Insurance, Tata Steel
“
“
43%
TRILLION GALLONS
10-20
WILDFIRES
FLOODING/
WINDSTORMS
The number
of wildfires in
Europe is...
In September 2018, Hurricane Florence in the US dropped
between 10 and 20 trillion gallons of rainfall. More than 500
industrial sites in Houston were destroyed. Floods shifted
pipelines which left them more vulnerable to leakage.
Greece 80 dead and 200 injured. In the
US it is considered the new norm now
($2 billion spent in firefighting in 2017).
higher than the last 10 years
CLIMATE CHANGE IS VERY REAL
AND CAUSING A LOT OF DAMAGE
15. 25 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
RISKMAPPING IN CSR
25 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
WORKSHOP
We are seeing an increasing trend for governments and their
supporting regulatory frameworks to ask companies to act ethically.
Companies must comply with laws on a broad range of subjects from
human rights, environmental protection to labour relations and
financial accountability. They have to align their strategy and activities
including the entire supply chain to these to demonstrate increased
transparency and accountability.
How can risk mapping be applied in Corporate Social Responsibility (CSR)?
The workshop, led by FERMA General Secretary Gilbert Canameras, speakers
John Ludlow, CEO of Airmic; Philippe Noirot, Board Member of the French
risk management association AMRAE and Chairman of the ERM 360°;
and Professor Alexandros Parsakevas of the University of West London,
described how risk managers could -
• Understand what type of ‘risk mapping’ the regulator wants to see and how
this is different to the ‘traditional’ ERM risk mapping of the past.
• Learn how to integrate new transparency requirements into the current
thinking around ERM risk mapping.
• Determine what is ‘mandatory’ in this new environment.
• Learn how to become more closely aligned to the compliance function within
the business in terms of risk disclosure.
• Raise the profile of the risk management function by demonstrating the
added value of ERM techniques for the new requirements.
The speakers described the increased requirements for companies
especially with regard to human rights. Philippe Noirot showed how a risk
map could be used a dynamic part of a vigilence plan. John Ludlow and
Alexandros Parasakevas discussed transparency in supply chains.
A TRIP TOWARDS CSR WITH A FOCUS ON HUMAN RIGHTS
Collapse of the Rana
Plaza building (1000+
dead)
UK Modern
Slavery Act
Transposition
EU Non-Financial
Reporting Directive
California Transparency
in Supply Chains Act
EU Non-Financial
Reporting Directive
French Duty of
Vigilance Law
2010 2014 2017
2013 2015 2017
THE RISK MAP:
NOT A GOAL AS SUCH BUT A TOOL TO MEASURE THE APPROPRIATENESS OF THE PLAN
Disclose a
vigilance plan
in management
reporting and
follow up its
efficiency
Define, implement
and publish a
vigilance plan
made of 5
components
1. Risk map
2. Assessment of subsidiaries,
sub-contractors and vendors
3. Relevant actions: risk mitigation,
prevention of serious violations
4. Whistleblowing system
5. Follow-up of efficiency of
the plan
• Companies 5,000 employees
in France or 10,000 worldwide
• No control body (like AFA
for Sapin2) nor sanctions
• Civil law only
FRANCE’S DUTY OF VIGILANCE LAW
PURPOSE AND CONTENTS
Human rights & fundamental freedom
s
HumanHealth,Safety&Security
Damages to the environmentAbsenceoformistakewithinthe“PlandeVigilance”
Infringement to freedom
of association and right to
collective bargaining on
working conditions
Breach of privacy
infringement to child
right to education
and to a harmonious
development
Physical or psychological
reduced capacity (death,
work injury, occupational
disease, disability)
Deterioration of working
conditions involving human
health, safety and security
Failure to adapt to the
constraints of the World 2
degrees commitment
Inefficient processes for
collecting used equipment
Failure in the definition
of preventive measures
Lack of efficiency of
the prevention plan
Non deployment of the
circular economy model
in the business
Inappropriate treatment of hazardous waste
Breach of freedom
of expression
Slavery or forced labor
Non-decent working conditions
Source: Philippe Noirot.
