The document provides information on the following topics:
1. It encourages risk managers to participate in FERMA's 2012 Benchmarking Survey by its June 15th deadline.
2. It announces the upcoming FERMA Seminar in October 2012 in Versailles, France, which will present the survey results.
3. It provides an update on FERMA activities, including the team's participation in the RIMS conference in Philadelphia.
FERMA information paper to OECD in order to propose captive (re)insurance gui...FERMA
As OECD members are moving towards the implementation stage of the BEPS actions proposed in 2015, certain questions of interpretation have arisen for owners of captive insurance and reinsurance companies.
In the interests of consistent implementation and legal certainty for both tax administrations and taxpayers, FERMA is suggesting guidelines to address captive insurance arrangements.
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.
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
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
European Risk 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.
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 information paper to OECD in order to propose captive (re)insurance gui...FERMA
As OECD members are moving towards the implementation stage of the BEPS actions proposed in 2015, certain questions of interpretation have arisen for owners of captive insurance and reinsurance companies.
In the interests of consistent implementation and legal certainty for both tax administrations and taxpayers, FERMA is suggesting guidelines to address captive insurance arrangements.
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.
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
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
European Risk 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.
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.
regulatory compliance is complex, ever-evolving and becoming more onerous by the day. highly regulated industries like energy, healthcare and financial services face a number of challenges to remain compliant and, most importantly, sustainable.
The compliance officer – a role historically seen as one that requires skilled technical and quantitative calculations – today requires one to possess strong communications skills in order to communicate risks within banks, broker-dealers, investment advisory firms and other organizations. The compliance officer has to understand the challenges the firm faces today and those it could in the near future. Beyond protecting a firm’s sustainability, reputation and wallet, there are regulatory incentives to evolve this role as well. The US Federal Sentencing Guidelines were amended to reward companies for implementing effective compliance programs by protecting them from criminal liability in the first place. Looking outside of the compliance office, good global supply chain management should also focus on sustainability. Many multinational companies have multitiered global supply chains which are linked together in complex interrelationships across multiple jurisdictions. A problem in one can quickly ripple up and down the chain leading to severe reputational damage. Creating sustainability within the global supply chain goes hand in hand with a thorough Know Your Supplier (KYS) process. Investment in physical infrastructure is vital to sustainable development and the future success of developing economies. Whilst there are global resources available to fund the developing world’s investment needs, there are barriers to unleashing that capital – like, investors’ lack of confidence in fiscal and monetary management and a lack of transparency into government and regulatory processes. However, Big Data and open source standards are facilitating the creation of new benchmarks to guide investors in infrastructure projects. In this issue of Informer we take a closer look at these challenges: their impact on the sustainability of a business; the repercussions that can result from mismanaging them; how understanding them can create opportunities and the innovative ways Thomson Reuters is addressing them to keep you on the right side of regulators and allowing you to move forward with confidence.
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
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
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.
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.
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 European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Ferma 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.
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.
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.
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.
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.
regulatory compliance is complex, ever-evolving and becoming more onerous by the day. highly regulated industries like energy, healthcare and financial services face a number of challenges to remain compliant and, most importantly, sustainable.
The compliance officer – a role historically seen as one that requires skilled technical and quantitative calculations – today requires one to possess strong communications skills in order to communicate risks within banks, broker-dealers, investment advisory firms and other organizations. The compliance officer has to understand the challenges the firm faces today and those it could in the near future. Beyond protecting a firm’s sustainability, reputation and wallet, there are regulatory incentives to evolve this role as well. The US Federal Sentencing Guidelines were amended to reward companies for implementing effective compliance programs by protecting them from criminal liability in the first place. Looking outside of the compliance office, good global supply chain management should also focus on sustainability. Many multinational companies have multitiered global supply chains which are linked together in complex interrelationships across multiple jurisdictions. A problem in one can quickly ripple up and down the chain leading to severe reputational damage. Creating sustainability within the global supply chain goes hand in hand with a thorough Know Your Supplier (KYS) process. Investment in physical infrastructure is vital to sustainable development and the future success of developing economies. Whilst there are global resources available to fund the developing world’s investment needs, there are barriers to unleashing that capital – like, investors’ lack of confidence in fiscal and monetary management and a lack of transparency into government and regulatory processes. However, Big Data and open source standards are facilitating the creation of new benchmarks to guide investors in infrastructure projects. In this issue of Informer we take a closer look at these challenges: their impact on the sustainability of a business; the repercussions that can result from mismanaging them; how understanding them can create opportunities and the innovative ways Thomson Reuters is addressing them to keep you on the right side of regulators and allowing you to move forward with confidence.
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
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
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.
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.
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 European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Ferma 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.
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.
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.
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.
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.
