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.
CFO Asia Exchange Singapore 2015 Refocusing your ERM strategy and practices -...Marc Ronez
This presentation highlights 5 directions to explore to improve your ERM Strategy and practices in your organization in order to nurture an ERM system and culture that creates Value.
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.
CFO Asia Exchange Singapore 2015 Refocusing your ERM strategy and practices -...Marc Ronez
This presentation highlights 5 directions to explore to improve your ERM Strategy and practices in your organization in order to nurture an ERM system and culture that creates Value.
Why businesses should not be afraid of the 8th Company Law Directive.FERMA
Businesses should not be afraid of the 8th Company Law Directive.
Good risk management and internal control helps companies go "faster, further and more safely
Cybersecurity mitigation strategies webinar AIG ecoDa FERMA 24 March 2016FERMA
PART II – Cyber Security: the mitigation strategies – how to identify, assess and mitigate cyber risks
The Risk Manager must be responsible, as for others risks, for the quantification aspect of cyber security. It is a necessary step towards understanding and managing the exposure of the company. He/she should act as a facilitator between the Board and the operational department (IT, Finance, Legal and other functions).
A key subject to unlock the cyber insurance development and to support the economic growth the Digital world is bringing to Europe.
FERMA ECIIA Joint Guidance - "Audit and Risk Committees: News from EU Legisla...FERMA
The Federation of European Risk Management Associations (FERMA) and the European Confederation of Institutes of Internal Auditing (ECIIA) have responded to increased EU requirements for more corporate transparency with a new joint guidance document on the 8th Company Law Directive launched on Monday 20 October during the FERMA Seminar.
Audit and risk committees are on the frontline of the transparency rules enacted by the EU over the last five years.
The new guidance document “Audit and Risk Committees:News from EU Legislation and Best Practices” examines specifically how these committees should support their board and be supported by the two professions: risk managers and internal auditors.
The Guidance identifies 10 possible responsibilities to share between audit and risk committees and is meant to help boards of companies and the chairmen of audit and risk committees to handle the increased EU requirements on financial and non-financial transparency.
Country-by-Country Reporting proposal - Working Breakfast 28 June 2016FERMA
On 28 June 2016, MEP Jeppe Kofod hosted a working breakfast meeting today at the European Parliament about the proposal published on 12 April 2016 by the European Commission to extend country-by-country financial reporting to most multinational groups operating in the EU.
The European Confederation of Institutes of Internal Auditing (ECIIA) and FERMA stated that Internal auditors and risk managers have a key role to play in ensuring that future financial transparency standards are well understood, embedded into the strategy of large corporations and become a source of competitive advantage.
Helping to Frame the Board’s Risk Conversation - A Profession in Transformation
by AIRMIC John Hurrell and Julia Graham
This session presented on October 04, 2016 during the FERMA European Risk Seminar in Malta, set out some of the issues involved for risk managers making this professional journey and offer practical ideas and suggestions on how risk managers can seize these professional opportunities.
Reinforcing FERMA’s vision of “a world where risk management is embedded in the business model and culture of organisations”, this session will focus on how risk management can be embedded in the business model of the organisation and the importance of risk culture and the profiling of risk culture as part of this process.
The session introduced models, tools and techniques designed for the risk manager developed in partnership with colleagues from other professions and in consultation with those who have a seat at the boardroom table.
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.
Data protection webinar presentation AIG ecoDa FERMA 23 feb 2016FERMA
The second webinar dedicated to data protection and cybersecurity in our series “Risk Conversation at Board level”
PART I – How to adapt the risk governance to the changing regulatory landscape for personal data ?
The good management of data is now an essential part of the business model of many organisations. But with new dependencies linked to the increased use of external hosting, collection, treatment and transfer of data, it is also posing heavy challenges legal, IT and strategic issues.
If it is no longer a pure IT or legal issues; who is required to take the strategic decisions to allocate the right resources (staff and budget)? What role for the Board?
Should data protection be higher on the Board agenda?
How the Board members should get the right information on the specific data risks of their organisation to be in a deciding position?
Who will be the interface between the practical concerns and the need for strategic decisions?
Is there a role for the risk manager as the instrument to collect, consolidate and analyse the relevant information related to the data protection and the cybersecurity of the organization?
EU/US boards’ approach to cyber risk governance - webinar presentationFERMA
The 4th webinar is being hosted by the European Confederation of Directors' Associations (ecoDa), AIG, and the Federation of European Risk Managers' Associations (FERMA) and in close cooperation with the Internet Security Alliance (ISA).
it includes a Risk Manager’s’ perspective about the necessity to provide organisations with decision-support tools for mitigation and recommendations for risk transfer.
