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?
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
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.
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/
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.
European Risk Management Seminar 2018 - Sustainability ReportFERMA
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.
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 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.
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.
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
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.
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/
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.
European Risk Management Seminar 2018 - Sustainability ReportFERMA
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.
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 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.
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.
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.
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.
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.
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.
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.
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/
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.
Newsletter Nr. 47 of the Federation of European Risk Management Associations.
CONTENTS:
- FERMA Seminar and Benchmarking Survey
- Out and about: news about FERMA people
- Letter from Brussels
- Views sought on ISO certification
- A request for views on managing natural catastrophes
- Interview with Alessandro De Felice (new FERMA board member)
- FERMA-Lloyd's training
- protection of personal data and privacy
- member association news
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.
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.
Key Points from an article on Joshbersin.com website about a project with the MIT Sloan Management Review and CultureX to find out what HR teams around the world are doing to respond to the COVID-19 crisis
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
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
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.
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.
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.
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.
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.
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/
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.
Newsletter Nr. 47 of the Federation of European Risk Management Associations.
CONTENTS:
- FERMA Seminar and Benchmarking Survey
- Out and about: news about FERMA people
- Letter from Brussels
- Views sought on ISO certification
- A request for views on managing natural catastrophes
- Interview with Alessandro De Felice (new FERMA board member)
- FERMA-Lloyd's training
- protection of personal data and privacy
- member association news
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.
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.
Key Points from an article on Joshbersin.com website about a project with the MIT Sloan Management Review and CultureX to find out what HR teams around the world are doing to respond to the COVID-19 crisis
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
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 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.
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.
Presentation of the eighth biennal benchmarking survey conducted by the Federation of European Risk Management Associations (FERMA).
More information on ey.com/FR/Advisory
Accenture 2015 Global Risk Management Study: Banking infographicaccenture
The Accenture 2015 Global Risk Management Study: Banking Report identifies three key challenges and five priorities for risk management in the banking sector. See the infographic for compelling statistics from the study.
Accenture 2015 Global Risk Management Study: Capital Markets infographic accenture
The capital markets sector faces key challenges and priorities when it comes to risk management. This infographic highlights the main findings from Accenture’s 2015 Global Risk Management Study: Capital Markets Report.
Accenture 2015 Global Risk Management Study: Capital Markets Key Findings and...accenture
Some 170 capital markets risk leaders contributed to Accenture’s 2015 Global Risk Management Study: Capital Market Report. See the attached presentation for how these leaders are working to bring operational risk back to the top of the business agenda. Visit www.accenture.com/riskstudy2015 to learn more.
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
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.
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.
Deloitte’s Global risk management survey, 10th edition assesses the industry’s risk management practices and the challenges it faces in this turbulent period. It includes responses from 77 financial services institutions around the world. This 10th edition survey assesses the industry’s risk management practices and the challenges it faces in this turbulent period. It includes responses from 77 financial services institutions around the world that conduct business in a range of financial sections and with aggregate assets of US$13.6 trillion. The survey findings are based on the responses of 77 financial institutions from around the world and across multiple financial services sectors, representing a total of $13.6 trillion in aggregate assets. In today’s financial services environment risk management is becoming more important than ever; financial institutions confront a variety of trends that have introduced greater uncertainty than ever before into the future direction of the business and regulatory environment. http://deloi.tt/2Dg1Zg0
Similar to FERMA European Risk Manager Report 2020: full set of results (20)
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
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
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)
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2. European Risk Manager Report 2020 Edition
Table of content
- Key findings
- Presentation of the survey
- Profile of respondents
- How did risk managers see risks in 2020 prior to the
Covid-19 crisis?
- Part I : The risk manager’s growing role in the digital
transformation
- Part II : The risk manager’s contribution to sustainability
- Part III : The risk manager facing hardening insurance
market conditions
- Part IV : The risk manager’s education and the
increasing importance of certification
- Part V : The risk manager’s presence and interaction
within the organisation
3. In partnership with
European Risk Manager Report 2020 Edition
Key Findings
The FERMA European Risk Manager Survey 2020 highlights a significant evolution in the role of the Risk Manager in Europe today :
- 64% of the interviewed risk
managers have a specific
qualification in risk and/or
insurance management.