Originally published in April 2014
Table of Contents:
1. The Benchmarking Survey 2014 starts on 22 April in 20 European countries
2. Members help to shape the 2014 FERMA Seminar programme
3. Investing in our profession – leadership and diversity in Europe
4. Political action committees created to strengthen FERMA’s voice
5. Corporate governance for non-corporates
6. Letter from Brussels
7. FERMA-Lloyd’s new programme starts
8. Expert Views
9. What role for the risk managers in the increasing trend for greater financial transparency?
10. Knowledge Corner
In these times of financial distress and economic uncertainty, the Finance Director is a key board member for the risk manager to collaborate with. Finance Director Europe (FDE) magazine has therefore teamed up with FERMA to produce a special report that explores the risk manager - finance director dynamic and tackles key risks of mutual concern.
Within the report, FERMA board members and close affiliates Paul Taylor, Terry Mikes, Julia Graham and Sabrina Hartusch are interviewed alongside their Finance Directors Kevin Dangerfield, Paul Edwards and Javier van Engelen. Philip Broadley, Group Finance Director of Old Mutual Group and chairman of the pensions committee of the influential 100 group of finance directors in the UK also makes a special appearance to tackle pension related risks - so please click here to read a complimentary copy.
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
ITS 835Chapter 12Measuring Performance at mariuse18nolet
ITS 835
Chapter 12
Measuring Performance at Intuit
Enterprise Risk Management
Dr. James C. Hyatt
Miguel Buleje
Introduction
Intuit’s ERM Journey
ERM Maturity Model
Benefits of Measuring Performance in ERM Models
ERM Performance Measurement and Reporting
Conclusion
Intuit’s ERM Journey
INTRO to Intuit: Biz and Financial Software Corporation. Offerings include QuickBooks, Quicken, Turbo Tax
Began with ad hoc risk management
Very common entry point
Escalated to ERM when seminal event occurred
Desire was to stop firefighting and start prevention.
Proactive approach, as resources were pulled from Operations
Intuit ERM Core Principles
Enterprise-wide risk framework
Risk assessment is ongoing
Focus on most significant risks
Ownership and accountability
Measure and monitor performance
ERM Maturity Model
Risk Management Maturity Model
Stakeholders Value increases as Risk Management Capability Increase
Ad Hoc Risk Management - Starting Point
Targeted Risk Management – progress and next step. More proactive. Organized.
Integrated Risk Framework – Really taking this the next level with formal framework. Value starts to increase
Risk Intelligence - Feedback loop. Really taking advantage to predict, and use intelligence to take action.
Risk Leadership – Move from Reactive to Proactive. Optimize and Capitalize positive outcomes around risk.
4
Benefits of Measuring Performance in ERM Models
Key Performance Indicators (KPI)
Based on business objectives
Quantitative and qualitative KPI
Leading (looking into future/ predictive approach) and
Lagging (trending / historical performance) indicators
Input, process, and output indicators ( optimized for end to end processes).
KPIs must be
Tangible
Flexible
Standardized
Outcome or objective focused
ERM Performance Measurement and Reporting
First evolution - ERM process adoption
Second evolution – Risk Mitigation Process Management
Third Evolution – Multidimensional Risk Management Performance Measurement
Outcome: executive dashboard for reporting.
ERM Process Adoption
7
Risk Mitigation Process Management
Multidimensional Risk Management Performance Measurement
3er Evolution
Culmination of INTUIT enterprise risk management: Dashboards
KPI status by risk.
Clear where attention goes, by Risk .
They do not care about green. Focus on Reds and Yellow.
At a glance exes are able to determine what risk would cause issues.
9
Conclusion
At Intuit, risk management is everyone’s responsibility
ERM must be a core business competency
Coordination is a key to success
ERM Recognizes
Upside opportunity
Downside risk
ERM process is regularly audited
ERM is an integral part of Intuit’s operating model
Sheet1TitleYearLengthViolence timeInjuriesFatal injuriesGood/neutral injuriesGood/neutral fatalitiesBad injuriesBad fatalitiesSnow White and the Seven Dwarfs19375040474211011Fantasia19407200307111100Pinoc ...
- More than 800 respond to 2012 Benchmarking Survey
- The FERMA Benchmarking Survey seen from a sponsor's eyes
- More than 350 risk and insurance professionals expected for FERMA Seminar
- Guest speakers enhance discussions at FERMA Seminar
- Insurance industry leaders debate at Seminar
- Letter from Brussels
- FERMA‐Lloyd's training continues
- FERMA seeks answers on management of cyber risks
- Board changes at FERMA
- Strengthening the risk manager's position: Reservation of rights in London market claims
- AROUND THE ASSOCIATIONS
On 20 June 2017, FERMA has released proposed guidelines for captive (re)insurance arrangements in order to ensure a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).
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.
