FERMA elected four new board members at its general assembly in June. Jorge Luzzi and Julia Graham were re-elected to additional three-year terms, while Anders Esbjörnsson and Edwin V. Meyer were newly elected. The board will now have 12 members total. FERMA also agreed to accept individual and corporate members from outside Europe to strengthen its representation of European risk managers. Notable speakers at the upcoming FERMA Forum in September include Bertrand Piccard, founder and pilot of the solar-powered aircraft Solar Impulse, and David Cowan from the European Insurance and Occupational Pensions Authority (EIOPA).
FERMA opposes the Environmental Liability Directive FundFERMA
The view of FERMA members when asked about environmental issues is that good standards of safety are established in their companies, adequate insurance is purchased and the regulators are diligent in enforcement of legislation.
FERMA is not in favor of the establishment of a fund and we are strictly opposed to any mandatory coverage either through a fund, a pool or any other insurance scheme.
As far as we can see it by now, the insurance sector is able to provide adequate coverage both for claims for traditional damage as well as for costs of remediating pollution and other environmental damage.
In our point of view solutions provided by the insurance industry are always preferable to any fund scheme. Fund schemes tend to become very expensive, e.g . when it comes to the transaction costs and do not take into account the prevention efforts made by the insured.
FERMA understand however that special solutions may be needed for SMEs or particular types of operations (offshore, nuclear…)
Interview of the 10 presidents since 1974 including an exhaustive timeline with all important events since FERMA’s creation (Forum, Seminar, position paper, Benchmarking surveys,…).
Quotes from national associations and stakeholders.
Chambers Global Practice Guide to Insurance and Reinsurance 2019 in IrelandMatheson Law Firm
Matheson Insurance Partners Sharon Daly, Darren Maher and April McClements co-author the 2019 guide to Insurance and Reinsurance in Ireland, as published by the Chambers Global Practice Guides
Pitfalls in international contracts - Bacciardi and Partners (Italy) for IR G...Tommaso Mancini
My contribution about pitfalls in international contracts involving Italian laws and jurisdiction. Representing Bacciardi and Partners at IR Global Commercial Working Group 2017.
Includes contributions regarding Belgium, China, Denmark, Germany, Italy, Netherlands, Panama and Turkey
To support the launch of this strategic vision, FERMA has on 23 June published the first guide about its network of member national associations. This booklet highlights the distinctive role of the network and strengthens the image of FERMA and the associations
FERMA opposes the Environmental Liability Directive FundFERMA
The view of FERMA members when asked about environmental issues is that good standards of safety are established in their companies, adequate insurance is purchased and the regulators are diligent in enforcement of legislation.
FERMA is not in favor of the establishment of a fund and we are strictly opposed to any mandatory coverage either through a fund, a pool or any other insurance scheme.
As far as we can see it by now, the insurance sector is able to provide adequate coverage both for claims for traditional damage as well as for costs of remediating pollution and other environmental damage.
In our point of view solutions provided by the insurance industry are always preferable to any fund scheme. Fund schemes tend to become very expensive, e.g . when it comes to the transaction costs and do not take into account the prevention efforts made by the insured.
FERMA understand however that special solutions may be needed for SMEs or particular types of operations (offshore, nuclear…)
Interview of the 10 presidents since 1974 including an exhaustive timeline with all important events since FERMA’s creation (Forum, Seminar, position paper, Benchmarking surveys,…).
Quotes from national associations and stakeholders.
Chambers Global Practice Guide to Insurance and Reinsurance 2019 in IrelandMatheson Law Firm
Matheson Insurance Partners Sharon Daly, Darren Maher and April McClements co-author the 2019 guide to Insurance and Reinsurance in Ireland, as published by the Chambers Global Practice Guides
Pitfalls in international contracts - Bacciardi and Partners (Italy) for IR G...Tommaso Mancini
My contribution about pitfalls in international contracts involving Italian laws and jurisdiction. Representing Bacciardi and Partners at IR Global Commercial Working Group 2017.
Includes contributions regarding Belgium, China, Denmark, Germany, Italy, Netherlands, Panama and Turkey
To support the launch of this strategic vision, FERMA has on 23 June published the first guide about its network of member national associations. This booklet highlights the distinctive role of the network and strengthens the image of FERMA and the associations
Whistleblowing how to manage reputational risks - 8th webinar 16 nov 2017FERMA
Companies need to incorporate whistleblowing procedures into their corporate culture. Whistleblowing is an instrument used to reinforce trust inside the company and to strengthen corporate culture.
It helps to safeguard and uphold tenets such as corporate integrity, anti-corruption, anti-bribery regulations and codes of ethics. It also forms a key means of addressing wrongdoing and dysfunctional behaviour.
The participants were Michel de Fabiani (Non-Executive Director Valeo/Valco/Ebtrans), Kate Kenny (Professor in Management and Organisation Studies at Queen’s University Belfast), Richard Eveleigh (AIG) and Alex Lowe, Senior Associate for Mills & Reeve LLP.