"Risk Mapping in CSR. Could
it become mandatory?" 2018
16. 27 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Q&A
Philippe Noirot,
Board Member,
AMRAE
RESPONSIBLE
BUSINESS CONDUCT:
RISK MAPPING IN CSR
27 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
We sat down with Philippe Noirot, AMRAE board
member and Chairman of the ERM 360° and a
speaker at our ‘Risk mapping in CSR - could it become
mandatory?’ session. Here, Philippe gave an insight into
ethical corporate behaviour and risk mapping, and the
issues covered in his workshop.
How do you see society shaping ethical corporate
behaviour in the next 10 years?
Ten years is a very long time to look ahead - if you look back
10 years to 2008, who would have foreseen the success of
Uber or Airbnb?
If we look at the signs now, we can see more transparency
in the behaviour of corporations, mainly due to the
visibility of data. We can also see a steady flow of corporate
interest to manage new cycles - for instance the fact
that we are ‘always connected’ as an alternative to the
traditional media, which means that there is immediate
communication of any event in the world.
We see increasing expectations by consumers too; In
10 years from now, I would say that these trends will
probably continue and focus on the CSR / ethical corporate
behaviour. The major trend is towards higher and higher
CSR and ethical expectations from the stakeholders,
so transparency is really expected, and the laws will
probably become tougher with additional sanctions for
companies that are not transparent or fair enough. Risk
communication and integrity will probably become the rule
one day - the risk map is not yet communicated much but
will probably become a priority in the future.
Do you have a sense of when risk mapping and
the new horizon of transparency and greater
communication will become the norm?
I guess that in 10 years from now, all
the quoted companies will publish
their risk maps in some way.
17. 29 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
RESPONSIBLE CORPORATE CONDUCT
TRANSPARENCY IN
SUPPLY CHAINS
The UK Modern Slavery Act (2015)
• Organisations carrying out business in UK with £36 million total global
turnover must produce annual “slavery and human trafficking statement”
• Company disclosure “should aim to” include six specified topics
• Must have board approval and director’s signature
• UK Secretary of State for Home Affairs may seek injunctive relief
• NGOs actively monitoring statements as they are published
29 | FERMA RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Roundtable Question
When you know there are issues
internally, do you make these issues
obvious to external stakeholders or are
you discreet to protect your business?
As a risk manager, once you have
provided evidence to the board
and they have made a strategic
decision based upon this, the
next step is to develop a crisis
plan and begin communication
before an incident occurs.
Professor Alexandros Parsakevas,
University of West London
“
“
The risk mapping challenge is within the company first
because of the cultural differences within and viewing
these as risks. There is a difference between risk
management and CSR.
John Ludlow,
Airmic CEO
““
Source: Transparency in Supply
Chains, etc. A practical guide. UK
Government. 2017. p 12
18. By working across functions, corporate risk managers have an opportunity to support
their organisation to embed a climate logic into the business and help not only reduce
the financial impact of weather-related events in terms of physical damages and
business interruption but also create added value and attractiveness.
The Workshop, moderated by FERMA Board Member Xavier Mutzig, outlined ways in
which delegates could –
• Position themselves as a key player in climate change adaptation by making the case
of a professional risk management approach for climate-related events.
• Take inspiration from examples of actionable climate-related data that is publicly
accessible and in an interactive format demonstrate how to apply them in day-to-day
risk management practices.
• Determine which external climate change expertise is needed for their organisations
and how to set expectations regarding the insurance market.
ClimateCHANGE WORKSHOP
Due to the impact on our day-to-day life,
climate change is now at the forefront of
business risks and the ability of businesses
to adapt will become a factor of success
in the next decades.
The risk manager may be the one person who can put everything together.
They need to be a leader in their organisation.
Christophe Möcklinghoff,
Environmental Practice Leader, Marsh Continental
“
“
31 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
19. 33 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
As a risk issue, climate change comes in many formats.
Organisations face pressure to make their operations
and activities more sustainable. They need to manage
the impact of less predictable and more severe weather
events, as the changing climate is rapidly altering
hazards. The severity of natural catastrophes can reduce
the availability of insurance capacity, and organisations
with intensive carbon-based operations need to consider
their future insurability and the liability implications of
past activities.
On a global scale, public-private partnerships offer
great opportunities to make communities more resilient
to climate change, which in turn supports economic
development. In low income countries, less than five
percent of economic damages are covered by insurance.
However, parametric-based insurance schemes developed
by governments and humanitarian organisations are
offering a promise of additional financial solutions for
resilience and adaptation.
