Gilles Desclaux, a retired French Air Force four star general, will give the keynote address at FERMA's conference on the importance of anticipation for risk managers. He believes the world is more uncertain today due to technological advances. Anticipation is an essential risk management tool to help companies prepare for an uncertain future. Desclaux advises risk managers to think about unimaginable scenarios and recruit people with non-conformist visions to help anticipate risks senior managers may not consider. Moving from the military to advising companies, Desclaux found the rules and hierarchy of companies similar but found adjusting to a smaller organization more difficult.
COMESA RISK ASSESSMENT BULLETIN
Volume 1 – N5- May 5th 2009 – Fortnightly – Published by AFRIKASOURCES
HOT TOPICS in this edition:
• MAURITIUS: Developing Projects Through Private and Public Finance
• ZAMBIA: Global Economic Crisis: Zambia’s Response to growth and competitiveness
• EGYPT: Large investments program in new airports
• ERITREA: African Union calls for sanctions against Eritrea
• ZIMBABWE: A One Stop Shop (OSS) for the Zimbabwe Investment Authority
• RWANDA: Better statistics… than expected
And also
1. WITS UNIVERSITY CENTRE FOR INDIAN STUDIES IN AFRICA
2. FOSTERING THE DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIP (PPP) MODELS IN THE COMESA REGION
3. 10th Summit of Heads of State of The East African Community, Arusha, Tanzania, 29 April 2009
Fedele Cappiello - Young Risk Professional InterviewFERMA
The Young Risk Professionals Network is targeted at European Risk Professionals under 35 years of age, and provides a platform for discussion and networking. We aim to raise awareness of Risk Management, and show the benefits of collaboration across industries and countries. This group, for experienced Young Risk professionals and aspiring students alike, provides the opportunity to share insights and experiences of working in Risk Management, as well helping build a vision of the industry’s future.
On LinkedIn the top right hand corner, search Groups for ‘Young Risk Professionals’ or click here: http://www.linkedin.com/groups/Young-Risk-Professionals-4086521
COMESA RISK ASSESSMENT BULLETIN
Volume 1 – N5- May 5th 2009 – Fortnightly – Published by AFRIKASOURCES
HOT TOPICS in this edition:
• MAURITIUS: Developing Projects Through Private and Public Finance
• ZAMBIA: Global Economic Crisis: Zambia’s Response to growth and competitiveness
• EGYPT: Large investments program in new airports
• ERITREA: African Union calls for sanctions against Eritrea
• ZIMBABWE: A One Stop Shop (OSS) for the Zimbabwe Investment Authority
• RWANDA: Better statistics… than expected
And also
1. WITS UNIVERSITY CENTRE FOR INDIAN STUDIES IN AFRICA
2. FOSTERING THE DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIP (PPP) MODELS IN THE COMESA REGION
3. 10th Summit of Heads of State of The East African Community, Arusha, Tanzania, 29 April 2009
Fedele Cappiello - Young Risk Professional InterviewFERMA
The Young Risk Professionals Network is targeted at European Risk Professionals under 35 years of age, and provides a platform for discussion and networking. We aim to raise awareness of Risk Management, and show the benefits of collaboration across industries and countries. This group, for experienced Young Risk professionals and aspiring students alike, provides the opportunity to share insights and experiences of working in Risk Management, as well helping build a vision of the industry’s future.
On LinkedIn the top right hand corner, search Groups for ‘Young Risk Professionals’ or click here: http://www.linkedin.com/groups/Young-Risk-Professionals-4086521
Shell Technology Futures 2004 - This is the summary of two sets of weeklong discussions that took place in Amsterdam and Houston, each of which included around 20 experts from across multiple disciplines all looking out 20 years at how technology may, or may not influence society. This was the first run of the Technology Futures programme and was followed in 2007 by similar discussions in Bangalore and London.
This first 2004 programme took a very wide view and covered everything from mesh networks, natural language processing and nano-technology to adaptive systems, automated sensing, tissue scaffolding and 3D printing.
Risk & Compliance magazine, 2017 Q4
Mini Round-table: New Technologies and Cultural Trends Increasing Cyber Exposures for Companies
Xavier Marguinaud, Tokio Marine HCC
Cybersecurity Strategy for a Safe Digital Transformation JourneyRafael Lemaitre
This Knowledge breakfast, with the participation of Etisalat, Axa, National Bank of Abu Dhabi (NBAD) and Solucom, as well as the expert in cyber security Gerome Billois. Event will take place in Dubai at the Grosvenor House Hotel in Dubai Marina. February 16th 2016
We are confronted daily with enormous quantities of information.Th.docxco4spmeley
We are confronted daily with enormous quantities of information.
