The FERMA Benchmarking Survey received a record number of 809 responses in 2012. The results of the 41 survey questions about risk management and views on insurance will be presented at the FERMA Seminar in Versailles on October 22-23, where over 350 risk and insurance professionals are expected to attend. Several guest speakers from different fields will provide their perspectives on the topics discussed. The seminar will include panels on the insurance market, financial institutions, and rating agencies. FERMA is also seeking to address the growing challenge of effectively managing cyber risks.
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013Corum Group
Today's active M&A market is having impacts worldwide, and a growing number of deals are cross-border--over 70% of Corum's deals involve a buyer and seller in different countries. Tune in Thursday, September 12 to hear reports from a global roster of dealmakers and other experts discuss the opportunities unfolding all across the world. Your company's buyer--or next acquisition--could be a firm you've never heard of in a place you've never visited, so you won't want to miss this.
Plus, Microsoft CEO Steve Ballmer just shocked the tech world by announcing his retirement--a move that will have significant impact on tech M&A. We'll analyze the tech M&A fallout, including how the ripple effect could impact your company.
Join us for all this, plus the Corum Regional M&A Update and the key deals, trends and valuations from the past month.
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013Corum Group
Today's active M&A market is having impacts worldwide, and a growing number of deals are cross-border--over 70% of Corum's deals involve a buyer and seller in different countries. Tune in Thursday, September 12 to hear reports from a global roster of dealmakers and other experts discuss the opportunities unfolding all across the world. Your company's buyer--or next acquisition--could be a firm you've never heard of in a place you've never visited, so you won't want to miss this.
Plus, Microsoft CEO Steve Ballmer just shocked the tech world by announcing his retirement--a move that will have significant impact on tech M&A. We'll analyze the tech M&A fallout, including how the ripple effect could impact your company.
Join us for all this, plus the Corum Regional M&A Update and the key deals, trends and valuations from the past month.
Musculoskeletal disorders
includes the following disorders:
Bone infections: Osteomyelitis, and Septic arthritis; Disorders of foot:
Hallux valgus (bunions), Morton’s neuroma (plantar neuroma), and
Hammer toe; Muscular disorders:
Muscular dystrophy, and Rhabdomyolysis
CHAPTER 33Challenges and Obstacles ofERM Implementation .docxketurahhazelhurst
CHAPTER 33
Challenges and Obstacles of
ERM Implementation in Poland
ZBIGNIEW KRYSIAK, PHD
Associate Professor of Finance, Warsaw School of Economics, Poland
SL̄AWOMIR PIJANOWSKI, PHD
President, POLRISK Risk Management Association, Poland
T
his research is about the status of enterprise risk management (ERM) imple-
mentation in Poland’s companies. We analyze the challenges and obstacles
to a more mature stage of ERM rather than a compliance- or governance-
driven one. Poland, after the transition into the free market economy in 1989,
became open to the knowledge and transfer of the best practices from around the
world. Since 1995, with the publication of AS/NZS 4360 and COSO II in 2004, as
well as easy access via the Internet, it seems that theoretically there should not be a
delay in implementing modern risk management (RM) processes in Poland. While
there is contact with authors and thought leaders taking part in the creation of
various ERM standards, and with some professionals implementing ERM in vari-
ous companies, barriers still exist. These barriers are due to geographical distances,
language differences, budget constraints, a lack of awareness, or other business pri-
orities. We (the authors) first heard about AS/NZS 4360 in 2004 while looking for
inspiration from various standards to improve risk assessment methodologies for
our companies. In 2004, the aforementioned standards were translated into Polish
and published in the Polish Ministry of Finance’s Orange Book Risk Management—
Principles and Concepts. A similar publication had also been done earlier by the
UK Ministry of Treasury, and another handbook of risk management for the audit
department, which included descriptions of some risk management tools and stan-
dards. Later, in 2005 and 2006, the Ministry of Finance also led a project implement-
ing ERM in selected units of public administration as a pilot phase.
Managers in Poland were becoming familiar with ERM concepts mainly by
educating themselves. In 2006, the POLRISK Risk Management Association1 was
established, and later became a member of the Federation of European Risk Man-
agement Associations (FERMA).2 Under POLRISK, ERM has been popularized in
a more structured way by its first founding members and other officers. Since 2006,
ERM experts from around the world have begun to come to Poland as speakers in
the annual conferences organized by POLRISK.