THE RISK MANAGER’S CONTRIBUTION TO
THE ADAPTATION TO THIS NEW PARADIGM
CLIMATE CHANGE
1. Coordination and cooperation are essential between the public and
private sectors and along the supply chain.
2. Sharing good quality data is a key step.
3. One key differentiator will be the use of technology for better risk
assessment and preventative measures.
4. Natural disasters are affecting us all. Mitigating against our own risks
is not enough. Organisations cannot pass responsibility to third parties
or sub-contractors.
5. Risk managers add value by coordinating across functions in the
organisation. They collect and analyse data, select the right insurance
coverage and get the best value for money.
6. An increasing number of insurers and reinsurers are divesting their
investments in carbon-intensive companies and stepping back from
providing coverage for these activities.
7. Liability for the climate impact of past activities may become a
serious issue.
KEY LEARNING
20. 35 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
PUBLIC POLICY
Agriculture and forestry
Environment, ecosystems and biodiversity
Health
Water resources and management
Tourism and recreation
Infrastructure (buildings, transport)
Energy
Disaster risk reduction
Urban environment
Coastal areas
Fisheries
Land use and planning
Insurance
0 5 10 15 20 25 30
Climate-vulnerable sectors identified in the EU Sustainable finance: first steps
NATIONAL ADAPTATION STRATEGIES – ARE WE READY?
Climate change is always high on the risk agenda of leaders
once it is included in risk identification processes. However,
this is not always the case, and more must be done to ensure
businesses include climate change when analysing threats.
That said, given that there are unprecedented levels of
public-private collaboration alongside widespread support
of European civil societies, the problem can still be solved.
Elena Visnar Malinovska, European Commission,
DG Climate Adaption
“
“
Establish an EU classification
system for sustainability activities
Create standards and labels
for green financial products
Foster investment in
sustainable projects
Incorporate sustainability in
providing investment advice
Develop sustainability benchmarks
Better integrate sustainability
in ratings and market research
Clarify institutional investors’
and asset managers’ duties
Incorporate sustainability
in prudential requirements
Strengthen sustainability disclosure
and accounting rule-making
Foster sustainable corporate
governance and attenuate
short-termism in capital markets
1
2
3
4
5
6
7
8
9
10
Source: European Commission
Source: EU finance proposals:
first steps towards sustainability.
European Commission. 2018
21. 37 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
IMPACTOF CLIMATE CHANGE AND INCREASED
WEATHER EVENTS ON PROFITABILITY
THE CORPORATE
S&P Global Ratings recently collaborated
with climate risk management specialist
Resilience Economics to determine the
prevalence and materiality of climate
risk for companies in the S&P 500 index.
The corporate impact of climate change
and increased weather events on
profitability is increasingly recognised.
This report from S&P Global Ratings on
11 June shows that, for the financial year
2017, 73 companies (15%) on the S&P 500
publicly disclosed an effect on earnings
from weather events, although only
18 companies (4%) quantified the effect.
For the small number of companies able
to quantify the impact, it revealed a 6%
impact on earnings.
“ The findings in the report show
that evidence of climate risk
impacting profitability is apparent
across all sectors, geographies
and seasons, and management
teams are becoming increasingly
accountable for understanding
and mitigating the impact of
climate risk.
Xavier Mutzig. FERMA Board Member
How are climate change and severe weather
events affecting the bottom lines of companies
around the world? With these topics increasingly
making headlines – and featuring heavily in
the Seminar agenda – it’s no surprise that the
material impact on companies’ earnings is
becoming a growing concern.
73COMPANIES
15% OF
S&P 500
EARNINGS AFFECTED
FROM WEATHER EVENTS,
WITH 4% QUANTIFYING
THE EFFECT.
“
37 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
22. 39 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
CLIMATE CHANGE AND ENVIRONMENTAL DAMAGE FEATURE AMONG
THE TOP TEN CORPORATE RISKS NAMED IN THE FERMA EUROPEAN
RISK MANAGER SURVEY FOR THE FIRST TIME THIS YEAR.
Ali Shahkarami, Head of Cat Risk Research
from Allianz Global Corporate & Specialty
(AGCS), outlined how to improve the
collaboration and access to climate-related
data to reduce the risk of asymmetric
information between insureds and insurers.