The webinar was moderated by Dr. Roger Barker, Senior Consultant, Institute of Directors, IoD, UK.
The webinar covered:
- How is whistleblowing integrated in the corporate culture? What type of education/training is needed to support the process?
- With the whistleblower phenomenon increasing, institutions have started taking measures to handle it. What are the best practices?
- The role division / allocation between internal auditors, risk managers and board members.
FERMA ECIIA Cyber Risk Governance report 29 June 2017FERMA
The report, "At the junction of corporate governance and cybersecurity", aims primarily at supporting European organisations in meeting their obligations under the EU General Data Protection Regulation and Network Information Security Directive.
The report calls for the creation of cyber risk governance groups, chaired by the risk manager, to operate across functions within the enterprise. The role of the group is to determine the potential cost of cyber risks across the whole organisation, including catastrophic risk scenarios, and propose mitigation measures to the risk committee and the board. In addition to the risk managers, the group is to be composed of representatives of all key functions at an enterprise level involved in digital risk, notably IT, human resources, communications, finance, legal and the data protection officer (DPO) and chief information security officer (CISO). Internal audit will provide the necessary assurance to the board that the cyber risk controls are operating effectively.
FERMA European Risk and Insurance Report (ERIR) 2016FERMA
FERMA's 2016 European Risk and Insurance Report (ERIR) is gathering the views of more than 600 European risk managers at a time of major changes in Europe.
The findings of this report, combined with FERMA’s mission and strategy, will shape our activities over the next two years.
One of the priorities that our members see for FERMA is to strengthen the professional standing of risk managers in Europe, and FERMA’s professional certification programme rimap® will be an important contribution to achieving that objective.
FERMA’s 2016 European Risk and Insurance Report is a source of valuable information and topics for further discussion to build the profession.
FERMA European risk and insurance report 2016 - full set of resultsFERMA
FERMA's 2016 European Risk and Insurance Report is designed to serve as a high-level overview for risk
and insurance managers and other executives. Our analysis includes benchmarking information drawn from
respondents across a variety of industries and companies. The data, therefore, reflects general trends about
the profession.
The International Comparative Legal Guide to: Private Equity 2019, IrelandMatheson Law Firm
What are the key legal considerations for private equity investors in Ireland in 2019? Corporate partner, Brian McCloskey and Tax partner, Aidan Fahy cover current trends in this sector with reference to structuring, governance, financing and tax matters, among others, in the Ireland chapter of The International Comparative Legal Guide to Private Equity 2019.
The International Comparative Legal Guide to Private Equity 2016Matheson Law Firm
Corporate Partner Éanna Mellett and Tax Partner Aidan Fahy co-author the Irish chapter in this multi-jurisdictional guide to Private Equity, providing a broad overview of common issues in private equity laws and regulations in Ireland.
This chapter was first published by The International Comparative Legal Guide to: Private Equity 2016.
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
Top Italian insurer sponsors Forum
More Forum news
Board approves strategic actions setting directions in 2015
Solvency II: one step further towards legal certainty despite a restrictive definition of captives
2015: FERMA looks ahead
European Risk and Insurance Report now in Russian
Letter from Brussels
Terrorism in Paris and elsewhere
From the President
Expert Views : US terrorism insurance – the new TRIA
Expert Views: Talvivaara Mining Company bankruptcy – financing the environmental risk
Knowledge Corner
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
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
Whistleblowing how to manage reputational risks - 8th webinar 16 nov 2017FERMA
Companies need to incorporate whistleblowing procedures into their corporate culture. Whistleblowing is an instrument used to reinforce trust inside the company and to strengthen corporate culture.
It helps to safeguard and uphold tenets such as corporate integrity, anti-corruption, anti-bribery regulations and codes of ethics. It also forms a key means of addressing wrongdoing and dysfunctional behaviour.
The participants were Michel de Fabiani (Non-Executive Director Valeo/Valco/Ebtrans), Kate Kenny (Professor in Management and Organisation Studies at Queen’s University Belfast), Richard Eveleigh (AIG) and Alex Lowe, Senior Associate for Mills & Reeve LLP.
The webinar was moderated by Dr. Roger Barker, Senior Consultant, Institute of Directors, IoD, UK.
The webinar covered:
- How is whistleblowing integrated in the corporate culture? What type of education/training is needed to support the process?
- With the whistleblower phenomenon increasing, institutions have started taking measures to handle it. What are the best practices?
- The role division / allocation between internal auditors, risk managers and board members.
FERMA ECIIA Cyber Risk Governance report 29 June 2017FERMA
The report, "At the junction of corporate governance and cybersecurity", aims primarily at supporting European organisations in meeting their obligations under the EU General Data Protection Regulation and Network Information Security Directive.