The rhetorician Richard A. Lanham writes,
Everywhere we look, we find information overload. […] The designers of police cars complain that there is not enough room in a car for all the communications equipment that needs to fit into it. Ditto for airplane cockpits. The National Security Agency overhears far more information than it can make sense of, as the occupants of the World Trade Center found out. Race car engineers are overwhelmed by the amount of information relayed back to them from sensors on the cars. Oil wells are now so heavily instrumented that they produce geysers of data points that are harder to process than the oil. Data from across the spectrum, X-rays, gamma rays, and the like, shower down on the head of the astronomer. The poor foot soldier, formerly isolated in his foxhole by the fog of war, now has so much information pouring into him that a special project, Force XXI, has been developed to help cope with foxhole overload. […]
(From
The Economics of Attention
, Univ. of Chicago Press, 2006: 6-7)
We could add any number of commonplace examples to Lanham's list. For example: Friends, family, and co-workers broadcast steady streams of information through an expanding number of social-media services. Advertising is pervasive and makes constant demands on our attention—often exploiting our biological reactions to movement, sound, and even odor (as in “smell-vertising”).
The availability of so much information is at once exhilarating and agitating. Sometimes we feel ourselves to be living in a constant state of distraction, never able to experience a sense of deep focus and control.
Even the most diligent and hard-working among us struggle to keep up. Businesses and educational institutions (including this one) repeatedly affirm the importance of "lifelong learning," and, indeed, the pursuit of new knowledge is one of life's great motivating pleasures. But the phrase "lifelong learning" can also remind us of the anxiety-producing pace of change, invoking questions that are alternately bittersweet (Should I keep my old camera?) and panic-inducing (Will I spend my entire life scrambling to escape obsolescence?)
Discussion:
What are some of the ways in which you experience “information overload” in school, at work, or just in everyday life?
.
Executive round table industry, ING in cooperation with LINK MagazineRenco Kraak
This is the first in a series of four regional Executive Round-Tables Industry that ING organises with LINK Magazine at various locations in the Netherlands.
Books2Byte – 2002 (Archives)
Write-ups about the following books: From 0 to 1, Software Rules, Successful Talent Strategies, Managing Einsteins, The Bible Code 2
We extracted the information stored in our head and laid it on papers. 23 slides to grasp the Systemic Economy model with its 2 cornerstones: Stakeholders ecosystem and 7D-Value(c).
Two very powerful concepts (ie. and tools) to create more value in your business or company, to survive or to grow.
Pointless to say that one of the purpose is to expand the company's playfield and place it in best position to cover more grounds than competitors.
[EN] DLM Forum Industry Whitepaper 01 Capture Indexing & Auto-Classification | SER | Christa Holzenkamp | Hamburg 2002
1. Introduction
2. The importance of safe indexing
2.1 Description of the problem
2.2 The challenge of rapidly growing document volumes
2.3 The quality of indexing defines the quality of retrieval
2.4 The role of metadata for indexing and information exchange
2.5 The need for quality standards, costs and legal aspects
3. Methods for indexing and auto-categorization
3.1 Types of indexing and categorization methods
3.2 Auto-categorization methods
3.3 Extraction methods
3.4 Handling different types of information and document representations
4. The Role of Databases
4.1 Database types and related indexing
4.2 Indexing and Search methods
4.3 Indexing and retrieval methods using natural languages
5. Standards for Indexing
5.1 Relevant standards for indexing and ordering methods
5.2 Relevant standardisation bodies and initiatives
6. Best Practice Applications
6.1 Automated distribution of incoming documents Project of the Statistical Office of the Free State of Saxony
6.2 Knowledge-Enabled Content Management Project of CHIP Online International GmbH
7. Outlook
7.1 Citizen Portals
7.2 Natural language based portals
Glossary
Abbreviations
Authoring Company
Poverty Essay 3 | Poverty | Poverty & Homelessness. 004 Essay Example Poverty Definition Quotes ~ Thatsnotus. Different forms of poverty essay titles.
During Waking Shark II, some impromptu testing was conducted against a very well-known 'core' Bank with test Phishing Attacks. Having located a user e-mail address, which was extracted from an object which had suffered some Data Leakage, with association with UK Government GSX account, it was simply a matter of sending them an email with a text like ‘Hi, we recently met as a Government Forum in London, and just wanted to get back in touch’ The response was almost immediate with a ‘Yes, probably, what can I do for you’. . It was that easy. The same deployment had also suffered having a connection in place, out to a .com.cn [Chinese set of Servers].