Risk Governance Conference - Board Governance and Emerging Risks in the 21st ...FERMA
On 10 July 2015, a collaboration between ecoDa, FERMA and AIG, brought together directors, risk managers and insurers from across Europe to share perspectives on the quality of the Risk conversation at Board level and to generate ideas for improving it.
Newsletter Nr. 47 of the Federation of European Risk Management Associations.
CONTENTS:
- FERMA Seminar and Benchmarking Survey
- Out and about: news about FERMA people
- Letter from Brussels
- Views sought on ISO certification
- A request for views on managing natural catastrophes
- Interview with Alessandro De Felice (new FERMA board member)
- FERMA-Lloyd's training
- protection of personal data and privacy
- member association news
Why businesses should not be afraid of the 8th Company Law Directive.FERMA
Businesses should not be afraid of the 8th Company Law Directive.
Good risk management and internal control helps companies go "faster, further and more safely
Cybersecurity mitigation strategies webinar AIG ecoDa FERMA 24 March 2016FERMA
PART II – Cyber Security: the mitigation strategies – how to identify, assess and mitigate cyber risks
The Risk Manager must be responsible, as for others risks, for the quantification aspect of cyber security. It is a necessary step towards understanding and managing the exposure of the company. He/she should act as a facilitator between the Board and the operational department (IT, Finance, Legal and other functions).
A key subject to unlock the cyber insurance development and to support the economic growth the Digital world is bringing to Europe.
FERMA ECIIA Joint Guidance - "Audit and Risk Committees: News from EU Legisla...FERMA
The Federation of European Risk Management Associations (FERMA) and the European Confederation of Institutes of Internal Auditing (ECIIA) have responded to increased EU requirements for more corporate transparency with a new joint guidance document on the 8th Company Law Directive launched on Monday 20 October during the FERMA Seminar.
Audit and risk committees are on the frontline of the transparency rules enacted by the EU over the last five years.
The new guidance document “Audit and Risk Committees:News from EU Legislation and Best Practices” examines specifically how these committees should support their board and be supported by the two professions: risk managers and internal auditors.
The Guidance identifies 10 possible responsibilities to share between audit and risk committees and is meant to help boards of companies and the chairmen of audit and risk committees to handle the increased EU requirements on financial and non-financial transparency.
Country-by-Country Reporting proposal - Working Breakfast 28 June 2016FERMA
On 28 June 2016, MEP Jeppe Kofod hosted a working breakfast meeting today at the European Parliament about the proposal published on 12 April 2016 by the European Commission to extend country-by-country financial reporting to most multinational groups operating in the EU.
The European Confederation of Institutes of Internal Auditing (ECIIA) and FERMA stated that Internal auditors and risk managers have a key role to play in ensuring that future financial transparency standards are well understood, embedded into the strategy of large corporations and become a source of competitive advantage.
Helping to Frame the Board’s Risk Conversation - A Profession in Transformation
by AIRMIC John Hurrell and Julia Graham
This session presented on October 04, 2016 during the FERMA European Risk Seminar in Malta, set out some of the issues involved for risk managers making this professional journey and offer practical ideas and suggestions on how risk managers can seize these professional opportunities.
Reinforcing FERMA’s vision of “a world where risk management is embedded in the business model and culture of organisations”, this session will focus on how risk management can be embedded in the business model of the organisation and the importance of risk culture and the profiling of risk culture as part of this process.
The session introduced models, tools and techniques designed for the risk manager developed in partnership with colleagues from other professions and in consultation with those who have a seat at the boardroom table.
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.
Data protection webinar presentation AIG ecoDa FERMA 23 feb 2016FERMA
The second webinar dedicated to data protection and cybersecurity in our series “Risk Conversation at Board level”
PART I – How to adapt the risk governance to the changing regulatory landscape for personal data ?
The good management of data is now an essential part of the business model of many organisations. But with new dependencies linked to the increased use of external hosting, collection, treatment and transfer of data, it is also posing heavy challenges legal, IT and strategic issues.
If it is no longer a pure IT or legal issues; who is required to take the strategic decisions to allocate the right resources (staff and budget)? What role for the Board?
Should data protection be higher on the Board agenda?
How the Board members should get the right information on the specific data risks of their organisation to be in a deciding position?
Who will be the interface between the practical concerns and the need for strategic decisions?
Is there a role for the risk manager as the instrument to collect, consolidate and analyse the relevant information related to the data protection and the cybersecurity of the organization?