The report calls for the creation of cyber risk governance groups, chaired by the risk manager, to operate across functions within the enterprise. The role of the group is to determine the potential cost of cyber risks across the whole organisation, including catastrophic risk scenarios, and propose mitigation measures to the risk committee and the board. In addition to the risk managers, the group is to be composed of representatives of all key functions at an enterprise level involved in digital risk, notably IT, human resources, communications, finance, legal and the data protection officer (DPO) and chief information security officer (CISO). Internal audit will provide the necessary assurance to the board that the cyber risk controls are operating effectively.
FERMA European Risk and Insurance Report (ERIR) 2016FERMA
FERMA's 2016 European Risk and Insurance Report (ERIR) is gathering the views of more than 600 European risk managers at a time of major changes in Europe.
The findings of this report, combined with FERMA’s mission and strategy, will shape our activities over the next two years.
One of the priorities that our members see for FERMA is to strengthen the professional standing of risk managers in Europe, and FERMA’s professional certification programme rimap® will be an important contribution to achieving that objective.
FERMA’s 2016 European Risk and Insurance Report is a source of valuable information and topics for further discussion to build the profession.
FERMA European risk and insurance report 2016 - full set of resultsFERMA
FERMA's 2016 European Risk and Insurance Report is designed to serve as a high-level overview for risk
and insurance managers and other executives. Our analysis includes benchmarking information drawn from
respondents across a variety of industries and companies. The data, therefore, reflects general trends about
the profession.
The International Comparative Legal Guide to: Private Equity 2019, IrelandMatheson Law Firm
What are the key legal considerations for private equity investors in Ireland in 2019? Corporate partner, Brian McCloskey and Tax partner, Aidan Fahy cover current trends in this sector with reference to structuring, governance, financing and tax matters, among others, in the Ireland chapter of The International Comparative Legal Guide to Private Equity 2019.
The International Comparative Legal Guide to Private Equity 2016Matheson Law Firm
Corporate Partner Éanna Mellett and Tax Partner Aidan Fahy co-author the Irish chapter in this multi-jurisdictional guide to Private Equity, providing a broad overview of common issues in private equity laws and regulations in Ireland.
This chapter was first published by The International Comparative Legal Guide to: Private Equity 2016.
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
Top Italian insurer sponsors Forum
More Forum news
Board approves strategic actions setting directions in 2015
Solvency II: one step further towards legal certainty despite a restrictive definition of captives
2015: FERMA looks ahead
European Risk and Insurance Report now in Russian
Letter from Brussels
Terrorism in Paris and elsewhere
From the President
Expert Views : US terrorism insurance – the new TRIA
Expert Views: Talvivaara Mining Company bankruptcy – financing the environmental risk
Knowledge Corner
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
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:
-Expert Views: Cyber risks, the SPICE Initiative at Airbus
-“Battling a Common Enemy” – conference at the European Parliament on how to tackle cyber threats
-Risk Conversation at Board level: 2nd webinar with ecoDa and AIG
-A sense of urgency required (FULL VERSION)
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 65 (Table of content)
FERMA projects raise the profile of risk management across Europe
Hear insurance industry trends – from the top
Welcome Reception – a special Venetian location
The new face of risk management – why I love my job
Persuade your boss that the FERMA Forum 2015 is a must
Travel Risk Management 2015: European Trends
Letter from Brussels
From the President
Expert Views: It’s not just insurance
Expert Views: How much safety is safe enough: risk acceptance criteria
Knowledge Corner
The Pending EU-Myanmar Investment Protection Agreement-RISKS & OPPORTUNITIESMYO AUNG Myanmar
http://actalliance.org/publications/the-pending-eu-myanmar-investment-protection-agreement-risks-opportunities/
The Pending EU-Myanmar Investment Protection Agreement: RISKS & OPPORTUNITIES
19th April 2017
This study was commissioned to explore in more detail the risks that an EU-Myanmar IPA may pose to local communities, particularly in relation to land. The study takes a rights-based approach and focuses first of all on implications of the agreement for land related human rights, particularly the right to food and its fair distribution, the right to adequate housing, and the right to self-determination including the rights of indigenous people.
This report was commissioned by DanChurchAid, ICCO Cooperation (as lead of the Civic Engagement Alliance Myanmar), ACT Alliance EU, and the ACT Forum in Myanmar. The report has been written by Emilie Röell, as an independent assignment, and the content does not necessarily represent the views or opinions of the commissioning organisations.
Duty of Care owed by European organisations to their mobile workersFERMA
As a complementary document to ''Workers on the move, managing new risks'' a European Legal Review “Duty of Care owed by European organisations to their mobile workers” is also published to provide risk managers with a better understanding of their legal obligations from a duty of care perspective.
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)
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
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FERMA Newsletter #54
1. Newsletter N°54
July 2013
FERMA elects board members
FERMA elected four board
members at its general assembly
held on 20 June. Jorge Luzzi and
Julia Graham were re-elected
following the end of their previous
three year mandates. Anders
Esbjörnsson and Edwin V. Meyer
were newly elected. All will serve
for three years. Isabel Martinez
who joined the board in 2012 to fill
a vacancy was confirmed as a full
board member.