- 77% of risk managers say that a
recognised certification
matters in practising risk
management and rank internal
recognition as the first benefit of
a certification.
- Cyber threats are still the 1st concern for risk managers, and were identified by 69% of the risk managers using innovative technologies
as the most critical risk to their organisation’s growth prospects.
- The threat of the speed of technological change is the first concern within the next 3 years and the main threat identified within the next 10
years is the climate change and environmental damage.
- 67% of the risk managers use in
their activities innovative
technologies: data analysis,
data visualisation, process
automation and/or artificial
intelligence.
- The digital transformation is
increasing, however so far, 33%
of the respondents bring none of
the 4 technologies listed into
their daily work.
- The attractiveness of captives
to cover insurance risk
increases by 28%.
- Risk managers main concerns
are the limitations and
exclusions on emerging
specific risks and the change in
market conditions
- 27% of risk managers are
playing a specific role regarding
ESG-related risks, and 13% are
planning to play one.
- The main challenges faced by
risk managers to integrate ESG
risks into ERM are the difficulty
of scoping sustainability risks
(81%) and the limited
knowledge of sustainability risks
(70%).
Education Digital Insurance Sustainability
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Methodology and Survey Panel
The data in this report were collected from an anonymous web-based survey distributed through FERMA’s 22 member
associations and the PwC European network between January and March 2020.
The survey was composed of 56 questions and responses were received from 764 respondents in 34 countries
aggregated into 3 clusters:
• Western Europe :
Belgium, Cyprus, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
Monaco, Netherlands, Portugal, San Marino, Spain, Switzerland, UK, Vatican City
• Central & Eastern Europe :
Albania, Armenia, Austria, Bulgaria, Czech Republic, Georgia, Hungary,
Kazakhstan, Lithuania, Romania, Russia, Slovenia, Turkey
• Northern Europe :
Denmark, Finland, Norway, Sweden
76%
7%
17%
Respondent were not obliged to answer all the questions, so the size of the sample can vary from one question to another.
In addition, some of the questions allowed multiple choices so the responses do not necessarily add up to 100%.
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Profile of respondents - Organisation
4%
13%
29%
54%
Public sector
Services
Financial Services
Industry
Sector of activity
80%
7%
13%
Size of organisation
Large (>250 staff / >50€M )
Medium (<250 staff / <50€M )
Small (<50 staff / <10€M )
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Profile of respondents – Gender and age
5%
12%
30%
34%
10%
8%
Age
Less than 30 years old
Between 31 and 35 years old
Between 36 and 45 years old
Between 46 and 55 years old
Between 56 and 60 years old
More than 60 years old
68 % 32%
41%
66% 68%
30%
20% 18%
30%
14% 14%
ERM ERM/IM IM
More than 10 years Between 5 and 10 years Less than 5 years
ExperienceGender
Women represent 52% of risk managers under
30 years old, while they are only 16% among
those more than 60 years old.
Risk management is still a
profession for the experienced,
with 64% between 36 and 55 but
the average age reduced since
2016.
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Respondents activities Activities under the ERM Risk Manager responsibility in 2020
Activities under the IM Risk Manager responsibility in 2020
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Top critical threats to the organisation’s growth prospects
within the next 12 months
CYBER THREAT
UNCERTAIN
ECONOMIC GROWTH
AVAILABILITY OF KEY
SKILLS
DATA FRAUD OR
THEFT
OVER-REGULATION
CYBER THREAT
UNCERTAIN
ECONOMIC GROWTH
GEOPOLITICAL
UNCERTAINLY
OVER-REGULATION
CHANGING
CONSUMER
BEHAVIOUR
TOP RISK 2020TOP RISK 2018
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Top 15 critical threats within the next 12 months
Top 5 risks
Top 10 risks
Top 15 risks
New risks
Growing risks since
2018
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Part I : Innovative risk management practices continue
to develop
53% 35%
28% 8%
Data analysis
of the risk managers
interviewed use at least
one of these four
innovative technologies
67%
Data
visualisation
Process
automation
Artificial
Intelligence
Web based
applications
58%
Common technologies such as
web based applications remain
the used technologies.
