Jorge Luzzi has been elected as the new President of FERMA. With experience in risk management spanning several industries and countries, he aims to expand FERMA's communication, interaction, and innovation during his term. The newsletter provides an overview of Luzzi's background and priorities as President, which include opening FERMA to increased involvement from member associations and their members. It also discusses two ongoing issues - the European Commission's consideration of regulating loss adjusters, and FERMA's guidance on the EU's 8th Company Law Directive being formally launched in December.
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.
FERMA's response to the Insurance Mediation Directive (IMD)FERMA
The Federation of European Risk Management Associations (FERMA) welcomes the oppotunity to contribute to the consultation launched by the Internal market and Servicdes Directorate General of the European Commission.
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
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.
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.
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.
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.
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.
FERMA's response to the Insurance Mediation Directive (IMD)FERMA
The Federation of European Risk Management Associations (FERMA) welcomes the oppotunity to contribute to the consultation launched by the Internal market and Servicdes Directorate General of the European Commission.
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
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.
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.
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.
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.
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
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…)
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
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
Table of Contents
1. FERMA President’s blog
2. Seminar risk manager numbers high – and rising
3. FERMA’s survey results support risk leaders
4. FERMA is Forty!
5. Seminar master class: radical reforms in the London market
6. More demanding environmental requirements ahead? Seminar roundtable to discuss
8. Letter from Brussels
9. Launch of New Guidance on 8th Company Law
10. Expert Views
11. Coinsurance: new review of Insurance Block Exemption
12.Knowledge Corner
Table of Contents
FERMA Newsletter 64 (Table of content)
Forum 2015 – just over six months to go
Certification enters the testing phase
Tributes to Edwin V Meyer
From the President
Diversity in the Risk Professions: everyone’s career is different
Diversity in the risk professions – the view from France
Letter from Brussels
A duty of care
Solvency II and the treatment of third country jurisdictions
Cyber insurance market: incentives and improved cybersecurity for organisations
Expert Views
New appointment for FERMA President Julia Graham
Knowledge Corner
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
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
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.
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.
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.
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
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…)
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
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
Table of Contents
1. FERMA President’s blog
2. Seminar risk manager numbers high – and rising
3. FERMA’s survey results support risk leaders
4. FERMA is Forty!
5. Seminar master class: radical reforms in the London market
6. More demanding environmental requirements ahead? Seminar roundtable to discuss
8. Letter from Brussels
9. Launch of New Guidance on 8th Company Law
10. Expert Views
11. Coinsurance: new review of Insurance Block Exemption
12.Knowledge Corner
Table of Contents
FERMA Newsletter 64 (Table of content)
Forum 2015 – just over six months to go
Certification enters the testing phase
Tributes to Edwin V Meyer
From the President
Diversity in the Risk Professions: everyone’s career is different
Diversity in the risk professions – the view from France
Letter from Brussels
A duty of care
Solvency II and the treatment of third country jurisdictions
Cyber insurance market: incentives and improved cybersecurity for organisations
Expert Views
New appointment for FERMA President Julia Graham
Knowledge Corner
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
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
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.
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.
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)
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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Newsletter 44
1. Newsletter N°44
November 2011
FERMA’s new President Jorge Luzzi spent three years in the association ABGR, and one of the founders and the first
finance department of the pharmaceutical company, Ciba president of the Latin American risk management association
Geigy, now Novartis. He observed that everything seemed to Alarys. He is now honorary president of both organisations. He
revolve around risk, but that there was little analysis of is active in the International Federation of Risk and Insurance
anything other than pure financial risk. Management Associations (IFRIMA) as its chairman, and in the
Italian risk management association ANRA.