577
www.it-ebooks.info
http://www.it-ebooks.info/
578 Implementing Enterprise Risk Management
There are many people involved with Poland’s ERM efforts.3 We have the
honor to be two of them. For example, late in 2009, Slawomir Pijanowski, on behalf
of POLRISK, with the support of Kevin W. Knight, AM, initiated the preparation
for adoption of ISO 31000 in Poland. In 2011, Mr. Pijanowski, as representative of
both POLRISK and the Polish Committee for Standardization, joined ISO/PC 262,
contributing to the elaboration of ISO 31004. It is, however, difficult to demon ...
In the fourth of a series of reports, commissioned by HSBC, we look at the challenge of harnessing risk management in the service of innovation. Good risk management can identify new business opportunities and be a powerful aid to innovation. However, when the risk function is reduced to a compliance-only role, its strategic benefits are lost.
Musculoskeletal disorders
includes the following disorders:
Bone infections: Osteomyelitis, and Septic arthritis; Disorders of foot:
Hallux valgus (bunions), Morton’s neuroma (plantar neuroma), and
Hammer toe; Muscular disorders:
Muscular dystrophy, and Rhabdomyolysis
CHAPTER 33Challenges and Obstacles ofERM Implementation .docxketurahhazelhurst
CHAPTER 33
Challenges and Obstacles of
ERM Implementation in Poland
ZBIGNIEW KRYSIAK, PHD
Associate Professor of Finance, Warsaw School of Economics, Poland
SL̄AWOMIR PIJANOWSKI, PHD
President, POLRISK Risk Management Association, Poland
T
his research is about the status of enterprise risk management (ERM) imple-
mentation in Poland’s companies. We analyze the challenges and obstacles
to a more mature stage of ERM rather than a compliance- or governance-
driven one. Poland, after the transition into the free market economy in 1989,
became open to the knowledge and transfer of the best practices from around the
world. Since 1995, with the publication of AS/NZS 4360 and COSO II in 2004, as
well as easy access via the Internet, it seems that theoretically there should not be a
delay in implementing modern risk management (RM) processes in Poland. While
there is contact with authors and thought leaders taking part in the creation of
various ERM standards, and with some professionals implementing ERM in vari-
ous companies, barriers still exist. These barriers are due to geographical distances,
language differences, budget constraints, a lack of awareness, or other business pri-
orities. We (the authors) first heard about AS/NZS 4360 in 2004 while looking for
inspiration from various standards to improve risk assessment methodologies for
our companies. In 2004, the aforementioned standards were translated into Polish
and published in the Polish Ministry of Finance’s Orange Book Risk Management—
Principles and Concepts. A similar publication had also been done earlier by the
UK Ministry of Treasury, and another handbook of risk management for the audit
department, which included descriptions of some risk management tools and stan-
dards. Later, in 2005 and 2006, the Ministry of Finance also led a project implement-
ing ERM in selected units of public administration as a pilot phase.
Managers in Poland were becoming familiar with ERM concepts mainly by
educating themselves. In 2006, the POLRISK Risk Management Association1 was
established, and later became a member of the Federation of European Risk Man-
agement Associations (FERMA).2 Under POLRISK, ERM has been popularized in
a more structured way by its first founding members and other officers. Since 2006,
ERM experts from around the world have begun to come to Poland as speakers in
the annual conferences organized by POLRISK.
577
www.it-ebooks.info
http://www.it-ebooks.info/
578 Implementing Enterprise Risk Management
There are many people involved with Poland’s ERM efforts.3 We have the
honor to be two of them. For example, late in 2009, Slawomir Pijanowski, on behalf
of POLRISK, with the support of Kevin W. Knight, AM, initiated the preparation
for adoption of ISO 31000 in Poland. In 2011, Mr. Pijanowski, as representative of
both POLRISK and the Polish Committee for Standardization, joined ISO/PC 262,
contributing to the elaboration of ISO 31004. It is, however, difficult to demon ...
In the fourth of a series of reports, commissioned by HSBC, we look at the challenge of harnessing risk management in the service of innovation. Good risk management can identify new business opportunities and be a powerful aid to innovation. However, when the risk function is reduced to a compliance-only role, its strategic benefits are lost.
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
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
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
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.
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
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.
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.