Table of Contents
1. FERMA President’s blog
2. Seminar risk manager numbers high – and rising
3. FERMA’s survey results support risk leaders
4. FERMA is Forty!
5. Seminar master class: radical reforms in the London market
6. More demanding environmental requirements ahead? Seminar roundtable to discuss
8. Letter from Brussels
9. Launch of New Guidance on 8th Company Law
10. Expert Views
11. Coinsurance: new review of Insurance Block Exemption
12.Knowledge Corner
Table of Contents
FERMA Newsletter 64 (Table of content)
Forum 2015 – just over six months to go
Certification enters the testing phase
Tributes to Edwin V Meyer
From the President
Diversity in the Risk Professions: everyone’s career is different
Diversity in the risk professions – the view from France
Letter from Brussels
A duty of care
Solvency II and the treatment of third country jurisdictions
Cyber insurance market: incentives and improved cybersecurity for organisations
Expert Views
New appointment for FERMA President Julia Graham
Knowledge Corner
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/
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.
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 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.
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FERMA Newsletter 47
1. Newsletter N°47
May 2012
Do not miss the survey!
Have you taken part in the FERMA
Benchmarking Survey 2012 yet? It is
the most extensive survey of
European risk management status
and practice and risk managers’
views of the insurance market, and
FERMA needs all risk managers to
Vive le Seminar 2012 make their views known.
The survey opened on 17 April and
Registrations are now open for will continue for until 15 June. Its
the FERMA Seminar 2012 which theme is: Spotlight on risk
will take place on 22 and 23 management in your company: Show
October in the wonderful setting the value! The aim is to provide a tool
of Versailles outside Paris. The which helps risk managers to take
event is free of charge for risk decisions and gives true
and insurance managers. comparisons with others in their
country or sector of activity.
The seminar has its own
dedicated web page accessible The survey is focussing on three
from www.ferma-seminar.eu topics:
where the preliminary programme
and details of access and 1. To find out the status and level of
accommodation are already influence of risk management in
available. businesses today, and get a better
understanding of what stakeholders
The highlight of the event will be the presentation of the results of the 2012 FERMA expect of risk management in the
Benchmarking Survey which is now taking place. The one and a half day programme will current financial and economic
also include high profile speakers from industry, public and financial sectors. environment.
One of the opening speakers will be Jean-Pierre Letartre who is Managing Partner for 2. To examine risk managers’ views
Algeria, France and Luxembourg of Ernst & Young. In addition to his professional work, of the insurance market and their
Letartre is a member of MEDEF, the French association of senior business management. expectations of their insurers.
He also heads the Entrepreneur of the Year Award Programme in France and is co-founder
of the French Entrepreneur’s Day Association. 3. To assess the added value of
enterprise risk management (ERM)
The latest information about speakers and sessions will be on the Seminar website and on and new regulations for risk and
FERMA’s social media: FERMA Risk Talk group on LinkedIn and twitter @FERMARISK. corporate governance, especially the
th
Please use the new twitter hashtag #fermaseminar. 8 European Company Law
Directive.
Risk and insurance managers who would like to take part in the seminar but who are not
members of a FERMA association can register via the Seminar website www.ferma- Members will have received an email
seminar.eu in the category “Risk Manager Non-Member”. Confirmation of their registration with a personal link to the survey.
is subject to FERMA’s approval after verification of their occupational status. Other risk professionals who would
like to take part in the seminar but
who are not members of a FERMA
Supporters and sponsors association should send their details
(name, business title, employer and
country) to Silke Huber in the
FERMA is grateful to AXA Corporate Solutions and Ernst & Young for their continuing FERMA office at
support for the FERMA Benchmarking Survey. silke.huber@ferma.eu.
We also want to thank ACE, Allianz Global Corporate & Specialty, Aon, Chartis Europe, FM So far, 327 responses have been
Global, JLT International Network, Marsh and XL Group for their sponsorship of the received, mainly from the UK,
seminar. France, Italy, the Netherlands and
Denmark.
Interested in sponsoring? Contact Silke Huber at the FERMA Office: silke.huber@ferma.eu
or +32 2 761 94 35. Make your views count.
FERMA Newsletter N°47 ●May 2012
2. Team FERMA goes to Philadelphia
Team FERMA went to Philadelphia for the annual conference of the US Risk and
Insurance Management Society (RIMS) in April. President Jorge Luzzi, General
Secretary Pierre Sonigo, board members Carl Leeman and Alessandro de Felice, and
Executive Manager Florence Bindelle stamped their mark on the town as they sped from
event to event in the FERMA minibus.
RIMS is an event on a completely different scale from any other risk management event
with its 8,000 or so delegates, nearly 400 exhibitors and a programme to match. Insurers,
brokers, service providers and captive domiciles all compete with each other to attract the
risk managers to their stands and hospitality suites.
Here are Florence and Jorge in front of
As Pierre Sonigo comments, “I was amazed by the number of business meetings going the Marsh food wagon outside the
alongside the conference. The lobbies of the Marriott and the Loews (the two convention centre where they tried the
conferences hotels) were filled with people discussing business from 7 am to midnight. famous Philadelphia steak sandwich.