Having worked as an account executive with Marsh for eight
years at the start of his career, however, he could also see the With this background, it is not surprising that he has more
limitations of insurance. “Soon I started to think that risk than 500 connections on LinkedIn and he received more than
wasn’t only about doing the calculation but there was a lot of 150 congratulatory emails during the first day after his election
human aspect to risk. When there is a major loss, for example, as President of FERMA was announced!
it’s not just the factory that’s affected but the workers,” he
His work and FERMA responsibilities do not leave him time to
said.
play rugby now, but he takes advantage of living in
This human aspect really came home to Jorge in the 1999 Switzerland to ski and cycle with his two daughters, aged six
earthquake in Izmit, Turkey. By this time, he had joined Pirelli, and 10. He also loves football – how could he not with growing
and the tire maker has a factory within the quake zone. The up in Brazil and Argentina – and other sports.
official figures say at the Magnitude 7.6 quake killed at least
17,000 people and half a million were homeless. Most of the
Pirelli plant stood up well, but two people died in an older
building. Others were killed elsewhere or injured when their A man of
many countries
homes collapsed. In the end, the toll was 13 dead and 14
severely injured. The impact, though, was far wider; members
of staff were homeless and had lost friends and family
members. and enthusiasms
Jorge explains that before the company could think about
restoring the factory, it established a tent city for employees
and other Izmit residents who were homeless. The workers A profile of Jorge Luzzi,
otherwise might have been forced to leave the area to stay
FERMA’s new President
with relatives. “All this really touched me. Enterprise risk
management is not limited to calculating probabilities,” he
says.
As FERMA members who attended the FERMA night party at
Today Jorge is Director of Group Risk Management for Pirelli the 2011 Forum know, Jorge enjoys singing. There he joined
worldwide with wide responsibilities in the group. He started outgoing President Peter den Dekker and fellow Italian
his career in insurance and risk management in Brazil in 1971. Alessando De Felice for FERMA’s own version of the three
The family moved there from Argentina where he spent his tenors. “I love music,” he says, “Italian music, opera, of course,
boyhood, and he is proud of honour given him by the but many other types of music, too. I couldn’t live without it.”
Parliament of the Brazilian state of São Paulo for his
contribution on the development of risk management in the Over the next two years as President, Jorge wants to open the
country. Other awards he has received include the prestigious arms of FERMA to increased involvement with member
Goodwell Award for lifetime achievement from the US Risk associations and their members. He intends to expand
and Insurance Management Society (RIMS). FERMA’s communication with members and listen to their
concerns and opinions by taking advantage of the new social
Jorge describes himself as “Italian but from an international media tools.
family,” and he has Swiss as well as Italian nationality. He lives
near Lake Lugano in Switzerland where he has an office. Jorge wants to increase the number of what he calls ‘friends of
Pirelli headquarters is only one hour away by car over the FERMA’, for example by drawing on the resource of very
Italian border in Milan, and he regularly travels over the world experienced members who are no longer working as day to
to the company’s factories, distribution centres and offices. day risk managers but who have great expertise to offer.
Another innovation is that he would like FERMA to consider
Thanks to his Latin American childhood and a career that has having individual members participate in various projects
spanned Switzerland, Spain, Argentina, Brazil, Bermuda, under the direction of board members.
Ireland and Italy, Jorge speaks Portuguese, Spanish and
English in addition to Italian, and a little German and French. As he said in his first remarks as President of FERMA at the
Forum in Stockholm, his imperatives are “communication,
Jorge was president of the Brazilian risk management interaction and innovation.”
2. Letter EC considers regulation Launch of further
from of loss adjusters guidance on 8th
Brussels How do FERMA members feel about Directive
loss adjusters? Would they like to see
Florence Bindelle, some form of registration or regulation? On 14 December, FERMA will
Executive Manager This issue, which has been discussed in formally launch its joint
FERMA a number of times in the past, publication with the European
October was an exceptionally busy has again become topical as part of Confederation of Institutes of
month for FERMA with the successful Internal Auditing (ECIIA) of
European Commission discussions on
conference in Stockholm, the launch of guidance for senior executives on
the prevention and insurance of natural
the new logo and the new website. the risk management provisions
catastrophes.