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
44% of respondents can contact the CEO directly
56% of respondents believe their role is increasingly recognised internally
53% of respondents think that the risk manager is becoming the risk conductor by consolidating risk information to give a clear and comprehensive view to the senior management
European Risk 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.
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.
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.
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.
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.
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
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.
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
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.
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/
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/
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
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
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
Webinar: how risk management can contribute to sustainable growth?
FERMA Newsletter #49
1. Newsletter
N°49
October
2012
Survey
Interviews
More
than
800
respond
to
2012
Benchmarking
Survey
The 2012 FERMA Benchmarking Survey conducted in May and June received 809 responses, a
record number. This is the sixth time that FERMA has carried out the survey and on each
occasion the number of participants has risen significantly. The 2010 survey had 782 responses.
The results of the 41 questions about the risk and risk management and risk managers’ views of
insurance will be the centrepiece of the FERMA Seminar taking place in Versailles on 22 and 23
October.
The programme is now in place for the event (please go to www.ferma-seminar.eu to see the
Eva Grden
Enterprise risk management project detailed programme):
manager, Telekom Slovenije
Slovenia Monday 22 October 2012
This year was the first time that 10:30 – 12:00 Pre-seminar Session
members of the Slovenian risk The Evolution of Natural Catastrophe Coverage in Europe and France
management association Sl.
Risk generally have taken part 12:00 – 13:30 Registration and Networking Lunch
in the benchmarking survey,
since they only became 13:30 – 14:15 Panel Debate 1
members of FERMA in 2011. Living and Working in a Riskier World
Eva Grden was one of these 14:15 – 15:00 FERMA Survey Part 1
first to participate. She says The Maturity of Risk Management in Europe
that the survey has already
been useful; it provided risk 15:00 – 15:45 Panel Debate 2
managers with opportunities to Expectations of European Companies in Risk and Insurance Management -
discuss their risk management The Role of Risk Managers
processes. She found the
questions interesting because 16:30 – 17:15 FERMA Survey Part 2:
they covered broad risk topics Governance, Enterprise Risk Management and Key Risks for 2012
that she is dealing with in her
work, such as risk governance, 17:15 – 18:00 Panel Debate 3
not only insurance issues. Coordination of Risk Management with Internal Control and Internal Audit
In Slovenia generally, she 18:30 – 19:30 FERMA’pero
believes, the survey will be
useful in supporting the role of 20:00 – 23:00 Seminar Dinner
the risk manager and Sl. Risk.
She adds, “It may encourage
other companies to join the
association. We are also
working to invite new members,
and it will show them that we
deal with really useful and
practical topics that can help
them.” (Pictures of the
Seminar 2010)
Page 1 FERMA Newsletter N°49 ●October 2012
2. Tuesday 23 October 2012
09:00 – 09:15 Welcome
09:15 – 10:00 FERMA Survey Part 3
Insurance Issues
10:30 – 12:00 Panel Debate 4
Mikhail Rogov Main Issues for the Insurance Market in Europe
Assistant Professor
Vice President RusRisk 12:00 – 12:30 Keynote Speech
Russia Risk Management: From an Adventure to a Venture
According to Mikhail Rogov the 14:00 – 14:45 Panel Debate 5
three survey questions most The Role of Financial Institutions in the Current Economic Climate
relevant to his work relate to:
15:15 – 16:00 Panel Debate 6
1) Tools, methods, techniques, Rating Agencies and Risk Management
data sources
2) Risk appetite approach and 16:00 – 16:30 Presentation of FERMA Certification Project
examples
3) Risk management 16:30 – 16:45 Closing Remarks
effectiveness measurement
Perhaps it is not surprising that
he adds, “These are also the (Picture of the Seminar 2010)
topics I would like to see
covered in future surveys.
The
FERMA
Benchmarking
Survey
seen
from
a
Asked how he plans to use the
survey results, Mikhail said they sponsor’s
eyes
will serve as a reference for
implementing advanced tools,
for benchmarking risk AXA Corporate Solutions and Ernst & Young (E&Y) have sponsored the
management maturity and for FERMA Risk Management Benchmarking Survey since it began in 2000.
comparative analysis of FERMA put some questions to Jean-Pierre Letartre, President E&Y
undetected risks. France, Maghreb and Luxembourg.