There is no doubt that when it comes to the Logical Environment being compromised, there is a lot of association with what the user does, or does not click upon.
This presentation looks at some of those issues:
The Security Operations Center (SOC) is an important element of any cyber security program.
Organizations rely on it to quickly expose and stop security threats.
However, SOC teams around the world face challenges that can seriously harm their ability to perform this important task - leaving organizations vulnerable to cyber threats. To know more about it visit this website comtact.co.uk
CHC Safety & Quality Summit 2016 - Risk Culture in Commercial Air TransportCranfield University
This presentation was given at the 2016 CHC Safety & Quality Summit in Vancouver. The aim was to present an argument to introduce 'Risk Culture' as a new component of 'Safety Culture. This is an academic research which aims to explore what/how operational risk decisions are made by pilots and engineers and if such decisions are also acceptable at different levels including senior 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.
Shell Technology Futures 2004 - This is the summary of two sets of weeklong discussions that took place in Amsterdam and Houston, each of which included around 20 experts from across multiple disciplines all looking out 20 years at how technology may, or may not influence society. This was the first run of the Technology Futures programme and was followed in 2007 by similar discussions in Bangalore and London.
This first 2004 programme took a very wide view and covered everything from mesh networks, natural language processing and nano-technology to adaptive systems, automated sensing, tissue scaffolding and 3D printing.
Risk & Compliance magazine, 2017 Q4
Mini Round-table: New Technologies and Cultural Trends Increasing Cyber Exposures for Companies
Xavier Marguinaud, Tokio Marine HCC
Cybersecurity Strategy for a Safe Digital Transformation JourneyRafael Lemaitre
This Knowledge breakfast, with the participation of Etisalat, Axa, National Bank of Abu Dhabi (NBAD) and Solucom, as well as the expert in cyber security Gerome Billois. Event will take place in Dubai at the Grosvenor House Hotel in Dubai Marina. February 16th 2016
We are confronted daily with enormous quantities of information.Th.docxco4spmeley
We are confronted daily with enormous quantities of information.
The rhetorician Richard A. Lanham writes,
Everywhere we look, we find information overload. […] The designers of police cars complain that there is not enough room in a car for all the communications equipment that needs to fit into it. Ditto for airplane cockpits. The National Security Agency overhears far more information than it can make sense of, as the occupants of the World Trade Center found out. Race car engineers are overwhelmed by the amount of information relayed back to them from sensors on the cars. Oil wells are now so heavily instrumented that they produce geysers of data points that are harder to process than the oil. Data from across the spectrum, X-rays, gamma rays, and the like, shower down on the head of the astronomer. The poor foot soldier, formerly isolated in his foxhole by the fog of war, now has so much information pouring into him that a special project, Force XXI, has been developed to help cope with foxhole overload. […]
(From
The Economics of Attention
, Univ. of Chicago Press, 2006: 6-7)
We could add any number of commonplace examples to Lanham's list. For example: Friends, family, and co-workers broadcast steady streams of information through an expanding number of social-media services. Advertising is pervasive and makes constant demands on our attention—often exploiting our biological reactions to movement, sound, and even odor (as in “smell-vertising”).
The availability of so much information is at once exhilarating and agitating. Sometimes we feel ourselves to be living in a constant state of distraction, never able to experience a sense of deep focus and control.
Even the most diligent and hard-working among us struggle to keep up. Businesses and educational institutions (including this one) repeatedly affirm the importance of "lifelong learning," and, indeed, the pursuit of new knowledge is one of life's great motivating pleasures. But the phrase "lifelong learning" can also remind us of the anxiety-producing pace of change, invoking questions that are alternately bittersweet (Should I keep my old camera?) and panic-inducing (Will I spend my entire life scrambling to escape obsolescence?)
Discussion:
What are some of the ways in which you experience “information overload” in school, at work, or just in everyday life?
.
Executive round table industry, ING in cooperation with LINK MagazineRenco Kraak
This is the first in a series of four regional Executive Round-Tables Industry that ING organises with LINK Magazine at various locations in the Netherlands.
Books2Byte – 2002 (Archives)
Write-ups about the following books: From 0 to 1, Software Rules, Successful Talent Strategies, Managing Einsteins, The Bible Code 2
We extracted the information stored in our head and laid it on papers. 23 slides to grasp the Systemic Economy model with its 2 cornerstones: Stakeholders ecosystem and 7D-Value(c).