Marsh had a ‘Marsh Café’ as big as a soccer field inside the convention centre serving
breakfast and lunches for their customers. The Chartis hospitality suite had maybe 30
meeting tables! FERMA Secretary
“In the evening it was difficult to make a choice: two private concerts with more than 2 General receives
000 attendees were sponsored by FM Global and by ACE on Monday night. RIMS and
XL booked the same venue for their reception, Monday and Tuesday nights. It is called award for outstanding
the Please Touch Museum. A name like that could not be accepted in France or in Italy!” contribution to risk
At a gala dinner to honour Zurich Insurance’s 100 years in the United States, Pierre and management
Florence were invited to stand and be recognised as honoured guests by the President of
Zurich North Florence. “We then realised that FERMA has now received international FERMA Secretary General Pierre
recognition,” said Pierre. Sonigo has received a special
award in the 2012 Strategic Risk
Jorge observed that there has been a shift in emphasis at RIMS over the last few years. awards for his outstanding
“The implementation of enterprise risk management (ERM) is no longer the unique star contribution to risk management.
subject, although it remains important. Risk managers are asking more and more about
other subjects, like natural catastrophes, cyber risks, captives, risk transfer and risk Pierre has been Secretary General
retention, regulations, worldwide programmes, tax implications of multinational activities, of FERMA for eight years, and he
and so on. has been closely involved with
FERMA’s work on Solvency II and
“There is a new interest in loss prevention but also in business continuity after big natural the EU Environmental Liability
disasters, not only for companies’ own factories but for all their supply chains.” Directive. Previously he served as
Vice-President for environment,
He added that almost all presentations touched on the economic crisis.
health and safety, and risk
In his conversations with risk professionals from different regions of the world, he found management at the French
concern about growing trade protectionism especially in rapidly developing countries. aluminium conglomerate Pechiney,
Alcan, and Director of Risk and
For FERMA’s newest board member Alessandro de Felice, RIMS is a “must attend event” Insurance at St Gobain.
to connect with the North American market. There was a very large number of
participants this year, and as he said: “It is always a good occasion to meet the right Announcing the award, Strategic
person to solve a pending issue.” Risk Editor Nathan Skinner
described Pierre as “a man who has
Florence drew attention to the new mission statement and five strategic goals of RIMS tirelessly worked at the heart of one
that were presented at the conference, including a plan to increase the size and scope of of the risk management industry’s
the society's membership base of risk practitioners. most important associations and
http://www.rims.org/RIMS12/Documents/RIMS12_SD_tues.pdf lobby groups for many years. Our
judges were unanimous in
agreement that his efforts over the
Visit Oslo years have made a real difference,
both in raising the profile of risk
Would you like to visit Oslo in June? The Norwegian Quality Institute (NFKR) has invited management and making Brussels
FERMA to send a speaker to its annual conference on 7 and 8 June. Ayse Nordal, a bureaucrats think differently about
new rules and regulations.”
member of Oslo city Municipal Undertaking for Educational Buildings and Property
(Undervisningsbygg) and of the NFKR met Marie and Florence in Brussels to discuss FERMA board member Cristina
corporate governance and risk management. Marc Hertgen from the European Martinez also shared with her team
Commission suggested she speak with us. the award for the enterprise risk
management programme of the
Florence and Marie invited her to complete the Benchmarking Survey and attend the year in her role as Director of
FERMA Seminar in October. In turn, she has now invited FERMA to send an English or Corporate Risk Management at the
Norwegian speaking risk manager to speak at the NFKR conference on 7 June. Spanish food giant Campofrio.
Page 2 FERMA Newsletter N°47 ●May 2012
3. Letter from Brussels Views sought on ISO certification
These wet days have found the
The International Federation of Insurance and Risk
FERMA office team busy with
Management Associations (IFRIMA) would like the views of
plans, for the board meeting and
FERMA members on whether certification for ISO 31000
general assembly in June and
should be introduced. This follows a discussion by the
then, of course, for the seminar in
IFRIMA board held during the annual conference of the Risk
October. The 2012 benchmarking
and Insurance Management Society (RIMS) in Philadelphia
survey is well underway. Our social Carl Leeman
in April.
media presence is expanding and
we now have more than 700 twitter Of 10 regional and national association representatives who gave their opinion at the
followers. meeting, one only of the Spanish associations was actively in favour of certification and the
United Kingdom is neutral. The others, which included FERMA, RIMS, the Latin America
FERMA’s reputation continues to ALARYS, Australia, Japan, Brazil, Argentina and France opposed the introduction of
grow. At the annual RIMS certification of a company.
conference in Philadelphia, we
received a number of interesting IFRIMA President Carl Leeman explained that since views expressed from Europe had been
proposals for future collaboration, mixed getting the opinion of more FERMA members would give a better picture of the
and we were given a special general view.
welcome at the gala dinner to
celebrate Zurich’s 100 years in He explained that many risk managers seem to have reservations about the current
North America. For me, one of the implementation text ISO 31004. “Also, we would like to see a ‘light’ version for small and
highlights of RIMS this year was a medium sized enterprises (SMEs). COSO and ISO 31000 are most of the time too
presentation by the biographer of complicated for them. But a text that was effective to meet their needs would have real
Apple founder Steve Jobs, Walter added value, both for them and for the larger companies which they supply.”