Ali spoke about the platform that
AGCS is using and the public data that is
already available.
Climate change - the need
for decarbonisation
Climate change threatens to radically
change our environment, our lives and
our business.
Climate change, mainly caused by human-
activity induced global warming, poses a
major risk to the livelihoods of millions of
people worldwide. It affects the wealth of
societies and the value of companies.
Climate hazard risk assessment
Global cimate change is rapidly altering the hazard landscape
Likelihood of increases or decreases in frequency of weak-to-moderate
intensity events (with a 2- to 25-year return period) and strong to
extreme events (25- to 250-year return period) for different weather-
related phenomena. (Source: AIR Worldwide)
Building regulations have to reflect the climate risk now, not wait
until after the event. Once the buildings are up, it will be almost
impossible to change them.
Mediterranean Risk Manager
Limiting global
warming to below
2°C is necessary
to prevent the
most severe
consequences of
climate change.
countries signed
2015 Paris
Agreement, which
aims to limit
global warming
to well below 2°C,
preferably 1.5°C.
Science points to a
desired global emissions
peak by 2020, followed
by different reduction
pathways per sector.
TROPICAL
CYCLONES
EXTRATROPICAL
CYCLONES
SEVERE
STORMS
WILDFIRES
INLAND
FLOODS
COASTAL
FLOODS
DECREASEINCREASE
FREQUENCY
STRONG TO EXTREMEWEAK TO MODERATE
20202°C 197
“ “
Global warming is everyone’s
business! Without a public-private
partnership and trans-sectoral
cooperation in key sectors like
energy, no solution can be
developed. It is a long haul project,
but the oil and gas industry now
has a strong coalition that not
only put $10 billion on the table
but also vows to cooperate for
innovation. Only ten years ago,
such a rapprochement would have
been unthinkable. But without such
collaboration, no success would
be achievable.
Manoelle Lepoutre, Executive
Vice-President for Sustainable
Development, Total Group
“
“
WORKSHOP
CLIMATE CHANGE
23. 41 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Based on her experience of parametric
insurance and the need for highly precise
and reliable data, Nataliya Todorova,
Head of Insurance at Save the Children,
outlined a view of climate change from a
NGO perspective.
She described how thanks to public-private
cooperation in Senegal, a parametric
insurance scheme will quickly provide funds
for relief organisations in event of a drought.
WORKSHOP
Risk Managers
add value
• Gather and analyse data
• Select insurance coverage
• Get best value for money
Christoph Möcklinghoff from Marsh, where
he is Environmental Practice Leader, gave his
thoughts on a new perspective: possible new
liability exposures arising from climate risks
and the limits of natural catastrophe risk
insurance, as the claims rise.
Insurers are already divesting from carbon
intensive industries and may not insure
carbon-related activities.
Climate change-related exposures are
putting pressure on the ability of private
industry to underwrite.
Disasters affect
us all
• Cannot pass responsibility to
third parties or sub-contractors
• Mitigating against our
own risks-not enough
• Cooperation and
coordination
CLIMATE CHANGE
24. 43 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Ernst Rauch - Munich Re’s Head of Climate
and Public Sector Business Development -
defines ‘weather bomb’ as the term used
to describe an event in which an area of
low pressure intensifies considerably in a
very short time.
Alongside Rauch’s explanation above, the
UK Met Office defines ‘weather bomb’
as an unofficial term for a low-pressure
system whose central pressure falls
24 millibars in 24 hours in a process
known as explosive cyclogenesis. Rauch
goes on to describe these as wind speeds
significantly in excess of 160 kilometres per
hour over very large areas.
How expensive are such weather bombs
for insurers? Such events may well lead
to insured losses running into the low
double-digit billions. We’ve not yet seen
this from a single event in Europe, but we
have seen it as the total of a series of winter
storms in one season.
Rauch on climate change
“By the end of the century, we’ll end
up with warming of four, five or even
six degrees. Which is very worrying.”
Rauch’s work at Munich Re includes
performing calculations taking historic
weather events alongside simulating
meteorologically possible scenarios in
order to work out how costly that scenario
may be. The most interesting part here
is that three parameters can alter due to
climate change – and the question Rauch is
concerned with is how strongly they do so.