Among the topics which he Will you tell FERMA members a little about Ernst & Young's interest
believes are most important for in risk management?
risk management in Russia Risk management is a growing issue for our clients, whether they are
today, Mikhail includes political audit committee members, CEOs, CFOs or risk managers. Many
and macro-economic risks, organisations are not getting full value from their investments in risk
improvements to the collection management because their risk processes are not fully integrated with
and use of data, convergence of the decision-making process and because critical data and information Jean-Pierre Letartre
financial and enterprise risk are not sufficiently shared.
management and the human
factor. We look to help them in various ways, for example integrating risk management in the process
of making decisions on budgets, strategic plans, investments, projects and so on, the mapping
He makes a comment about the of major risks and the creation and diagnosis of business continuity and crisis management
structure of the questions: plans. We also publish regular reports and studies for our clients and partners.
“Really it was rather hard to me
to differentiate such risk areas Have you seen a growth in interest in risk management among your clients since the
as planning and execution and financial crisis and if so in what aspects?
corporate governance. How can The crisis has, indeed, highlighted the need for our customers to reinforce their decision-making
planning and execution be good processes, to better secure their business models and key investments. Audit committees also
enough if governance has increasingly challenge companies’ risk management systems, requiring more risk mapping,
failed?” remediation plans and risk governance.
E&Y has been a sponsor of the FERMA Benchmarking Survey since the beginning. How does E&Y draw value from it?
This survey gives us a comprehensive overview of risk management practices in Europe in terms of governance, methodology,
tools and communication. It allows us to better understand market trends and the different levels of maturity regarding risk
management of companies across Europe.
How does operational risk management consulting fit into the E&Y practice as a whole?
Depending on the risk typology identified in the risk mapping, the multidisciplinary nature of our firm allows us to seek the most
relevant skills and expertise in other service lines, such as human resources, information technology, accounting and so on.
Page 2 FERMA Newsletter N°49 ● October 2012
3. More
than
350
risk
and
insurance
professionals
expected
for
FERMA
Seminar
With one week to go, more than 350 risk and insurance professionals were expected to come to the 2012 FERMA Seminar in
Versailles on 22 and 23 October. The Seminar is a free event for risk and insurance managers only held every two years. All
members of FERMA associations should have received a personal invitation with a link to register online. You can also register
through the Seminar website at: www.ferma-seminar.eu
FERMA also welcomes risk and insurance managers from outside its membership to the Seminar. If you would like to attend but
have not registered, please send your name, business title and company and country details to Silke Huber at
s.huber@aimgroup.eu
Michel Dennery, FERMA Vice President and board member responsible for the Seminar, said: “Join us in Versailles. You will meet
many of your colleagues, and it will be informative, interesting and thought provoking. The networking will be great.”
Guest
speakers
enhance
discussions
at
FERMA
Seminar
Guest speakers from different professional disciplines will He is also a secretary to the European
add their perspectives to the topics under discussion at the Insurance and Occupational Pensions
FERMA Seminar. Committee (EIOPC). A native of the
Czech Republic, Lukáš holds an MSc and
The keynote speaker will be Thierry a PhD in economics and an MA and an
Touchais, executive director of the LLD in law.
International Polar Foundation based Lukáš Bortel
in Brussels. This non-profit
organisation was co-founded 10 Carol Sirou, president credit market
years ago by Belgian explorer and services France for Standard & Poor’s
civil engineer Alain Hubert with a (S&P), joined the rating agency in 1990
climatologist and a glaciologist. Its as a credit analyst. In 2000, she became
aim is to increase awareness of polar head of ratings for all European local
Thierry Touchais
and related climate issues. and regional governments. In 2005, she
was appointed manager of the sovereign
Its projects are: Carol Sirou and public sector ratings group for
• Inform the wider public on the importance of polar Europe, Middle East and Africa. Today, in addition to her
research in understanding how the earth's climate responsibilities for France, Carol is head of S&P’s activities for
functions; the francophone European and African regions.
• Disseminate the results of research on the Polar Thijs Smit is vice president of the
Regions and on climate change; management board of the European
• Offer new tools and resources that allow the Confederation of Institutes of Internal
educational community to communicate complex Auditing (ECIIA) and corporate
ideas to younger generations; and internal auditor, SHV Holdings,
Netherlands. He is a seasoned
• Demonstrate that action today can address the
auditor with 34 years of experience in
causes and adapt our lifestyles to current climate internal audit, more than 20 of them Thijs Smit
change. managing internal audit professionals in operational, financial,
IT and special audits, including numerous fraud
Thierry Touchais, an engineer by background, joined the investigations.