Isaacson. Innovation is a risk, he
said. He spoke about Jobs’ ability Risk management education worldwide
to focus on essentials and keep
things simple. IFRIMA hopes to distribute brief guidelines on the minimum desirable content for a risk
management education anywhere in the world in the course of next year. The association is
I was delighted to represent currently working on a first draft which should be ready for discussion at the next IFRIMA
FERMA at the gala dinner of the meeting in Panama in September. It will blend the topics covered by the education
2012 European Business Summit, programmes in member countries so that it is clear what should be included.
which took place in the presence of
royalty. The invitation to FERMA
came from Jurgen Thumann,
President of Business Europe, and A request for views on managing natural catastrophes
from Pierre Alain De Smedt,
President of the Federation of
FERMA national associations have until 31 May to comment on the European Commission
Belgian Enterprises. It provided an
report Natural catastrophes: Risk relevance and insurance coverage in the EU. The aim is to
opportunity to talk to many
consider the most appropriate balance between preparation, insurance and post-event
interesting stakeholders about risk
government intervention in dealing with disasters.
management and our work.
This report is the result of an in-depth examination by the European Commission of national
Another interesting development is
insurance schemes and contributions from stakeholders, insurance experts and academics to
the inquiry FERMA has received
a conference organised by the Directorate of Internal Market and Services in November
from the Azerbaijan Risk
2011. The present exercise covers flood, storm, earthquake and drought.
Professionals Association about
possible membership. We are
Four questions have been addressed to the members:
happy to see the spread of both
risk management and the
Do you think it would be better to align a particular model as being a good one in
awareness of FERMA.
Europe?
Are you happy with the situation on your country?
Would you like to see a change?
Would you like to follow or unfollow a specific system?
The analyses should bring food for discussion and set the basis for future Commission
initiatives to promote the development of natural catastrophe insurance markets and improve
the efficiency of current practices in dealing with the four perils.
FERMA Board Members Helle Friberg and Carl Leeman coordinate the response for FERMA.
Florence Bindelle
Executive Manager For more information, see http://ec.europa.eu/internal_market/insurance/natural-
catastrophes_en.htm or contact Florence Bindelle at florence.bindelle@ferma.eu.
Page 3 FERMA Newsletter N°47 ●May 2012
4. REPRESENTING OUR Out and about
PROFESSIONAL FAMILY Scientific advisor Marie Gemma Dequae took part in
An interview with FERMA’s newest board member the annual conference of
ECODA, the European
federation of directors’
Like many young people, FERMA’s associations, which
newest board member Alessandro De discussed the principle of
Felice started his career in insurance comply or explain in
and risk management without a definite corporate governance. The
intention. After finishing a degree in key concern, she said, is to
political science, he went to work for improve the quality of
the broker Sedgwick, now part of management. There is no
Marsh. “It wasn’t a precise wish,” he single solution. Differences
says, “I just saw an opportunity to work in codes among member
in the London market which interested states reflect very different
me.” legal and social cultures.
Alessandro De Felice
The discussion will, no Marie Gemma Dequae
doubt, continue.
Alessandro spent seven years in broking and then joined Italy’s
famous tyre maker, Pirelli, as risk manager for Europe, Middle East In April, Marie attended the annual risk forum of the
and Africa. In June 2005, he moved to his present job as Group Institute of Risk Management (IRM) held in
Risk Manager for Prysmian Group, a leading player in high Manchester in north east England. The conference
technology cables and systems for energy and telecommunications. theme was navigating through uncertainty. She said
He is also Managing Director of the company’s Dublin captive. the sessions she took part in were well prepared and
led by very high level practitioners or senior lecturers
Based in Milan, Alessandro is actively involved in FERMA’s Italian from UK universities.
member ANRA where one of his enthusiasms is spreading
knowledge of risk management to Italy’s many medium and smaller
sized businesses (SMEs). The 150 or so large companies with a Executive Manager Florence
dedicated risk management function, almost all members of ANRA, Bindelle represented FERMA
are not representative of the whole Italian market, he says. at the gala dinner of the 2012
European Business Summit
Alessandro wants to show SMEs that they can add value by on 25 April in Brussels which
improving risk management procedures and practices. “We are took place in the presence of
trying to link the process with acknowledgement from stakeholders, Prince Philippe and Princess
investors, banks and other financial institutions. For example, if a Mathilde.
financial institution is going to select companies to loan money, then The invitation to FERMA came
risk management should be one of the criteria which is relevant to from Jurgen Thumann,
the discussion,” he explains. President of Business Europe
Florence Bindelle
and from Pierre Alain De
Prysmian Group is a large, international company with subsidiaries Smedt, President of the Federation of Belgian
in 50 countries, 98 plants, 22 research and development centres Industries. Florence says she made some very
and 22,000 employees. Not surprising then, Alessandro plans to interesting contacts with other stakeholders present.