Jorge is the current President of
FERMA. He is Managing Director
of Pirelli Insurance and
Reinsurance Company (PIRCO)
and a member of the Italian risk
management association ANRA.
Julia is Chief Risk Officer of the global law firm DLA Piper, and a
member of the UK association Airmic.
Anders Esbjörnsson is a member of the Swedish risk
management association SWERMA, Risk Manager for the
construction group NCC and Managing Director of the company
captive NCC Insurance.
Edwin V. Meyer is General Manager Risk and Insurance
Management for ArcelorMittal Group. He is a board member of
the German association DVS.
On behalf of FERMA, Jorge congratulated the new board
members and paid tribute to the work of Günter Schlicht who
retired from the board and contributed greatly during his time as
chief executive of DVS.
The full board of FERMA is now: Jorge Luzzi, President; Michel
Dennery and Alessandro De Fellice, Vice Presidents; Peter Den
Dekker, Anders Esbjörnsson, Helle Friberg, Julia Graham, Carl
Leeman, Cristina Martinez, Isabel Martinez, Edwin Meyer and Jo
Willaert. http://www.ferma.eu/about/who-is-who/board-of-
directors/http://www.ferma.eu/about/who-is-who/board-of-
directors/
Jorge has indicated that he does not plan to seek re-election as
president of FERMA when his mandate expires, although he will
remain on the board. The board of FERMA will choose the next
president when it meets on 28 September, and he will hand over
to the new president at the FERMA Forum.
For more news from the general assembly, see p.2
International individual and corporate members
eligible for FERMA
FERMA has agreed a change to its bylaws to
accept two new categories of members:
individuals and companies with an interest in
European risk management who are not eligible to
join an existing FERMA member association.
The decision by FERMA’s general assembly on 20
June followed a number of requests from
individuals and companies with risks in Europe to
become members so they can follow
developments more closely. Until now
membership has been limited to national risk
management associations in Europe.
There will be no geographic restrictions on the
location of these members; they could come from
the United States, the Middle East and other parts
of the world, including the few European countries
which do not currently have a FERMA member
association, such as Ireland or Austria.
The individuals will have to manage or oversee
risk or insurance for their employer. Corporate
members will need to have insurable interests in
Europe and employ a risk or insurance manager.
Insurance and reinsurance companies and brokers
are not included.
These new members will not have voting rights in
FERMA, but they will be able to take advantage of
FERMA communications, contribute to the
development of FERMA positions and participate
as members in FERMA activities, such as the
seminars, forums and conferences.
Pierre Sonigo, FERMA Secretary
General, explained: “We know
that individuals and companies
who have an interest in managing
risks in Europe would like to
follow our activities more closely.
Adding the voices of these
members will help to strengthen our representation
of the interests of managers of European risks in
our dealings with the European Commission and
other bodies.”
FERMA is
moving
From Monday 22 July
2013, FERMA will be
located in its new
offices at
Avenue de Tervuren
273, b12
1150 Brussels
Phone, fax and
website details will
remain unchanged.
The move will take
place on Friday 19
July.
Please come and
visit. The team will be
happy to see you.
FERMA Newsletter N°54 ● July 2013Page 1
Pierre Sonigo
From top left to bottom right: Jorge Luzzi,
Julia Graham, Edwin Meyer and Anders
Esbjörnsson
2. The year in review
FERMA has accomplished an
enormous amount during the two
years that I have been its
president. Our starting point has
been the question from the board
– how can we continue to
strengthen the voice of risk
managers in Europe?
We approached this challenge two principal ways. One is
increased support for our member associations, and the other is
more links with other organisations at European level. Both give
us a firm platform for our goals.
At board level, we have expanded the work that we are able to do
by decentralising. The high level working groups on
benchmarking and certification are outstanding examples of this
policy. Strategic direction comes from the board, but not every
member of the board has to be involved in the detail of every
project. It has been my target not to have my footprint in
everything!
This year, we have increased the support we can offer our
members by strengthening the FERMA staff and empowering
them. I am sure you have noticed the difference that they are
making.
We have become a welcome participant in discussions with the
European Commission and other European institutions. I was
very proud to meet with the European Parliament on behalf of
FERMA.
New Partnership
We are a strong partner for other associations, including those
representing internal auditors, directors, insurers and insurance
intermediaries. FERMA has now met the important European
Insurance and Occupational Pensions Authority (EIOPA), and
David Cowan, EIOPA’s principal expert for
consumer protection, addressed our general
assembly in June. He spoke about EIOPA’s
role as a european supervisory authority, its
position on the recast Insurance Mediation
Directive (IMD2) and its current work in the
area of consumer protection.
On 3 June, we held our first event with the
insurance law association AIDA Europe. The risk managers and
the lawyers who attended the seminar in Paris responded very
positively, and we intend to work closely with AIDA Europe in the
future.