Thank you to all of you who joined us in of the EU 8th Company Law
Stockholm. I hope you enjoyed the FERMA plans to circulate association Directive.
event as much as we did. presidents to ask their views, ahead of a This important work follows the
possible meeting with the European FERMA-ECIIA guidance on the
Now back in the office, we are working
Federation of Loss Adjusting Experts 8th Directive for boards and audit
on the next stage of the guidance on the
(FUEDI). Executive Manager Florence committees published in
8th Company Law Directive with the
European Confederation of Institutes of Bindelle, who attended a Commission September 2010. Former FERMA
International Auditing (ECIIA). We seminar on natural catastrophes on 18 President Marie-Gemma Dequae
intend to release it and present it to the October, reported that the Commission and current Vice President Michel
press on December 14 in Brussels. is to carry out an in-depth examination Dennery are leading the
of insurance schemes within the EU for continuing work for FERMA.
We are planning our 2012 projects, natural catastrophes.
among them the seminar and the Commented Michel, “This work
benchmarking survey. A working group The next step will be the release of a will be valuable not just for senior
is already gathering. Paris and London survey by the EC Joint Research Centre executives in large companies,
are the two locations being explored as as the basis for discussion of future but also for directors and audit
the venue for the seminar. The committees of smaller
initiatives to promote an appropriate
benchmarking survey, which will take companies, as we are including
market for natural catastrophe
place online in the spring of next year, practical advice on application of
insurance products and improve the the rules.”
has become the most authoritative view efficiency of existing market. A draft
on the state of European risk version should be available for A press conference and
management, so please do add your presentation of the new guidance
stakeholder comments by the end of
opinions when it is released. will take place in Brussels from
November, with a final version in
In terms of representing the interests of December. A green paper is expected to 9.00 to 10.00 am with breakfast
our members, I took part in a European from 8.30. The venue will be
follow to consider whether there is a
Commission conference on the confirmed closer to the time.
need to add to current European
prevention and insurance of natural regulation or create new measures for
catastrophes on 18 October, and on 8 managing catastrophe risks.
November Pierre Sonigo and I will
attend the stakeholder and practitioner EU Commissioner for internal market
workshop on implementation of the and services Michel Barnier, who spoke
environmental liability directive. Please at the conference, included among his
let me know if you would like more angles for action the question of some
information on either of these events. formal European registration of loss
FERMA will be promoting more adjusters. FERMA understands that
education in risk management. As FUEDI would like to see recognition of
FERMA expands, it’s clear to us this is the profession of loss adjuster but not
something members really welcome. regulation, and will consider the
possibility of future discussions with
In terms of communication, we are FUEDI after getting the presidents’
currently looking at the strengthening views.
our social media presence. Please
include the #fermarisk hashtag in your More information and the conference
own tweets, join the FERMA Risk Talk presentations will be available at:
group at LinkedIn and check the website
regularly. We are adding new content all http://ec.europa.eu/internal_market/ins
the time. urance/index_en.htm
Page 2 FERMA Newsletter N°44 ● November 2011
3. Cyber risk survey results
Social media are a great means of
communicating and building communities. At
the same time, their implications for company
reputation are a real concern for risk
managers. This is the finding of an online
survey on cyber risks conducted by FERMA
and the Institute of Risk Management (IRM).
Forum Panel “Global Compliant Programmes”: Forum Panel “ Risks of the Virtual World”:
Yves DE MESTIER, Martin STRNAD, Julia Luc VIGNANCOUR, Laurent DELHALLE, The survey, which took place just ahead of the
GRAHAM, Praveen SHARMA, Helen HAYDEN Michel DENNERY, Christian AGHROUM Forum, received a total of 186 replies from
members of the two organisations. They were
asked which three cyber risks they regarded as
Towards global compliance the greatest threats to business in general and
to their own organisation and then how these
FERMA and member association FERMA and Airmic are also hopeful risks were managed.