contribute his knowledge of multi-national insurance programme
and risk mapping to the FERMA board, and he also can advise on
reporting risk to company boards. He has consolidated experience Looking forward, Jorge is to moderate a high level
in project risk management, in particular for offshore projects panel of re/insurance experts at the annual conference
related to submarine energy cables, one of the main businesses of of Insurance Europe (formerly CEA) on mitigating
Prysmian Group. catastrophes - how insurers can contribute to
sustainable approaches to climate change. The event
FERMA’s principal role, Alessandro believes, is pan-European will take place on 1 June in Amsterdam.
promotion of risk management culture, which means organising
activities like the coming FERMA Seminar and Forum, and He will also represent
opportunities for risk managers to share experience and knowledge. FERMA in a session
Second, he says, is lobbying on behalf “of our professional family” addressing
with regulators, financial institutions and other bodies. globalisation of trade
and supply chain at
He said: “For me, being a member of the FERMA board, is a great the 4th Malta
privilege in consideration of the high profile of the other board International Risk &
members. I will do my best to serve the interests of our professional Insurance Congress,
in ways that add value to companies in a very difficult international taking place on 24 and
economic situation.” 25 May in Malta.
Jorge Luzzi
You can follow Alessando on twitter at @defelal
Page 4 FERMA Newsletter N°47 ●May 2012
5. FERMA-Lloyd’s training gets off to a flying start
Risk management and
finance In the frame of the joint professional
development initiative with FERMA,
Lloyd's welcomed 19 young risk
On his way between London and professionals and FERMA's head of
Geneva, the President of the Global education Edouard Thys to its iconic
Association of Risk Professionals headquarters in the city of London in
(GARP) Richard Apostolik stopped to April for the first session of the
meet Florence at the FERMA office in FERMA-Lloyd's professional
early May to discuss possible future development initiative. The
programme included talks from
collaboration. GARP is the principal
market leaders, lunch with Lloyd's Left to right: Alexander Voisin, Sabrina
association for training and educating
CEO Richard Ward and sessions Hartusch, Benno Reischel, Edouard Thys
financial risk managers. It has 200
shadowing brokers and underwriters. and Denise Ozmis
000 members in 195 countries.
Their host, Lloyd's Head of Northern Europe Benno Reischel, had himself been
Another visitor to the office was David the head of insurance services for Daimler Chrysler in Asia Pacific before joining
Gibbs of CME Group which provides Willis as a broker. The programme he organised showed that Lloyd's is taking
benchmarking for futures and options young FERMA members very seriously as current and future customers.
products for any exchange and for all
major asset classes. He is also In addition to the speakers from Lloyd's, Benno invited David Matcham, CEO of
interested in professional education the International Underwriting Association (IUA), to cover the London company
for risk managers. market, and David Hough, CEO of the London International Brokers Association
to talk to the participants about the role of brokers in the market.
Florence asks - Are FERMA members
involved with this aspect of business The young professionals selected by FERMA, coming from Austria, Belgium,
in their companies? Would you be France, Germany, Lithuania, Netherlands, Poland, Russia, Sweden and
Switzerland, were delighted with the first day of the course and the exposure to
interested to learn more? She says
some of the leading figures in the market. Alexandre Voisin, Corporate Insurance
that when she speaks to outside
and Risk Manager for Metalor, Switzerland, said: “As I am dealing with some
groups, there is more and more specialist risks, I know that Lloyd’s is involved. I want to know more about it, how
discussion of risk management from it works and what benefit we can take from this market. It can also help me know
an investment point of view. how my broker may be useful!”
FERMA also received an approach “It has been a very good day,” added Denise Ozmis, Claims Manager for
from PERE magazine as a result of AkzoNobel Insurance in the Netherlands. She said that although the Netherlands
the recent membership of the has a large and important insurance industry, it is mainly a local market. Her
Luxembourg association, PRiM. company is a multinational, so it was essential to understand Lloyd’s and the
PERE and its website international market. “It's a must have,” she said.
www.perenews.com cover the
activities of private equity funds and A slightly different perspective came from Kristina Bernotaité, Quality and Risk
their investors. Manager with INVEGA in Lithuania and a member of the board of the country’s
Institute of Internal Auditors and of the ECIIA. She explained that there are no
In June, PERE is producing a guide to risk management associations in the Baltics. “Therefore, this is a good
opportunity to hear new things and collaborate with other countries. The
risk management for funds and their
programme really is unique, especially since this is the first one that FERMA and
investors and would like to know if any
Lloyd’s have organised. The atmosphere and the building are great. We are
FERMA members are working with really grateful to FERMA for this opportunity.”
this industry. If so, would you like to
contribute to the guide? Topics Sabrina Hartusch, Global Heath of Insurance for Triumph International,
include identifying risk in investments, Switzerland, “It gives me a unique insight into Lloyd’s and a way of creating new
markets and portfolios, best practices relationships. Even though businesses are different, we understand each other
in risk management and tools for because we have many similar problems. I really appreciate the programme from
monitoring and mitigation risk. a mix of personal and professional perspective,” she said.