EU/US boards’ approach to cyber risk governance - webinar presentationFERMA
The 4th webinar is being hosted by the European Confederation of Directors' Associations (ecoDa), AIG, and the Federation of European Risk Managers' Associations (FERMA) and in close cooperation with the Internet Security Alliance (ISA).
it includes a Risk Manager’s’ perspective about the necessity to provide organisations with decision-support tools for mitigation and recommendations for risk transfer.
Risk Governance Conference - Board Governance and Emerging Risks in the 21st ...FERMA
On 10 July 2015, a collaboration between ecoDa, FERMA and AIG, brought together directors, risk managers and insurers from across Europe to share perspectives on the quality of the Risk conversation at Board level and to generate ideas for improving it.
Newsletter Nr. 47 of the Federation of European Risk Management Associations.
CONTENTS:
- FERMA Seminar and Benchmarking Survey
- Out and about: news about FERMA people
- Letter from Brussels
- Views sought on ISO certification
- A request for views on managing natural catastrophes
- Interview with Alessandro De Felice (new FERMA board member)
- FERMA-Lloyd's training
- protection of personal data and privacy
- member association news
ERM Implementation ERM is essential for organizations.docxelbanglis
ERM Implementation
ERM is essential for organizations in managing risks and improve on opportunities related to the achievement of organizational objectives. Statoil and United Grain Growers have established an enterprise risks management that meets their company goals based on the challenges each of them is facing.
The primary difference between ERM in Statoil and United Grain Growers is that ERM will affect management at the latter. Additionally, ERM at United Grain Growers seeks to retrieve the company from financial constraints while at Statoil, ERM seeks to improve organizational performance. However, ERM at the two companies share some similarities. For instance, ERM at United Grain Growers seeks to identify and access principle risks. The same applies to Statoil which seeks to identify any potential risks during the exercise. Besides, the two companies have a strategic risk plan. A strategic plan is essential as it outlines the role of a manager, CEO and everyone involved in the steps of an ERM (Robert and Liebenberg, 2011). United Grain growers has a strategic plan to improve financial dividends while Statoil has a risk map and committee with outlined roles and responsibilities.
The Statoil ERM seems workable and productive meaning I can implement it is it were up to me. On the contrary, I will not implement the United Grain Growers ERM. In my opinion, the ERM lacks the potential to solve financial constraints that the company is experiencing. However, some parts of it are productive, but a merger comes in with other risks for the struggling company. For instance, a merger will lead to employee layoff which might put the company at a risk of losing some important skills (Chui, 2011). Additionally, the company assets might be miscalculated during financial evaluation leading to more losses.
Generally, the ERM at Statoil might be successful in future because it is based on company goals and values. On the contrary, UGG ERM might not succeed because there are many risks associated with its strategy for implementation.
References
Chui, B.S. 2011. A Risk Management Model for Merger and Acquisition.
Robert, E.H. and Liebenberg, A.P. (2011). The Value of Enterprise Risk Management. The
Journal of Risk and Insurance, 78(4).pp. 795-822.
https://doi.org/10.1111/j.15396975.2011.01413.x
According to Brustbauer, 2016 Enterprise risk management help the company prepare for the uncertainties and disasters that may occur all along. Every business must identify the threats likely to face the business and come up with a contingency plan. Different companies faces different threats and uncertainties and therefore while coming up with the risk management plan one must consider the uniqueness of the enterprise and the likely threats to occur. These differences make the companies and business have different hierarchy of risks that are likely to occur. This paper is going to compare and contrast the enterprise risk management of the united g ...
ITS 835Chapter 12Measuring Performance at mariuse18nolet
ITS 835
Chapter 12
Measuring Performance at Intuit
Enterprise Risk Management
Dr. James C. Hyatt
Miguel Buleje
Introduction
Intuit’s ERM Journey
ERM Maturity Model
Benefits of Measuring Performance in ERM Models
ERM Performance Measurement and Reporting
Conclusion
Intuit’s ERM Journey
INTRO to Intuit: Biz and Financial Software Corporation. Offerings include QuickBooks, Quicken, Turbo Tax
Began with ad hoc risk management
Very common entry point
Escalated to ERM when seminal event occurred
Desire was to stop firefighting and start prevention.
Proactive approach, as resources were pulled from Operations
Intuit ERM Core Principles
Enterprise-wide risk framework
Risk assessment is ongoing
Focus on most significant risks
Ownership and accountability
Measure and monitor performance
ERM Maturity Model
Risk Management Maturity Model
Stakeholders Value increases as Risk Management Capability Increase
Ad Hoc Risk Management - Starting Point
Targeted Risk Management – progress and next step. More proactive. Organized.