Airmic with the London and that as they progress, the very large Nearly half of the respondents put reputation
International Insurance Brokers’ US Risk and Insurance Management risk from social media among the top three for
Association will in November Society (RIMS) will become part of business generally, with a further 20 percent
approach interested parties in the the project. Global compliance is a including loss of confidential information
insurance market with a request for major concern for its members as it is through social media as a material exposure.
proposals to set up a global insurance for European risk managers.
regulation and tax database. When it came to their own organisations,
Airmic member Helen Hayden, group more respondents named non-malicious
The issue of global compliance was insurance risk manager of Prudential, operational IT risks among the top three,
one of the most debated topics at the has specialised in the issue, and she followed by theft of customer information and
FERMA Forum in Stockholm, both in was one of the panel members at the then social media reputation risks.
a workshop devoted to the subject FERMA workshop. She told the
and in the questions to insurance session that regulatory authorities The risks are real. Of 98 FERMA members who
industry leaders in the final panel. were closely monitoring large responded to the question, 28 said that their
Immediate past President Peter den international businesses following company had suffered an attack on
Dekker, who remains on the board of the credit crunch and economic confidential information and 12 out of 36
FERMA, and Vice President Julia responses said they had been concerned by a
downturn and were prepared to take
Graham, who chaired the Forum denigration attack.
act against them, including levying
workshop, are driving the financial penalties for non- In terms of managing the risks, risk
contribution from FERMA. compliance. management is the only corporate function
regularly involved in addition to IT security
There is no schedule established for Praveen Sharma, Consulting Practice
with over 80 percent saying it participates,
the project but the partners want to Leader for Marsh on global insurance compared to just under 20 percent for the next
gauge the response to the call for regulation and tax, was also a panel highest which is legal or company secretary.
proposals early next year and perhaps member. He was blunt about what
start with some implementation in he believes are the current barriers to FERMA Vice-President Michel Dennery who
the second half of the year. Graham a global database. “In my personal conducted a workshop on the risks of the
said: “We are quite positive that the view, at the moment it’s ego virtual world at the 2011 FERMA Risk Forum
work we are doing with Airmic will standing in the way. The only people said: “The Web 2.0 tools expose us to a lot of
produce useful results for other making money from a database are risk. We have to take care of the really
FERMA members.” software companies, lawyers and valuable information, the information that we
accountants. We spend the money use to make money, the information that
She explains that concentrating on gives us competitive advantage. It needs much
London makes the project more and try to use it as a differentiator.
It’s wrong when we make compliance more protection today because the
practical in a short timeframe than environment is much more open.
aiming for global participation, as a differentiator, when the
because only a fairly small group is fundamental difference should be “At the same time, the new tools also offer a
involved in the discussion. She the way of doing insurance business.” lot of opportunities in greater sharing of
believes that because so many information. We can use them communicate
Said Hayden, “At a time when the
London market insurers are part of with suppliers, shareholders and other
insurance policy is called upon to
big international companies and stakeholders. They can also help us break
perform, and to respond to and pay a
London is involved in so many global down internal silos.”
claim, it must be able to do so
programmes, the data that they can without fear that it or any For more details:
provide will cover many jurisdictions, subsequent payment will attract http://www.ferma.eu/2011/10/social-media-
enough to be valuable for corporate unwarranted scrutiny from regulators reputation-damage-high-on-risk-managers-
insurance buyers. or tax authorities.” list-of-concerns/
FERMA Newsletter N°44 ● November 2011 Page 3
4. Young risk professionals Education initiatives
The young risk managers’ network is now looking to build a Nineteen candidates from 11 countries have been selected for
continuing virtual meeting place, following its successful the first FERMA-Lloyd’s professional development initiative
launch at the Forum in Stockholm. The next planning meeting for risk managers, which will begin in 2012.
is expected to take place in Brussels in December. The selected candidates are:
The network is a joint programme between FERMA and Lloyd’s • Austria: Hannes Überbacher, Red Bull
Register Quality Assurance (LRQA). LRQA Senior Marketing • Belgium: Lena Bogaerts, Recticel
and Communications Manager Alex Briggs was delighted with
• Belgium: Sabine Desantoine, ING Belgium
the response in Stockholm and with the participation of then
• Denmark, Christian Julin, Falck
President of FERMA Peter den Dekker and his successor Jorge
• Denmark: Kim Sørensen, Carlsberg Breweries
Luzzi who talked about their own careers.