Insurance law is an important topic for all risk managers – even if
they are not directly involved in the insurance programme.
However, most risk managers do deal with insurable risk and
insurance at some level, and we are grateful to the insurance
industry for the support that it gives to FERMA. Look at the list of
Platinum, Gold and Silver sponsors for the Forum and you will
see how valuable that is to us.
In terms of European laws and regulations, we are building
steadily on our understanding and commenting regularly and
knowledgeably on European issues. Having a resource in-house
has made this easier and more cost-effective.
Since the 2012 general assembly, we have issued three position
papers on EU proposals and there will be a fourth very soon.
They cover IMD2, coinsurance, the proposal for a European
pollution fund and non-financial risk reporting in the development
of corporate governance.
This year for the first time we teamed up with Harvard Business
Review Analytic Services, insurer Zurich and the public sector
risk management association, PRIMO, in a series of three
research projects.
We have a stable infrastructure for managing our events and
administration, and we have also strengthened our
communications. Our website visits and social media followers
have more than doubled since the start of 2012. We have also
built up the content in our newsletter and we are getting
favourable feedback. Journalists regularly ask FERMA for
comments and contributed articles.
Seminar and benchmarking
In the autumn, we completed the sixth edition of our risk
management benchmarking survey. It remains the broadest view
of risk management across Europe. Our partners AXA Corporate
Solutions and Ernst & Young are keen to continue with the survey
in 2014 and so are we.
In 2012 for the first time, we opened the seminar to other
sponsors, and it was self-supporting. This is important so that it
can remain free for risk managers to attend. It was also the first
time we took a FERMA event to France, and were warmly
welcomed by AMRAE. We had great participation with a record
attendance of about 350 people.
Future
Our exciting project to develop European certification for risk
management competence is underway. This is an ambitious
scheme, and the working group is looking at several possible
approaches. FERMA is also supporting IFRIMA in examining the
possibility of international certification.
We hope that our members will now make use of our resources
to bring their own issues to the Commission and other European
bodies. Something which affects one association is likely to find
others with the same concerns and we can bring them together.
We would also like to invite individual association members to get
involved on projects that they are passionate about. You don’t
need to be an office holder. Please let us know.
By Jorge Luzzi, President of FERMA
Jorge Luzzi
FERMA Newsletter N°54 ● July 2013Page 2
David Cowan
3. The early bird
deadline is just a few
days ahead and I am
looking forward to
taking the pulse of
the registrations.
Depending on the
figures, we will decide
on our next marketing
and promotional
actions. Until now we’ve seen that,
as expected, we have received large
support from our Dutch, Belgian and
German members. Perhaps more
surprisingly, Denmark is very active
and DARIM is close to achieving its
target for the Forum. So don’t
hesitate; follow the Danish example!
Help your own national association to
reach its attendance target.
Before the summer holidays, we have
another important appointment: our
last site inspection to Maastricht.
We’ll be meeting city officials,
members of the local chambers of
commerce and Maastricht University
representatives. Our goal is to
develop a common strategy in order to
attract as many local risk managers
and young professionals as possible,
decide on action points and maybe
even reach interested SMEs.
We will also decide how the Market
place is going to look. We have
received very innovative ideas and it
will be great to see them live instead
than on paper. It will also be our first
visit to “La Bonbonnière”, the venue
for the FERMA Night. I’ve heard that
this is one of the Forum’s highlights
and I’m really keen on attending it.
It will be a very busy summer for me
as I will be putting together the
content for the printed and online
programmes. This means collecting
descriptions, final confirmations from
speaker, their biographies, maps and
images and checking the listed
timings and occasionally having to
change them.
Before we know it, we’ll be packing
out bags. Are you ready to cycle
around Maastricht? I certainly am!
See the list of exhibitions:
http://www.ferma.eu/ferma-forum-
2013/exhibition/
Countdown to the
Forum
By Veronique De Hertogh,
Project Manager
Letter from Brussels
The holidays are
coming, but before
you go, make sure
you’ve registered
for the Forum.
From Monday 22
July, FERMA’s
offices will be in a
bigger, new space,
not far from where we are now.
Our doors will be open to welcome
members. Some of you are already
taking advantage of coming to the
office when we are meeting the
authorities here in Brussels. Visit us,
meet FERMA’s team and learn who is
working backstage to promote risk
management in Europe.
The new membership categories
agreed at FERMA’s general meeting
will lead to an incredible opportunity to
reinforce the risk and insurance
community. We don’t know how many
applications we will get, but we receive
expressions of interest when we attend
events like the US RIMS conference.
Perhaps you have colleagues outside
Europe who would be interested.
The FERMA board is currently
concentrating on the Forum to come,
as well looking further forward to the
2014 Benchmarking Survey, with the
possibility of a new concept being
discussed. We’re also thinking about
the seminar where we’ll be celebrating
FERMA’s 40th
birthday.