Two very powerful concepts (ie. and tools) to create more value in your business or company, to survive or to grow.
Pointless to say that one of the purpose is to expand the company's playfield and place it in best position to cover more grounds than competitors.
[EN] DLM Forum Industry Whitepaper 01 Capture Indexing & Auto-Classification | SER | Christa Holzenkamp | Hamburg 2002
1. Introduction
2. The importance of safe indexing
2.1 Description of the problem
2.2 The challenge of rapidly growing document volumes
2.3 The quality of indexing defines the quality of retrieval
2.4 The role of metadata for indexing and information exchange
2.5 The need for quality standards, costs and legal aspects
3. Methods for indexing and auto-categorization
3.1 Types of indexing and categorization methods
3.2 Auto-categorization methods
3.3 Extraction methods
3.4 Handling different types of information and document representations
4. The Role of Databases
4.1 Database types and related indexing
4.2 Indexing and Search methods
4.3 Indexing and retrieval methods using natural languages
5. Standards for Indexing
5.1 Relevant standards for indexing and ordering methods
5.2 Relevant standardisation bodies and initiatives
6. Best Practice Applications
6.1 Automated distribution of incoming documents Project of the Statistical Office of the Free State of Saxony
6.2 Knowledge-Enabled Content Management Project of CHIP Online International GmbH
7. Outlook
7.1 Citizen Portals
7.2 Natural language based portals
Glossary
Abbreviations
Authoring Company
Poverty Essay 3 | Poverty | Poverty & Homelessness. 004 Essay Example Poverty Definition Quotes ~ Thatsnotus. Different forms of poverty essay titles.
During Waking Shark II, some impromptu testing was conducted against a very well-known 'core' Bank with test Phishing Attacks. Having located a user e-mail address, which was extracted from an object which had suffered some Data Leakage, with association with UK Government GSX account, it was simply a matter of sending them an email with a text like ‘Hi, we recently met as a Government Forum in London, and just wanted to get back in touch’ The response was almost immediate with a ‘Yes, probably, what can I do for you’. . It was that easy. The same deployment had also suffered having a connection in place, out to a .com.cn [Chinese set of Servers].
There is no doubt that when it comes to the Logical Environment being compromised, there is a lot of association with what the user does, or does not click upon.
This presentation looks at some of those issues:
The Security Operations Center (SOC) is an important element of any cyber security program.
Organizations rely on it to quickly expose and stop security threats.
However, SOC teams around the world face challenges that can seriously harm their ability to perform this important task - leaving organizations vulnerable to cyber threats. To know more about it visit this website comtact.co.uk
CHC Safety & Quality Summit 2016 - Risk Culture in Commercial Air TransportCranfield University
This presentation was given at the 2016 CHC Safety & Quality Summit in Vancouver. The aim was to present an argument to introduce 'Risk Culture' as a new component of 'Safety Culture. This is an academic research which aims to explore what/how operational risk decisions are made by pilots and engineers and if such decisions are also acceptable at different levels including senior 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)
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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FERMA Newsletter #55
1. Newsletter N°55
September 2013
Keynote speaker at FERMA’s conference
Retiring as a French Air Force four star general in September 2011, Gilles Desclaux set up his own
consultancy company GDC2. He is also an outside director to Thales Raytheon Systems and defence adviser
to Ernst & Young France. In his keynote address at the FERMA Forum on 2 October, he will tell risk managers
about the importance of ‘anticipation’.
He responded to some questions from FERMA.
FERMA: You have written about anticipation. Risk managers are always concerned about emerging risks,
threats which are difficult to imagine. What principles would you advise them to adopt in creating a system of
anticipation?
Gilles Desclaux
Gilles Desclaux: The world today is not necessarily more dangerous, but more uncertain and unstable. The number of disaster
scenarios seems to increase in line with technological advances and the subsequent changes in human societies. The 20th century
has given us so many things from aeronautics to the growing importance of information technology, space conquest and nuclear
revolution. On this basis, we may believe that there will be more drama in the 21st century than in any other.
That complexity associated with very constrained financial resources makes anticipation an essential tool to assist large companies
p.2
in their preparation for the future. They can no longer afford to be wrong! (…)
Also in this Issue...
FERMA to publish a library of acronyms
Solvency 2 waits for agreement on longterm guarantee valuations
This autumn, the European Parliament and Council along
with the Commission will discuss, in what they call a
‘trialogue’, an effort to adopt the Omnibus 2 Directive, which
is itself an update of Solvency 2.