The main obstacles to the
use of new technologies are
the heavy investments they
represent for the function (55%)
and the lack of perceived added
value for the function (52%).
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Part I : Innovative risk management practices continue
to develop
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Part I : Risk management contributes to the digital
transformation of organisations
37%
39%
24%
How do you deal with risks arising from emerging technologies ?
Identification and assessment of risks prior to adoption of new technologies
by the business
Identification and assessment of emerging technologies used by the business
Analysis and remediation of any insurance coverage gaps
10% 9%
6% 10%
41% 36%
43% 45%
IT Information security
Risk managers’ interactions with IT and information security teams
Regular, close collaboration based on a clear mandate
Occasional collaboration
Under the risk manager’s responsibility (now or for an extensive period of time)
No relationship / involvement
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Part I : Focus on cyber threats
Cyber threats are the 1st concern in 2020 for risk
management regardless of the sector of activity
like in 2018, increasing by 30% since 2018.
30%
Sector of activity Cyber threats ranking 2018 Cyber threats ranking 2020
Industry 3 1
Financial services 2 1
Services 1 1
Public sector 2 1
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Part II : The role of the risk manager in sustainability
60%
27%
13%
NO YES PLAN TO
Is the risk manager playing a specific role regarding
ESG-related risks in their organisation?
of the risk managers
involved in sustainability
are contributing to the
development of ESG
reports
78%
11%
Are currently developing a
risk map dedicated to
Corporate Social
Responsibility
Is the risk manager playing a specific role regarding ESG-related risks in
their organisation?
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Part II : The 5 greatest challenges for risk managers in
integrating ESG into the risk management process
1st
(81%) 2nd
(70%) 3rd
(55%)
4th
(51%) 5th
(43%)
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Part III : Tougher insurance market conditions are risk
managers’ top concern
Concerned
Not concerned
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Part III : The rise of captives confirmed
Over the next 2 years, what will be the strategy with regard
to risks which are difficult to place on the insurance market?
15%
43%
2018 2020
Propensity to use captives
(existing or creation)
43%
of risk managers continue
to show confidence in
captives
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Part III : The rise of captives confirmed
Use of captives for non-traditional lines of cover (e.g.
cyber threats, employee benefits, etc.)
Use of captives for traditional lines of cover
(e.g. general liability, property damage, etc.)
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Part III : Insurance management purchasing contrasted
Despite the high ranking
of cyber threats and data
fraud and theft in the top
five risks for the next 12 months,
35% of respondents bought no
stand-alone cyber coverage.
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Part IV : Education in risk management
of the risk managers
interviewed have a
qualification in risk and/or
insurance
management
64%
have a university or
business school
degree
67%
have a professional
education
50%
have other type of
education
3%
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Part IV : Certification
say that a recognised
certification matters in
practising risk
management
77%
44%
of respondents have a
certification or plan to
apply for one.
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Part V : Levels of interaction with the 3 lines of defence
Fast decreasing interaction
2020 vs 2018
Different levels of interaction between
various functions continue:
First rank partners – with whom the risk
management function has a regular or
very close relationship, based on a clear
mandate ;
Second rank partners – with whom the
risk management function has a more
distant relationship and occasional
collaboration;
Third rank partners – with whom
relationships can be improved, as there is
little or no relationship or involvement.
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Part V : The risk manager’s presence at a strategic level of
the organisation
44%
28%
8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Contact directly the CEO
Contact indirectly the CEO through
their superior
ERM managers represented on :
IM managers represented on :
Risk Committee
60%
Risk Committee
51%
Executive Committee
29%
Executive Committee
47%
Audit Committee
48%
Audit Committee
25%
Board Committee
27%
Board Committee
39%
ERM / IM managers represented on :
Risk Committee
44%
Executive Committee
35%
Audit Committee
32%
Board Committee
34%
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Part V : Strategic risk assessment by the risk manager
of risk managers assess risks
that could affect the relevance
and viability of their
organisation’s
strategy and
objectives.
74%
of risk managers assess risks
related to the different
strategies considered by their
organisation during its
strategy definition.
60% of risk managers assess risks
related to the non-alignment
of their organisation’s
strategy with its mission,
vision and core
values.
59%
76% in 2018 41% in 2018
47% in 2018