As some of you will have seen, I’ve
been elected to the board of the
European Society of Association
Executives. There is growing attention
to the role that associations in general
and international associations in
particular can be forces for social and
economic development. Policy makers
are more and more looking at what
elements of society can drive growth
and produce collective benefits. With
the support of our members, FERMA
has definitely a role to play in this
arena. Your ideas?
By Florence Bindelle,
Executive Manager
It’s not too late to be early! The early
bird discount to attend the Forum has
been extended until Friday 12 July.
Why not register now if you haven’t
already? It will save you between
€100 and €200: http://www.ferma.eu/
ferma-forum-2013/register/.
By the end of June, FERMA had
already received 224 individual
registrations for the Forum, in line with
previous years. Half of those
registered are risk managers and the
largest groups come from the
Netherlands, Denmark, Germany,
Belgium and Switzerland.
Panel discussions:
Almost all the participants have
now been confirmed for the
three panel discussions.
Risk managers’ panel:
Andrew Bradley, Nestlé
(SIRM)
Alexander Mahnke,
Siemens (DVS)
Chris McGloin, Invensys
(Airmic)
Annemarie Schouw,
Tata Steel (NARIM)
Insurers’ panel
Peter Hancock, AIG
Mike McGavick, XL
Group
Axel Theis, AGCS
Richard Ward, Lloyd’s
Brokers’ panel
Robert Brown, AON
Dominic Casserley, Willis
Peter Zaffino, Marsh
JLT - tbc
FERMA Newsletter N°54 ● July 2013
Page 3
Forum Update
Not too late to be early
Chris Mc Gloin
Annemarie Schouw
Peter Hancock
Axel Theis
Peter Zaffino
Florence Bindelle
Véronique De Hertogh
4. Flying by sun: Solar aircraft founder and pilot to speak to FERMA Forum
Bertrand Piccard is a Swiss psychiatrist and
psychoanalyst. In March 1999, he made the first
non-stop, round-the-world balloon flight, and from
there, he says, flying around the world day and
night without fuel seemed an obvious next step.
Dr Piccard first addressed the FERMA Forum in
Geneva in 2005 when his revolutionary aircraft
Solar Impulse was still in development. When he
returns to the stage for the 2013 FERMA Forum
in Maastricht, almost certainly it will be with a successful, entirely
solar powered flight all across the United States behind him.
To give his formal titles, Dr Piccard is the Initiator, Chairman and
Pilot of Solar Impulse, which can travel day and night with nothing
more than solar power. It’s a very light aircraft with a 72m
wingspan.
His appearance as a keynote speaker at the Forum is possible
thanks to Swiss Re Corporate Solutions, which is the project’s
sole insurer. Dr Piccard, who comes from an adventurous family,
said: “When my grandfather completed the first flight into the
stratosphere in 1931, nobody wanted to insure him. Today, Swiss
Re Corporate Solutions has proven its pioneering spirit by
insuring a revolutionary experimental prototype.”
From a risk management point of view, explains Michel Rohr,
Director, Client Executive Aviation & Corporate Clients for Swiss
Re Corporate Solutions, underwriting a unique aircraft had been
the same as with almost any other risk.
“The first question is: Is it insurable? If yes, then follows: Do we
want to insure it? If yes, then we ask ourselves: Can we assess
and price the risk? If yes, the next topic is: Do we have access to
key decision makers? If yes, then it comes down to how much
capacity we want to deploy.
"In regards to the underwriting process – we had unique access
to any and all risk information and to key decision makers (who, in
this case, also happen to fly the plane), all of which helped us to
obtain a complete picture before making the actual underwriting
decision."
High flying
Born in Lausanne, Switzerland in 1958, Dr Piccard studied
medicine with a double specialisation in psychiatry and
psychotherapy. In the 1970s, he was one of the pioneers of hang
gliding and ultra light flying. An enthusiastic aviator, he then went
on to obtain licenses to fly balloons, airplanes, gliders and motor-
gliders. His world balloon flight achieved, together with
Englishman Brian Jones, the longest non-powered flight ever in
the history of aviation.
Most recently, Solar Impulse has been on its Across America
flight. It started in Mountain View, California in heart of Silicon
Valley, and proceeded in stages to Phoenix, Arizona; Dallas,
Texas and St Louis Missouri. The journey will finish in New York
City in early July.
Dr Piccard piloted the leg from Dallas to Lambert-St Louis Airport
in Missouri on 4 June 2013, his longest ever flight: 21 hours and
22 minutes. The next stage was a flight to Washington DC with a
pit stop half-way in Cincinnati to change pilots.
FERMA executive manager, Florence Bindelle, said: “We are
excited about hearing the progress of Solar Impulse and Dr
Piccard’s approach to controlling the risks of such a revolutionary
project.”
http://www.solarimpulse.com/ p://www.solarimpulse.com/
Historically, risk managers, brokers and insurers have found the
insurance market to be pretty much a man’s world, but gradually
the number and involvement of women have increased. The
FERMA Forum Ladies @ Risk Lunch, which takes place on 1
October, is an opportunity for women involved in the marketplace
to talk through the challenges and opportunities in their work.