Thanks to our collaboration with the As Benno commented, “A lot of risk managers are not too sure how Lloyd's
European Confederation of Institutes works. Our idea is that by providing knowledge and education in the broadest
of Internal Auditing (ECIIA), the since, it will enable risk managers to use the market as they want.”
Institute of Internal Auditors (IIA)
asked FERMA to comment on the Edouard Thys added, “It is important for risk managers to know how Lloyd's
definition of internal auditing. The IIA works, and that is especially the case for FERMA members because they often
work for very large companies with global exposures and risks that need specific
is currently reviewing the definition
underwriting.”
and asked various stakeholders,
including FERMA, for their views to FERMA is proud to coordinate this initiative, “It is FERMA’s role to educate and to
get a broad perspective. drive the young risk managers, who will be the future of our profession and also
the next generation of FERMA key opinion leaders,” says Florence Bindelle.
Page 5 FERMA Newsletter N°47 ●May 2012
6. TRAILBLAZING EU PROPOSALS FOR PROTECTION OF PERSONAL
DATA AND PRIVACY
by Daniella Terruso
Breaches of data protection and privacy rules are expensive, Directive, Member States would have an additional 12 to 18
time-consuming and, above all, detrimental to business months in which to implement the text into national law. This
reputation. Current EU proposals, some of which could be put into timetable is very provisional and depends heavily on political
effect in 2013, provide an opportunity for companies to review factors. The campaign for the European elections in June 2014
how the risks arising from processing of personal data can be will no doubt focus minds.
better identified and managed.
Comment
At the beginning of this year, Viviane Reding
the Vice-President of the European First, enhanced protection of personal data and privacy is a
Commission with responsibility for questions global concern. For example, the EU, represented by Mrs
of justice launched a major review of the EU Reding, and the United States, represented by the Secretary of
rules which protect individuals’ privacy and Commerce John Bryson, recently released a joint statement,
regulate transfers of personal data across including the following,
national borders. In her opinion, the current
“Both parties are committed to working together and with
legal framework no longer reflects the
other international partners to create mutual recognition
widespread use of new technologies and
frameworks that protect privacy. Both parties consider that
business practices that facilitate data
standards in the area of personal data protection should
transfers across national borders, nor does
facilitate the free flow of information, goods and services
Viviane Reding it address recent changes in the EU
across borders. Both parties recognise that while
institutional framework.
regulatory regimes may differ between the US and
The Commission’s proposals comprise: Europe, the common principles at the heart of both
systems, now re-affirmed by the developments in the US,
A regulation which will update the EU’s 1995 Data provide a basis for advancing their dialog to resolve
Protection Directive; and shared privacy challenges. This mutual interest shows
A new directive on personal data processing in the there is added value for … enhanced EU-US-dialogue…”
context of the prevention, investigation, detection or
prosecution of criminal offences or the execution of Second, the EU proposals encourage businesses, as well as
criminal penalties. This proposal will update a 2008 the public sector, to take a strategic view of personal data
Framework Decision. protection, increase investment in systems to prevent hacking
and other data breaches, improve detection and report incidents
Highlights of the proposals include: to the authorities.
a “right to be forgotten and to erasure of data” The specialist press is taking a keen interest in the proposals, in
a “right to data portability” particular: (1) the requirements to report a breach within 24
a “one-stop shop” system that gives businesses and hours after having become aware of it to national supervisory
consumers a single authorities and notify the affected data subjects “without undue
point of contact with national data protection authorities delay” and (2) the significant fines national supervisory
stronger requirements for the data subject’s express authorities may impose, which are up to €1 million or 2 percent
consent of global annual turnover.
International data transfers are a persistent challenge for Third, national data protection authorities are already
multinationals. This is particularly the case when they involve questioning whether non-EU companies could be forced to
countries that are not considered to provide adequate protection for comply with any new EU regime.
personal data, which have not negotiated safe harbour agreements Finally, the European Data Protection Supervisor, Peter
or whose safe harbour provides only partial cover. Hustinx, in his opinion on the proposals in March, stated that the
Companies have been criticised for relying too heavily on certain reform constitutes “a huge step forward for data protection in
exceptions in the current EU legislation, such as explicit consent of Europe”. However, he also expressed regret that the package
the customer or employee to transfer data, including sensitive data. was not comprehensive. The reforms will leave other data
Companies need to use the tools provided by the EU system: protection legislation largely unaffected as will certain factual
standard contractual clauses to enable data controllers and situations, such as the use of passenger name records or
processors to transfer data outside the EU/EEA, and/or binding telecommunication data for law enforcement.
corporate rules. The current proposals encourage use of binding Next steps for companies
corporate rules by, for instance, simplifying procedures for
obtaining approval. Companies cannot disregard protection of personal data and
privacy. They should take the opportunity to review the risks
The EU legislative process involved with processing of personal data and reconsider their
Following publication by the Commission of the proposals in data protection and privacy policies in light of the expected
January, the European Parliament has begun to review them in changes in the rules. This is particularly relevant for companies
committee. The Council of Ministers must also provide its initial with operations and outsourcing relationships with firms in
multiple jurisdictions, whether within the EU or in other
position. Thereafter, the three institutions will enter into
countries.
negotiations, known as a trialogue, in order to reach agreement on
a definitive text. The new Regulation could be enforceable against
companies as early as the end of 2013. As for the proposed Daniella Terruso is a legal assistant in the Brussels office of
FERMA’s EU legal adviser, Steptoe & Johnson.