Integrated Risk Framework – Really taking this the next level with formal framework. Value starts to increase
Risk Intelligence - Feedback loop. Really taking advantage to predict, and use intelligence to take action.
Risk Leadership – Move from Reactive to Proactive. Optimize and Capitalize positive outcomes around risk.
4
Benefits of Measuring Performance in ERM Models
Key Performance Indicators (KPI)
Based on business objectives
Quantitative and qualitative KPI
Leading (looking into future/ predictive approach) and
Lagging (trending / historical performance) indicators
Input, process, and output indicators ( optimized for end to end processes).
KPIs must be
Tangible
Flexible
Standardized
Outcome or objective focused
ERM Performance Measurement and Reporting
First evolution - ERM process adoption
Second evolution – Risk Mitigation Process Management
Third Evolution – Multidimensional Risk Management Performance Measurement
Outcome: executive dashboard for reporting.
ERM Process Adoption
7
Risk Mitigation Process Management
Multidimensional Risk Management Performance Measurement
3er Evolution
Culmination of INTUIT enterprise risk management: Dashboards
KPI status by risk.
Clear where attention goes, by Risk .
They do not care about green. Focus on Reds and Yellow.
At a glance exes are able to determine what risk would cause issues.
9
Conclusion
At Intuit, risk management is everyone’s responsibility
ERM must be a core business competency
Coordination is a key to success
ERM Recognizes
Upside opportunity
Downside risk
ERM process is regularly audited
ERM is an integral part of Intuit’s operating model
Sheet1TitleYearLengthViolence timeInjuriesFatal injuriesGood/neutral injuriesGood/neutral fatalitiesBad injuriesBad fatalitiesSnow White and the Seven Dwarfs19375040474211011Fantasia19407200307111100Pinoc ...
Managing Risk in Perilous Times- Practical Steps to Accelerate RecoveryFindWhitePapers
The Economist Intelligence Unit examines the lessons learned from the current financial crisis, and proposes ten practical lessons that could help to address perceived weaknesses in risk identification, assessment and management.
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)
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
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2. Corporate Governance & Risk management
RISK MANAGEMENT
Marie-
Gemma
Dequae
KEY ELEMENT OF
EUROPEAN Are preparing a
BOARD
COMMISSION’S MEMBERS response for
LATEST DISCUSSION FERMA
PAPER ON
CORPORATE
GOVERNANCE Michel
Dennery
3. What will be the result of this consultation?
CONSULTATION
Although no legislative initiatives
are yet scheduled to follow
THE COMMISSION IS LOOKING TOWARD A
FURTHER REVISION OF THE COMPANY LAW
DIRECTIVE, NOW IN ITS EIGHTH YEAR
5. The role of directors in managing risk
• Business today need high-performing, effective
boards to challenge executive management
“The role of chairman of the board
is particularly important, as are the
board’s responsibilities for risk
management”
THE
COMMISSION
6. The role of companies and boards in risk
management
• Section 1.5 of the paper is devoted entirely to risk
management and makes the following points:
Companies should develop an adequate risk
culture specific to the organisation
The board should bear primary responsibility for
defining the risk profile and adequate
monitoring of compliance with their strategy
7. The role of companies and boards in risk
management
• It would be difficult to propose a single risk
management model for all companies
PARTIES INVOLVED IN RISK
MANAGEMENT
CLEARLY DEFINE
ROLES RESPONSIBILITIES
8. FERMA will consider its response to two
questions in the document
Should the board approve and take
responsibility for the company’s “risk
appetite” and report it meaningfully to
shareholders? Should these disclosure
arrangements also include relevant key
societal risks?
Should the board ensure that the
company’s risk management arrangements
are effective and commensurate with the
company’s risk profile?
9. How FERMA will approach these questions
“FERMA will answer in a way that
balances two kinds of interests. On one
hand, risk appetite, risk taking and risk
culture must serve the development of
companies and the economy. On the
other hand, risk management must serve
business’ responsibilities, including their
enterprise social responsibilities”
MICHEL
DENNERY
10. Welcoming your comments
• Dennery and Dequae welcome comments from other
FERMA members
• Please submit comments in good time before the
consultation deadline of 22 July 2011
• The consultation paper is available at:
• http://ec.europa.eu/internal_market/consultations/2011/c
orporate-governance-framework_en.htm
11. FERMA Risk Management
www.ferma-forum.eu
Forum 2011
@FERMAFORUM2011
Stockholm Waterfront
Congress Center
“FERMA Risk Talk”
2-5 October 2011