Patricia Goudarzi, Director of Sales and Distribution for
Continental Europe at ACE, will be the host for the lunch which is
sponsored by ACE.
The first speaker this year will provide an insight
from what is considered the most advanced
region in Europe in terms of women in top
management: Scandinavia. Sanna Suvanto-
Harsaa is Finnish and the chairman or a board
member of more than 10 Nordic businesses,
including SAS AB and the multi-national retailer
Clas Ohlson. She has wide ownership
experience, including listed companies, private equity, family
companies and government owned.
Sanna will discuss whether Scandinavia deserves its reputation
with an overview of the existing models in Norway, Finland,
Sweden and Denmark. She will illustrate with her own experience
and describe the challenges still faced by women and boards.
The second speaker, Janet Legrand, is Senior Partner and
Chairman of the Board of the law firm DLA
Piper International, where she is a senior
commercial litigator. Janet will discuss finding
the right balance between drive for fair
representation of women on boards and the
need for competence. She will give her
thoughts on current legislative developments in
Europe and the issue of quotas.
Bertrand Piccard
FERMA Newsletter N°54 ● July 2013Page 4
Ladies @ Risk
Sanna Suvanto
-Harsaa Janet Legrand
5. Expert Views
Good corporate governance can enhance long term thinking and growth
prospects says ecoDa
In its response to the EU Green Paper on long term financing of
the European economy, the European Confederation of
Directors’ Associations (ecoDa) took the opportunity to highlight
some areas where good corporate governance can enhance
long term thinking and growth for companies.
A good governance track record (or rating) can facilitate access
to external capital, whether equity capital or other types of
corporate financing. Good governance lowers the risk profile and
guarantees a focus on the corporate interest, leading to a better
access to capital at a lower cost.
In the view of ecoDa, corporate governance could be promoted
more actively as a necessary condition for facilitating SMEs to
realise their growth ambitions in a professional and sustainable
way. This is why, in 2010, we developed Guidance on Corporate
Governance for unlisted companies with a dynamic phased
approach.
In addition, ecoDa believes that the barriers to entry for listing as
an SME could be decreased if the corporate governance
framework were approached less from a formal compliance
perspective and much more with a best fit in mind.
Comply or explain
More attention is needed to the tailoring of governance to the
needs and challenges of the company, while emphasising less
the formal compliance exercise (box ticking). ecoDa believes that
the EU should give more attention to the flexibility offered by the
comply-or-explain regime.
Best practices have often been defined by reference to the large
blue chip companies. Those ‘standards’ are less adapted to the
companies in the micro/small and even mid-cap markets, let
alone the non-regulated segments of the capital markets. Best fit
should be the ultimate objective, and not universal adoption of
standard best practice for large companies.
Research into what constitutes valid explanations and
alternatives might be very useful for those market segments.
According to this philosophy, corporate governance structures
and procedures should be compliant with the basic principles of
good governance while leaving the company with the
responsibility to prove to the outside world that its practical
implementation and fine tuning fit the company’s strategy,
ambitions, specific circumstances and challenges.
The starting point of a good governance framework is to make
sure that the governance arrangements support the business
model, as stated by Paul Moxey, from the Association of
Chartered Certified Accountants in our past ecoDa conference.
Only when we have reached this stage will European
governance represent a key component of a competitive
European business environment.
In its reply to the green paper, ecoDa also emphasised the need
to promote further the use of enterprise risk management
information to integrate the potential downside of short-term
optimisation initiatives.
Beside other elements, ecoDa highlights also the importance of
developing a more long-term view on corporate performance,
measuring short-term as well as long-term performance (for
example, the balanced score card), combined with a view on
financial as well as non-financial performance.
Generally we believe that the issue of short termism does not
pose the same challenges throughout Europe. Countries with a
widely dispersed shareholding base and very active stock
markets (like the US and the UK) are apparently more vulnerable
to short-term thinking than the continental European countries,
which rely to a much larger extent on stable block holders. This
also proves that a ‘one size fits all’ approach is neither feasible
nor relevant.
By Lutgart Van den Berghe, Chairwoman of the policy committee
of the European Confederation of Directors’ Associations
(ecoDA) and Béatrice Richez-Baum, ecoDA’s Secretary General.
www.ecoda.org
Research and webinar series concludes
Environmental risk management was the subject of the third and
final webinar in a series hosted by FERMA in collaboration with
Harvard Business Review Analytic Services, Zurich and the
public sector risk management association PRIMO.
The webinar took place on Wednesday 26 June, and included
an introduction and explanation of the grey areas and
uncertainties of the Environmental Liability Directive. The panel
was:
Valery Fogleman, Consultant, Stevens & Bolton LLP and
Professor, Cardiff University School of Law
Pierre Sonigo, Secretary General, FERMA
Christopher Robertson, Head of Environmental, Zurich
The replay video will shortly be available on the FERMA
website.