Page 6 FERMA Newsletter N°47 ●May 2012
7. AROUND THE ASSOCIATIONS
Italy (ANRA)
Belgium (BELRIM)
Many Belgian companies are either already doing business On 7 June, ANRA will celebrate 40 years since its
with emerging markets or are planning to do so. BELRIM foundation. There will be a party at the Milan Ippodromo
invited Adjunct Professor Peter Verhezen from the Vlerick starting at 19.00 to which ANRA has invited any FERMA
Management School to address members on 25 April on members who would like to attend.
identifying the risks and opportunities in these new markets The ANRA General Assembly in April elected its new board
and how good governance can reduce the negative for the period 2012 – 2014, and the board choose Paolo
exposures. Rubini as President and Maria Emilia Marsaglia as Deputy
BELRIM’s next event is a seminar on 10 May on Global President.
programmes – Is compliance nirvana possible? The general Details of ANRA’s training courses including a programme
assembly will take place on 7 June. on innovative insurance solutions for environmental risks on
30 May, are available on the website at www.anra.it.
Finland (FinnRiMa) Luxembourg (PRiM)
The spring meeting of FinnRiMa took place on 26 April
PRiM held its annual joint meeting with the Association of
together with a mini seminar on IT risks and the general
the Luxembourg Fund Industry (ALFI) on 18 April 2012,
assembly. It is Finn RiMa’s 25th anniversary this year and
when over 200 European risk managers, compliance officers
there will be a special meeting to mark the occasion on 16
and experts met at the Luxembourg Chamber of Commerce
October.
to hear about the latest developments and trends. PRiM
announced the creation of a certification programme to
ensure appropriate training of risk managers in Luxembourg,
France (AMRAE) which it is currently rolling out with the Institute of Banking
Education (IFBL).
On 25 and 26 June, AMRAE will hold what it describes as
the first European risk management and human resources
conference (Rencontres) in cooperation with the National Malta (MARM)
Association of Directors of Human Resources (ANDRH). The
meeting will take place in the Atlantic seaside resort of La The Malta Association of Risk Management (MARM) held its
Baule with the theme of new opportunities for risk formal launch at a national conference on risk management
management and human resources. The sessions will turn at the Dolmen Hotel, Qawra, Malta on 30 March. The event
on four themes: the management of talent and non-material brought together 96 delegates from business and the public
risks, insuring individuals, psycho-social risks and personal sector, including representatives from the Office of the Prime
security. Minister.
Opportunity was the theme of the conference, and MARM
President John Schembri commented: “Every risk manager
Germany (DVS) knows that opportunity and risk reside on two different faces
of the same coin. For instance, it is likely that were it not for
DVS held its annual general assembly on 27 April in Bonn. the pressing global recession and challenging events
There were a number of changes in the DVS board. Harry unfolding around us, MARM may well not have been
Daugird, ABB; Günter Dröse, Deutsche Bank, and Peter founded at all. The founding members of MARM did not just
Klatt, BMW, retired as members of the board. New board happen to come together by chance or on a whim in 2011.
members are Hanns Martin Schindewolf, Daimler and Edwin The six of us converged because we all felt that there was a
Meyer, ArcelorMittal. need to start doing something about risk management in
Malta – in other words, from risk around us we saw
Before the general assembly, there was a meeting of the
opportunity for change and improvement. ”
DVS Committee which comprises representatives of some
90 major DVS members. On the agenda were a report on Representing FERMA was Marie-Gemma Dequae, former
FERMA activities, especially the FERMA Benchmarking president and now scientific adviser. She gave an
Survey, a presentation on a major business interruption introduction to FERMA and also spoke about the results of
through a natural catastrophe and a panel on claims settling cooperation with the European Confederation of Institutes of
experiences in international markets. Internal Audit (ECIIA), the Benchmarking Survey and 2012
Seminar.
Members also heard about preparations for this year’s DVS
Symposium, which will take place in Munich from 4-6 Schembri thanked the speakers, the delegates and the
September. Over the last few years the event has attracted corporate sponsors for demonstrating commitment to the
around 600 participants. The final programme will be profession and for encouraging MARM through their
available at the beginning of June. Participants from other participation. “We now have to, each of us; keep reminding
FERMA members are very welcome. ourselves that risk management is not a destination but a
journey.”
Page 7 FERMA Newsletter N°47 ●May 2012