International Polar Foundation in 2005. Thierry graduated
from Ecole Centrale de Lyon and the University of As part of his 30-year tenure at the Bank of
California, Berkeley, and holds an MBA from the University France, Pierre-Yves Thoraval served as
of Chicago. Before joining the International Polar deputy secretary general of the French
Foundation in 2005, he had a varied business career, Banking Commission with responsibility for
primarily in the telecommunications sector. protecting depositors, as well as acting
as
watchdog over the French banking and
Other guest speakers: financial system. Today, he is managing
director of Promontory, France, where he
Pierre-Yves Thoraval
Lukáš Bortel has been a legal officer in the life and advises countries, institutions and clients on
pensions unit of DG Internal Market and Services of the strategy, risk management, compliance and regulatory issues,
European Commission since in 2007. He focuses primarily and on matters related to operational and capital risk,
on non-life insurance. including Basel III.
Page 3 FERMA Newsletter N°49 ● October 2012
4. Insurance
industry
leaders
debate
at
Letter
from
Brussels
Seminar
As you can imagine, the Seminar is taking up a lot of my
time with just one week to go. With more than 350
The insurance panel debate that will take place on Tuesday delegates registered, it promises to be a really stimulating
morning 23 October brings together leading figures from the event, and I believe the dinner will be excellent.
industry to take part in a discussion moderated by FERMA
President, Jorge Luzzi and FERMA board member, Jo Willaert. I am looking forward to catching up with contacts and
meeting new people from across the FERMA membership.
Participants are: If you have not already registered, there is still time. You
will find instructions in this newsletter.
• Clyde Bernstein, sales director global markets
international, Willis Group In mid-September, I attended the annual conference of the
• Emmanuel Brulé, executive director, commercial European Confederation of Institutes of Internal Auditing
division, Chartis Europe (ECIIA), our partner in preparing the two sets of guidance
th
• Joseph Clabby, regional president, Continental Europe, on the 8 European Company Law Directive. The outgoing
ACE Group ECIIA president Carolyn Dittmeier mentioned the guidance
in her presentation to the conference on trends in
• George Davies, chief executive officer risk management
European corporate governance. We are hoping to
practice Europe, Marsh continue our collaboration on other projects.
• Patrick de la Morinerie, deputy chief executive officer
and global chief underwriting officer, AXA Corporate Planning for the 2013 FERMA Forum has already begun in
Solutions earnest. One of our first tasks is to interest the sponsors
whose support allows us to make the Forum the biggest
• Martin Ferte, non-life executive vice president, SIACI
event of its type in Europe. We are also holding the first
SAINT HONORE
scientific meeting to discuss the content on 24 October,
• Lambros Lambrou, chief executive officer - global just after the Seminar. If there are any topics that you really
broking centre and chief broking officer EMEA, Aon Risk want to see included in the programme, this is a good time
Solutions to let me know.
• Nigel Bamber, Regional Manager for UK/Ireland, XL
See you in Versailles.
Group
• Thierry Masurel, Operations Manager, Southern
Europe Operations, FM Global
• Thierry Van Santen, chief executive officer, Allianz Florence Bindelle
Global Corporate & Specialty France, and a former Executive manager FERMA
President of FERMA
FERMA-‐Lloyd’s
training
continues
The FERMA-Lloyd’s professional development programme continued at Lloyd’s in London on
11 – 12 October. Twenty young risk professionals from 11 countries took part with FERMA’s
head of education Edouard Thys. The topics for this session included:
• How insurers manage their own risks
• Communicating risk issues with impact to management
• An interactive risk appetite case study
• Data analysis and benchmarking
• Performance management at Lloyd’s
• Emerging risks
• Exposure management
This was the second of three sessions in the training programme which was announced at
the FERMA Forum in 2011. The first one took place in May when 19 young risk
professionals and Edouard spent two days learning about Lloyd’s and the London market.
Host, Lloyd's Head of Northern Europe Benno Reischel, said: “I am delighted that the first
parts of our training programme has been very well received by the attending risk
managers and I look forward to welcoming the delegates to part 3 of our professional
development programme in London next year".