• France: Leopold Larius, Edenred
Briggs said: “We are now looking to build the community so • Germany: Ruben Müller, Voith Assekuranz Ermittlung
that young risk professionals can share ideas and best practices • Germany: Jiri Tripsovsky, Volkswagen Financial Services
through a virtual meeting place. Our aim is to have it well
• Lithuania: Kristina Bernotaite, INVEGA
established by the next FERMA Forum in Maastricht in 2012.”
• Netherlands: Denise Ozmis, AkzoNobel
http://www.ferma.eu/risk-management/young-risk- • Netherlands: Bernard van den Berg, Ballast Nedam
professionals/ • Poland: Martyna Butryn, Telekumunikacja Polska
• Russia: Igor Mikhailov, Mobile TeleSystems
• Russia: Artem Voronchikhin, Severstal
• Sweden: Malin Bernsten, SNDO
• Sweden: Fredrik Finnman, ASSA ALBOY
• Sweden: Claude Zambeaux, Electrolux
• Switzerland: Sabrina Hartusch, Triumph International
• Switzerland: Alexandre Voisin, METALOR
Tweet for FERMA: FERMA requests Around the associations
#fermarisk ISO liaison
member status
Social media allow risk professionals
from across FERMA’s now widely AGERS (Spain)
spread membership to build a lively Vice President Julia Graham has
community. FERMA can communicate nominated FERMA to act as a AGERS held a workshop with the
quickly with its members and the liaison member of ISO/PC Asociación de Empresarios de
members can communicate among technical committee 262, which Alcobendas during which a panel of
themselves. Please join us if you is working on ISO31004, a experts analysed, from a legal,
haven’t already done so: companion guide to ISO 31000. business and insurance perspective,
Julia was closely involved with the implications of the timetable for
FERMA has a new hashtag: the development of ISO 31000 the establishment of obligatory
#fermarisk. Use it on your and she is the nominated UK financial security against
own tweets for anything that expert on the new ISO working environmental impairment set out
you think would interest group for ISO31004. under Ministerial Order ARM
other members.
In September, Graham spoke at 1783/2011.
Join the discussion at FERMA the annual conference of the UK Directors and officers and their
Risk Talk at Chartered Institute of Internal liabilities will be the subject of a
http://www.linkedin.com/gro Auditors on the subject of a course on 30 November and 1
ups/FERMA-Risk-Talk- changed landscape for risk December. With many insurance
3720602 management. She covered issues programme renewals coming up at
such as systemic risk, corporate the end of the year, AGERS will hold
FERMA’s Twitter and Ferma Risk Talk governance, the current risk a seminar to consider the issues on
will also give access to videos and environment and the impact of 16 November in Madrid with a risk
presentations on YouTube and the recession.
SlideShare. managers’ session in the evening.
Page 4 FERMA Newsletter N°44 ● November 2011
5. Around the associations
Airmic (United Kingdom) BELRIM (Belgium)
Airmic is working on a number of projects and has this On 2 October, BELRIM held its traditional Belgian evening
year produced several reports. The one that was most during the FERMA Forum in Stockholm. In the impressive atrium
extensively reported in the UK media was Roads to of the National Museum of Sweden, 144 key members of the
Ruin, which was produced for Airmic by the Cass Belgian risk management and insurance community gathered
Business School. It looks at 23 high-profile corporate for a most enjoyable evening.
crises, the circumstances leading up to them and the
The Chairman of BELRIM, Gaëtan Lefèvre, welcomed members
‘risk blindness’ that contributed to them.
and sponsors and pointed out the challenges that lie ahead in
The association also produced a guide to the mitigating the impact of Solvency II on commercial customers
compliance of global insurance programmes and and the need for partnership as the only way to develop
another on disclosure requirements under UK balanced relationships between customers, brokers, insurers and
insurance law. also loss adjusters.