The two previous webinars in the series are on the website:
Meeting the cyber risk challenge http://www.ferma.eu/2012/11/
complimentary-audio-webinar-meeting-the-cyber-risk-challenge/
Leadership in Risk Management available at
http://www.ferma.eu/2013/03/leadership-in-risk-management-
webinar-may-15th-2013-save-the-date/
Béatrice Richez-
Baum
Lutgard Van den
Berdhe
FERMA Newsletter N°54 ● July 2013Page 5
6. Commission strikes a pragmatic approach to collective redress
In January, FERMA attended a conference on collective redress
in Zurich. That was the occasion for the industry to think
collectively about the unintended consequences of a new mass
restitution scheme being put forward by the European
Commission. In June, the Commission released its awaited
communication on the subject, which actually took the form of a
recommendation.
The choice of a recommendation is interesting, because this is a
non-binding legal instrument. It indicates how member states
should establish a collective redress system at national level, but
does not attempt to configure a uniform, EU-wide collective
redress system.
The Commission took into account the member states’ differing
legal traditions and is only setting out principles that should be
common across the EU relating to both judicial and out-of-court
collective redress.
The scope of the recommendation is very wide; the principles
apply to every sector. This is what the Commission is calling a
coherent horizontal approach, that does not harmonise member
states' systems. Financial services and the environment are
explicitly mentioned in the document.
On the bright side, the Commission has listened to the various
concerns expressed by both the industry and the public
authorities.
Avoiding excesses
It has introduced fundamental safeguards that should be part of
any national redress mechanisms. These specific safeguards are
intended to avoid US style excesses and frivolous and expensive
claims.
The “opt-in” framework is one of these. The group of claimants is
to be clearly identified on the basis of an express consent (Article
21). Making the loser pay costs (Article 13) is a second
safeguard, and finally punitive damages are prohibited (Article
31). The general idea is that collective redress should not
become a profitable industry for some professions.
As FERMA and industry in general have always proposed, the
recommendation puts forward the use of alternative dispute
resolution (ADR). To facilitate its deployment, normal time limits
within which claims must be made will be suspended while the
parties attempt to use ADR. (Article 27).
Member states have two years to implement the principles of the
recommendation, and based on the results of this, the European
Commission will decide within four years (June 2017) if further
legislative action is needed.
Overall the recommendation looks good, even if it is possible to
regret the central role given to the courts when they are already
flooded with cases and under budget constraints. FERMA
believes that nothing beats the effectiveness of the combination
of ADRs and sound compliance policies in terms of time
resources. We do really wish that the recommendation as
presented now will not form the basis of minimum harmonisation
legislation four years from now.
In a nutshell:
Collective redress
Commission recommendation issued
Implementation: two years
Reconsideration: four years
By Julien Bedhouche, FERMA EU Affairs Advisor.
European Affairs
Is the ELD creating sweet harmonies?
For over a year now, the Environmental Liabilities
Directive (ELD) has been officially under study. The
European Commission is assessing how the 27
member states have implemented the directive
since 2010. Bio Intelligence, a consulting firm from
Paris, is undertaking two studies on behalf of the
Commission: one the challenges and obstacles of
the ELD and a second about the feasibility of an
EU-wide industrial pollution fund.
June can be seen as some kind of intermediary stage before the
Commission’s final report next year. Studies published at the end
of May were the subject to an ELD stakeholder conference in
Brussels on 11 June, which FERMA attended.
Eighteen member states have sent their reports on the enactment
of the ELD into their legal systems, and 13 are acceptable at the
moment, according Commission officer Robert Konrad from the
newly created governance, information and reporting unit at the
DG Environment.
Mr Konrad summarised the Commission’s hot issues for 2014 as
follows: What is the harmonisation effect of the ELD and what are
the options for future amendments if the Commission chooses to
promote binding rules, rather than guidelines and best practice
recommendations?
Overall, what we noticed at the conference is that member states
have done a lot of work over the last three years. They have
developed tools and guidance, and the numerous national or
local authorities in charge of the ELD are just starting to discover
its potential. According to Edward Lockhart-Mummery from the
UK Department of Environment, Food & Rural Affairs: “It’s time to
consolidate, not to introduce new changes. Focus on what’s
working, and strengthen best practices.”
For FERMA, the other issues on the agenda are rather clear.
First, there should be no move towards a mandatory financial
security scheme if it’s not needed. Resources are scarce and
voluntary systems are working well in some countries.
Second, regarding the Hungarian proposal of an industrial
pollution fund, it was comforting to see now that it is universally
regarded as impossible in practice. The range and scope of such
a fund would require such tremendous resources in terms of staff,
budget and time for political agreement that it would quickly turn
into a “bureaucratic monster”.
By Julien Bedhouche, FERMA EU Affairs Advisor.
FERMA Newsletter N°54 ● July 2013Page 6
Julien Bedhouche