Page 4 FERMA Newsletter N°49 ●October 2012
5. FERMA
seeks
answers
on
management
of
cyber
risks
Cyber risks are continuously evolving as technology cyber space are frequently among the top 10 risks quoted
advances and our dependence on IT growth. Tackling such by risk managers today.”
a rapidly moving target is a challenge for organisations and
doesn’t necessarily fit within the existing structure of The first stage of the project is “Threats
from
enterprise risk management. a survey of risk managers cyber
space
which closed on 7 September.
What is the role for the enterprise risk manager when the IT The questions focused on
are
frequently
department has responsibility for cyber risks and even has a broad information security and among
the
specialist IT risk manager? Will the manager of insurable privacy risks, their significance
risks be put in an awkward position because coverage is within organisations, effective
top
10
risks
simply not easy to find or insurers are wary about the mitigation processes, financial quoted
by
risk
exposures? implications and international managers”
regulation.
FERMA is seeking answers to these questions through a “today.”
project with Zurich Insurance and the Harvard Business It looked at issues of responsibility within the organisation,
Review Analytic Services. We are supporting this initiative primary areas of concern, levels of commitment by senior
because we believe it is important to gain a greater management to tackling these risks, employee training and
understanding about how the global risk managers' incident response plans.
community views these risks.
The main topics identified from the study findings will be the
FERMA scientific advisor, Marie Gemma Dequae, focus of a security and privacy webinar to be run by Zurich
commented: “Experts warn that an increasing number of later this year, to which FERMA members will be invited to
viruses will be aimed at the operations of specific industries, participate, followed by an insight report.
companies or countries. It’s not surprising that threats from
Board
changes
at
FERMA
Isabel Martinez, a member of the Spanish risk management association AGERS, has become a
member of the FERMA board. She has replaced Igor Mikhaylov who resigned because of work
commitments. Isabel had been elected a board substitute at the FERMA annual general meeting in
June 2012.
Isabel is Head of the Finance and Marketing department for the Autónoma University of Madrid,
where she is responsible for risk management, management and financial accounts, financing
decisions and project advisory. She is also a senior lecturer in corporate finance at the university’s
school of business and economics. She has a PhD in business and economics from the
Complutense University in Madrid and has studied in the United States and United Kingdom.
Isabel Martinez Torre-Enciso
Isabel said: “It is not only a great honor to become a FERMA board member, but also a great responsibility for me and for
AGERS. My goal is to contribute with a new risk management vision that joins professional practice with instruction and research
at the highest academic level. These skills are developing in areas such as risk management, continuity management and
emergency management, as well as corporate finance.”
FERMA President Jorge Luzzi said: “We welcome Isabel to the FERMA board and look forward to the contribution that she can
make from her strong academic background. We also thank Igor for his time and enthusiasm and wish him our best for the
future.”
One of FERMA’s two vice presidents, Julia Graham, finished her two year mandate, but continues as a board member. Michel
Dennery remains vice president, and Alessandro De Felice has become the second vice president.
Page 5 FERMA Newsletter N°49 ● October 2012
6. Strengthening
the
risk
manager’s
position:
Reservation
of
rights
in
London
market
claims
FERMA members who have claim should be handled carefully, including seeking legal
notified a claim or a circumstance advice where appropriate.
to an insurer in the London
Guidance
market may have received a
letter from the insurer imposing a Airmic has, therefore, produced a guide for policyholders that
reservation of rights, particularly sets out a series of practical steps to take when they receive a
on liability claims. reservation of rights. It is designed to assist them in seeking
clarification from an insurer on the reasons for the reservation
In essence, this is a notice from
of rights, what information or steps are required to enable
the insurer to make clear that
insurers to lift the reservation or take the relevant policy point
none of its statements or actions
(if one is available), and how long it will be in effect.
during the investigation of the
claim should be understood as waiving its rights to raise a Further, the guide explains that if the insurer is considering
defence to a claim under the express wording of the policy or avoiding the policy or treating itself as discharged from
otherwise. liability, policyholders need to be proactive in understanding
the risks, so that contingent coverage can be arranged if
Receiving such a reservation of rights should highlight to a
appropriate.
policyholder that the insurer is giving serious consideration to
whether or not the claim is covered under the policy. The aim of the guidance is, therefore, to educate policyholders
about reservations of rights and their consequences and how
Members of the UK risk management association Airmic have
to minimise their impact when imposed.
drawn attention to an absence in many such general
reservations of rights of any explanation of the basis on which Airmic has also been working with its insurance partners and
they have been imposed or the potential coverage issues that the law firm Herbert Smith to develop a clause for inclusion in
are being investigated. insurance policies governed by English law.