Current research projects include cyber risks and an Sarah Adam received her prize as the laureate student from the
evaluation of the terms of service level agreements FERMA Director of Education, Edouard Thys. Her research
with brokers. Airmic is also in discussion with leading covered risk management in small and medium sized
insurers about a model contract wording to reduce the companies.
impact of what members regard as the excessive
BELRIM is organising numerous activities in the coming months,
disclosure obligations placed on buyers under UK law.
including a seminar on risks linked to travel on 16 November and
For more information on Airmic’s role in the creation a cocktail for members on 2 February 2012.
of a shared insurance compliance database, see
page 3.
Airmic will host its annual dinner on 30 November in DARIM (Denmark)
London. DARIM will celebrate its 25th anniversary on 2 February 2012. It
will announce plans for an event later. In the meantime, the
association will hold a Christmas meeting on 6 December.
AMRAE (France)
The 20th Rencontres, AMRAE’s annual forum, will
take place from 8-10 February 2012 in Deauville. IGREA (Spain)
Registration is open on the AMRAE website. and APOGERIS (Portugal)
These two associations have collaborated with Commercial Risk
ANRA (Italy) Europe to organise a conference on risk frontiers in Latin
America on 8 November in Madrid. The half day seminar will
Economist Nassim Taleb, author of the Black Swan discuss how risk managers can achieve cost effective and
and Fooled by Randomness, will participate by video compliant coverage in such fast changing markets as Brazil and
link in the ANRA annual conference on 9 November in Argentina. FERMA President Jorge Luzzi, who has long
Milan. The subject of the conference will be ‘Back to experience of risk management in Latin America, will be a
Insurance – which solutions in a less secure world’. speaker.
Other speakers include Axel Theis, CEO of Allianz
Global Corporate & Specialty; Paolo Vagnone,
Country Manager of Assicurazioni Generali;
prominent Italian sociologist Enrico Finzi and the
NARIM (Netherlands)
CEOs of three brokers and three insurers. NARIM celebrates its 15th anniversary on 3 November by getting
During the conference ANRA will announce the together at the general assembly that will be held at Tata Steel
publication of a position paper on ISO 31000 and the in Ijmuiden. Arnout van der Veer, a member of NARIM and board
risk management process. member of FERMA, will deliver a lecture on enterprise risk
management, and there will be an excursion by bus at the Tata
Steel site.
ASPAR CZ (Czech Republic)
A one day seminar on practical examples of claims SIRM (Switzerland)
handling to be held at SKO-ENERGO Mlada Boleslav
on 10 November is the next event for ASPAR CZ. SIRM’s annual forum will take place on 8- 9 November at
There will be a members‘ meeting on 6 December. Pfäffikon. The subject will be cyber crime and cyber security.
FERMA Newsletter N°44 ● November 2011 Page 5
6. Shaping up for tomorrow in Stockholm - What’s happening
The 2011 FERMA Risk Forum Something which has happened
and will continue to do so is that
As he took over as President of FERMA, economies towards emerging markets, business has become much more
Jorge Luzzi defined his imperatives over and financial services were facing interdependent and complex.
the next two years in three words: stringent new regulations. Ackermann Natural catastrophes in the two
“communication, inter-action and argued that although changes to the years since the previous Forum
innovation.” His remarks closed the most regulatory framework were necessary, he had revealed this clearly, said
successful FERMA Forum so far with more warned that governments “should not FERMA President Peter den
than 1,500 risk professionals taking part. cause additional harm” when putting Dekker in his opening remarks.
them into effect.
With FERMA's growing membership, now “Our businesses are so complex
21 associations in 19 European countries There was, however, some that we cannot control every
and likely to expand further, Luzzi encouragement for FERMA members in aspect of our supply chains when
commented on the diversity of the his remarks. Ackermann said that many there is a catastrophe.” stated den
members of these groups. And he said: financial institutions had strengthened the Dekker. He called on the insurers
“FERMA should represent all of them and role of risk managers following the and reinsurers to understand their
be an instrument to elevate their status.” financial crisis. He commented: clients’ new business models and
“Deficiencies in controlling risk were at the support them by finding ways of
Luzzi, who has been Vice President of heart of the crisis. As a result many
FERMA for the previous two years, paid providing contingent business
financial institutions have strengthened interruption insurance. Risk
tribute to outgoing President Peter den the role of risk managers within their
Dekker. He would not behave like a managers should work with their
organisations, have revised their risk underwriters to make them
politician and claim that everything that methodologies and revisited the
had gone before was wrong and that great confident that they understood
instruments they use for mitigating and the risks.