With average global temperatures rising, the
three parameters Munich Re must be aware
of in performing their simulations are the
frequency of hurricanes, their intensity, and
the fact that hurricanes may occur in regions
where they have never occurred before.
Despite some creation of simulations on
historical data, there’s currently no reliable
study saying that the overall frequency of
hurricanes will increase. However, what
scientific studies do indicate is that the
number of strong storms in the coming
decades may increase at the expense of less
frequent, weaker events – and it’s the big
hurricanes that are the relevant loss events
for insurers and reinsurers.
When looking at Europe in particular, Rauch
stated: “The big loss scenarios for insurers
are in fact winter storms, like Kyrill in 2007...
Two to three hundred million people can
be affected by a single event – significantly
more than with a hurrican. Because a winter
storm in Europe affects so many buildings,
insurance losses can quickly mount up to
several billion euros.”
When asked if winter storms are the biggest
risk in Europe, Rauch clarified that they do
have the potential for the biggest insured
losses, with less demand for coverage
against other natural hazards like flood or
earthquake. At the same time, we’re seeing
an increase in heavy precipitation following
severe summer thunderstorms and severe
hail damage. The data base is less clear for
tornadoes, but physics indicates that, in a
more humid climate, these will increase in
frequency and intensity in the future –
albeit starting from a small base.
See next page for Rauch’s presentation
on climate change at the Seminar.
MUNICH RE’S ERNST RAUCH
DISCUSSES WEATHER BOMBS
Climate researchers
expect that strong and
very strong storms will
increase in frequency,
with so-called ‘weather
bombs’ also being
possible. Weather
bomb is the term used
to describe an event in
which an area of low
pressure intensifies
considerably in a very
short time.
“
“
Content originally published in German newspaper
“Münchner Merkur”. 30 May 2018
NATURAL
CATASTROPHIES
25. 45 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
100%
90%
80%
70%
60%
50%
40%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
100%
90%
80%
70%
60%
50%
40%
2008
2010
2012
2014
2016
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
100%
90%
80%
70%
60%
50%
40%
Insurance gap in high-income* countries
Insurance gap in low-income* countries
Source: Munich Re (2018)
*Income classification defined by World Bank: high-income countries
GNI ≥ 12,736 US$; low-income countries GNI ≤ 1,045 US$
Disaster risk management based on public private partnerships
and ex-ante finance frameworks provides key elements to support
and stabilise economic growth.
Since 1980 the insurance gap (uninsured losses as a share of overall
losses) has significantly decreased in high-income countries (below
60%), while in low-income countries it is still >95%.
THE NATCAT INSURANCE
GAP BY INCOME GROUP1980-2017 based on MR NatCatSERVICE
VERY DIFFERENT DEVELOPMENT IN HIGH-VS. LOW-INCOME COUNTRIES
Focus: high income
economies (OECD)
Private households
or companies
Policyholder
Private propertyInsured assets
• (Mostly) financed by
private policyholders
• Government provides
specific regulations
enabling the market
Funding /
Government
role
Public agencies
or institutions
Public property and
bridging of liquidity
gaps in federal budgets
• Part of the
federal budget
• Government decides
allocation of resources
in cases of natural
disasters
PROTECTION FOR
HOUSEHOLDS /
PRIVATE SECTOR
SOVEREIGN RISK
PROTECTION
Focus: low income
economies (non-OECD)
Public/private partnerships should be developing - the target is to make
catastrophe insurance available by 2020 to another 4000 million people
within a non-OECD country to help them increase the financial resilience.
The first steps have been done, but there is still a huge gap to close.
Ernst Rauch, Munich re Head of Climate and Public Sector
Business Development
““
26. NATURALCATASTROPHE
4,800
OPINIONS - SUSTAINABILITY
RISK MANAGERS
FERMA puts forward three recommendations to be embedded into the future
evaluation report of the EU’s Strategy on Adaptation to Climate Change. These
recommendations ask the EU to address the specific needs of businesses as
regards climate change adaptation from a risk management perspective:
1. Organise EU-wide
public access to climate-
related risk data.
2. Promote professional
risk management practice
inside businesses and
public entities.
3. Facilitate a broader
range of risk financing
solutions for the largest
businesses.
FERMA represents the interests of more
than 4800 risk managers through its 22
national risk management association
members in 21 European countries.