It could be that the insurer is investigating a whole range of The clause seeks to reduce an insurer's scope to issue a
serious policy defences from material non-disclosure or reservation or rights by ensuring that the policyholder will not
assert that actions during a prescribed period of time will be
misrepresentation and breach of warranty, to breach of
taken as a waiver of policy or other defences. It also
condition or the application of certain exclusions. prescribes a process for effective communication between
If this is the case, risk and insurance managers will have policyholder and insurer during the investigation of the claim.
significant difficulties, including a need to report to senior
The Airmic guide to reservation of rights can be downloaded
management the possibility of the insurance not responding to for free on registration on the Airmic site at
a major claim. http://www.airmic.com/research/reservation-rights
A reservation of rights notice may prevent the policyholder
recognising the claim as an asset on its balance sheet. In any To learn more, contact John Hurrell/ Paul Hopkin at Airmic or
case, it should certainly indicate to the risk manager that the Paul Lewis and Alexander Oddy, Partners at Herbert Smith.
Page 6 FERMA Newsletter N°49 ● October 2012
7. AROUND
THE
ASSOCIATIONS
AMRAE has published its 2012 Panorama of Risk
Management Information Systems, available for free
download in French and English. The association has
been carrying out this annual survey since 2008, listing
vendors of risk management systems and solutions
On 15 November, AGERS will hold its 28th seminar on the
available on the market.
prospects for the annual renewal of insurance contracts. The
venue is the Mapfre auditorium in Madrid.
This survey is conducted directly with vendors in
cooperation with Accenture and provides an analysis
based on functional and technical criteria.
Participation
from vendors continues to grow; there were 11 new
respondents this year.
Download the English version from:
A survey of Airmic members has overwhelmingly backed the http://www.amrae.fr/docs/UDR/2012_05_PanoramaANG
association’s campaign for changes to UK insurance law. LAISSIGR4_Amrae_C.pdf
The Law Commission, which advises the government on
such matters, is in the final stages of a consultation process Download the French version from:
before drawing up new legislation focussing on commercial http://www.amrae.fr/docs/MR/2012_02_CahierTechniqu
insurance. e_PanoramaSIGR4_AMRAE_C.pdf
Airmic supports the overall direction of the commission’s
proposed reforms, which would make it more difficult for
insurance companies to refuse claims on grounds of non-
disclosure as long as the buyer acted honestly and in good
faith. The survey found that more than 95% of members
agree there should be changes to UK insurance law.
Airmic has also been working over the summer on its latest On 27 September, ANRA held a short workshop with the
piece of risk research, to be called Roads to Resilience. The Italian brokers’ association AIBA on the management of
purpose of the study is to investigate companies that have digital risks and the available insurance solutions. The
successfully overcome crises, or avoided them altogether, to venue is Palazzo Mezzanotte, Milan.
see if there are common themes. It is being carried out by
Cranfield Business School and is the follow-up to Roads to Claims, liability and insurance: claims management is
Ruin, which investigated firms that had failed. the subject of the ANRA workshop taking place on 25-26
October in Milan.
Bénédicte Huot de Luze has been
appointed as full time CEO of AMRAE. BELRIM held a topical seminar on cyber risks and their
She replaces Gérard Lancner who management in Brussels on 27 September.
had filled the role on a part-time basis The programme included a presentation on the
since July 2011. implications of the European draft directive on cyber
AMRAE says the appointment of a full breaches and the risk management options;
time senior executive will help the identification, measurement and management, and risk
association develop and further transfer.
Bénédicte Huot de Luze
expand its activities.
‘Meet your peers at the border’ was the intriguing title of
Bénédicte had been director of AMRAE’s scientific the following item on BELRIM’s calendar, a special event
programme. She previously worked at the French arm of for Benelux. Jointly hosted by BELRIM and the Dutch
KPMG Advisory, where she set up its internal audit and risk association NARIM, it took place at van Brasschaat
management department. Castle in Flanders on 11 October.
Page 7 FERMA Newsletter N°49 ● October 2012