reforms were needed. Instead, he said, his controlling risk.”
predecessor had done “a great job” and “To get the sort of financial
FERMA was in good health. The second keynote speaker, Magnus protection that we need in the
Lindkvist, however, was able to see face of catastrophes – and to
The formal proceedings of the 2011 Forum uncertainty about the future in a more
had begun in a serious way with the make it a worthwhile business for
positive light and he urged risk managers the insurers and reinsurers – is an
keynote address by the CEO of Deutsche to do so, too. Styling himself as a
Bank, Josef Ackermann. He told the issue for us working together,” he
trendspotter and futurologist, Lindkvist said.
audience that they were witnessing “a said: “You are all trend spotters. That’s
tectonic shift” in the outlook for the what risk management is all about. What The Forum concluded with the
financial services industry, especially in is happening and in which direction is it panel discussion among leaders of
banking. The whole structure of the pointing.” the insurance industry – What
industry was changing fundamentally. keeps you awake at night.
You should, he told the audience, make Journalists Adrian Ladbury of
Growth prospects for the financial industry ideas join up, experiment and use failures
in the West were limited, along with a shift Commercial Risk Europe and
to create success. Become, he urged Nathan Skinner of Strategic Risk
in economic power from Western them, “chief imaginary officers.” challenged the participants with
questions about whether the soft
market was turning, how they
were going to help risk managers
make their global programmes
compliant and finally what did
keep them awake at night.
Then it was time for the closing
ceremony with thanks to all those
who contributed, for a new
President to take over and a
farewell lunch in the magnificent
surroundings of Stockholm City
Hall.
Page 6 FERMA Newsletter N°44 ● November 2011
7. Buzz at the Forum Innovation pitches
Not all the excitement took place in the meeting rooms. The
European marketplace in the exhibition hall was the focus of
events away from the sessions during the day. Knowing that
risk managers are keen on new ideas, FERMA offered service
suppliers the chance to promote their innovations - with just
three minutes each to convince the risk managers to vote for
them.
Social media
Around 800 tweets, or twitter messages were posted either
direct to FERMA or using the #fermaforum tag during the
event.
Regular blog entries on the new FERMA website updated
members and linked to films and presentations almost as Swiss Re Corporate Solutions received the first ever product
soon as events happened. innovation award for its non-damage business interruption
cover that allows the aviation industry to mitigate risks
New FERMA President Jorge Luzzi highlighted FERMA's
associated with unexpected natural events, such as volcanic
commitment to social networking and called for active
ash cloud.
participation from member associations. “We want to have
real time communication, and real time is real.”
Young risk managers Best exhibitor award
The award for the
More than 90 young risk managers
best exhibition stand
attended an 8 am breakfast to
went to IF P&C
launch FERMA’s young risk
Insurance Company.
professionals’ network and hear
The visuals of their
both Jorge Luzzi and Peter den
booth as well as its
Dekker talk about their own
communication
careers. The chance to win an iPad
impact have
may also have been an inducement
convinced the FERMA
to make the early start.
jury.
Compete in risk management
Ladies lunch
Max Friberg and Mikael Nyström from the Stockholm School
Vice President Julia Graham looked of Economics of the University of Stockholm won the €1000
with pleasure at more than 100 compete in risk
women gathered for the first ever management award
FERMA ladies lunch and remarked organised by FERMA
that perhaps by the time of the next and platinum sponsor
FERMA Forum in 2013, it would be ACE. Their prize also
the men who were lunching on the included free
gallery. attendance at the
Forum.
FERMA Newsletter N°44 ● November 2011 Page 7