According to FERMA, the European Union
remains the right level actor to reduce the
costs of climate change for businesses and
secure future EU economic growth. However,
corporate risk and insurance management
is still largely missing from the most recent
worksperformed for action 8 of the EU
Climate Adaptation Strategy “promotion of
insurance and other financial products for
resilient investment and business decisions”.
FERMA considers that corporate risk and
insurance management represents an
untapped resource to better support
businesses in adjusting to climate change
in a future Adaptation Strategy. More
specifically, the risk manager adds value to
businesses by assessing the exposure of the
company’s assets to extreme weather events,
before deciding what the optimum limits
of insurance to purchase to protect their
sustainability against catastrophe risks.
FERMA believes that it is urgent for European
organisations to adopt professional and
mature risk management strategies to
reduce climate change impacts. This is
supported by the EU High-Level Expert
Group on Sustainable Finance which explicitly
calls the insurance sector to promote loss
prevention and to support risk-mitigation
behaviour in its January 2018 reporton, so
2018 report on Action 8 of the European
Commission report.
To respond to this historical challenge,
FERMA calls on the European Commission
to promote a structured risk management
strategy among EU organisations in the
adaptation strategy of the European Union
to climate change. The risk management
professional supported by qualified staff will
allow organisations to gradually adjust to
climate change and more frequent extreme
weather events by exploiting the full potential
of risk modelling and risk financing tools
available globally.
FERMA also urges the Commission to
distinguish more precisely between disaster
insurance for households and SMEs and
for large organisations. Public schemes
should recognise that large and well risk-
managed organisations allow the corporate
insurance market to reflect the quality of
the resilience of its clients and encourage
further investment.
This will relieve public schemes of a
concentration of risk from a comparatively
small number of large operations.
Insurance capacity remains widely available
and prices have changed little even though
2017 was a record year for extreme weather
events. Nevertheless, financial damages are
expected to rise with the predicted increase
in severe and extreme weather events,
which will put insurance industry capital
under pressure. Consequently, (re)insurers
who ultimately underwrite much of the
exposure for natural catastrophes for the
insurance market, will look to increase their
prices, reduce the total capacity that they are
prepared to offer or both, and these costs
will be eventually passed on via insurers to
corporate clients.
47 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
27. 49 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
Xavier Mutzig,
Group Insurance and
Insurable Risk Director at
Johnson Matthey
Annemarie Schouw,
Tata Steel, Manager
Risk & Insurance
Tapio Huovinen,
UPM-Kymmene
Corporation, Director
Risk Management
Aurélie Fallon Saint Lo,
XL Catlin, Senior
Environmental Risk
Underwriter - Client &
Distribution Leader
Arthur Lu,
Allianz Global Corporate
& Specialty, Head of
Global Environmental
Impairment Liability
Philippe Noirot,
AMRAE Board Member
and Chairman of the ERM
360° Committe
Ali Shahkarami,
Allianz Global Corporate
& Specialty,Head of Cat
Risk Research, CFO RI &
Cat Management
Nataliya Todorova,
Save the Children,
Head of Insurance
Rodney Irwin,
World Business Council
of Sustainable Develop-
ment, Managing Director
of Redifining Value and
Education
John Ludlow,
Chief Executive Officer,
Airmic
Gilbert Canameras,
FERMA, Secretary General
Manoelle Lepoutre,
Total, Senior Vice
President, Civil Society
Engagement
Paul Gisby,
Accountancy Europe,
Manager
Christoph Möcklinghoff,
Marsh, Environmental
Practice Leader
Alex Paraskevas,
University of West London,
Chair in Hospitality
Management
Ernst Rauch,
Munich Re, Head of
Climate and Public Sector
Business Development
Elena Visnar
Malinovska,
Head of Climate
Adaptation Unit,
DG Climate Action
SPEAKERS
ACKNOWLEDGMENTS
The present report is based on the presentations and discussions during
the Seminar as well as FERMA documentation. We thank Professor Jean-
Paul Louisot, Docteur en Sciences de Gestion de la Sorbonne, for his
additional contributions.
Thank you for your contribution to the 2018 FERMA Seminar. As a guest
speaker and moderator, you played a significant role in the success of
this well attended event.
28. 51 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
SPONSORS
51 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY51 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
29. 52 | EUROPEAN RISK MANAGEMENT SEMINAR 2018 – SUSTAINABILITY
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