The topic currently delaying progress on adoption of the
directive is long-term guarantee products. How should
financial instruments with a life span of 20, 30 or more
years be valued in the current economic environment while
respecting market-consistent valuation which is at the core
Page 1
p.3
Letter from Brussels
p.3
p.4
p.4
to announce it on the opening day of the Forum.
of the Solvency 2 philosophy?
Windmills, tulips, skating and
orange!”
Countdown to the Forum
Acronyms are those short forms made up of the initial letters of a word or phrase. Think
of RIMS, ecoDA, ERM, BI and PD. Sometimes it’s easy to understand what they stand
for, but sometimes it’s not. FERMA board member Helle Friberg has, therefore,
launched the idea of creating a library of acronyms on the FERMA website. She hopes
p. 7
2014 Benchmarking survey.
p.4
Seminar Plans Underway
ECIIA explains the challenge
of avoiding a risk and control p.5
patchwork
A common thread: mandatory
financial security for industrial p.6
accidents
Forum risk managers’ panel
p.6
announced
It’s easy to get to Maastricht
p.8
quiz
FERMA Newsletter N°55 ● September 2013
2. Learning from military experience: Anticipation as a
risk management principle
(Continued from front page)
Gilles Desclaux: (…) The primary function of
foresight is to help decision makers to expand
their viewing angle. We must learn to think the
unthinkable, to think out of the box. Today, the
‘toolbox’ of anticipation is rich in interesting
methods, such as the identification of weak
signals, scenario development or the ‘wild cards’
Gilles Desclaux
that are critical scenarios. These processes are conditioned by a
comprehensive planning process that focuses research and
directs resources to critical, high risk points.
seeing. Leaders must be aware that anticipation should impact
their convictions and get them to think otherwise.
But the capacity to master the time factor is truly the heart of the
new challenges for management. It is the guarantee of freedom of
action, the ability to anticipate. If the time factor has always been
one of the main concerns of policy makers, the multiplication of
the means of information and communication makes it particularly
difficult to master. The immediacy of information, coupled with the
proliferation of sources and our access to them, can cause a
saturation effect and even a blindness phenomenon.
FERMA: What are your thoughts on the most threatening aspects
But, finally, prerequisite to these approaches are perhaps just a
of cyber risks for enterprises?
truly open mind and a good dose of intellectual curiosity.
Gilles Desclaux: We can indeed imagine that the next major
FERMA: Should enterprises – and even the military – have room
crises will erupt either in cyberspace or in outer space, both of
for a few iconoclasts or even eccentrics who can draw attention to
which are also often linked as everything relies increasingly on
risks that senior managers may not have the imagination or
satellite transmissions.
perhaps the willingness to consider?
Gilles Desclaux: I note that business leaders are very interested
in the analysis of unanticipated strategic breakthroughs. For
example, the causes of the ‘failures’ of the US Central Intelligence
Agency (CIA), which were studied thoroughly, are obviously
eloquent for decision makers. The causes are primarily social: the
leaders of the CIA tended to recruit always the same profiles, with
a cult of hierarchy and clientelism. In other words, staff members
sought to imagine what the boss was thinking to fuel his natural
inclinations.
In business as in the military, people able to anticipate have a non
-conformist vision and are often atypical, disturbing for their
professional environment and difficult to manage. Trying to get rid
of them would be a serious mistake! I would urge businesses, as
any organisation, to listen carefully to the ones spreading doom
and gloom, the iconoclastic, and to diversify recruitment as much
as possible.
With all domains now being structured by digital technology, the
vulnerability of information systems to malicious acts is now
permanently a central concern. Enterprises should improve both
cyber-protection to make systems more able to defend
themselves, and cyber-defence in an attempt to identify attackers
and to be able to react accordingly.
In the same spirit as in the anticipation domain, the recruitment of
atypical hackers who are able to dissect a system to identify its
gaps and its weaknesses should help companies to progress.
FERMA: What have you found the simplest and most difficult
aspects of moving from the military to advising enterprises?
Gilles Desclaux: In fact, the easiest has been to adapt to
enterprise functioning and to its rules. It was amazing how well
prepared I was to change to this new world thanks to a very rich
and diversified career. There are in fact many similarities: strong
hierarchy, the key role of human relations and same management
FERMA: How in your experience is it possible to get senior
processes and tools.
management who are under pressure to produce short term
results to pay attention to potentially devastating risks which may
The most difficult aspect was definitely the big change in my
not materialise?
working conditions! Switching from an environment where dozens
of personnel are helping to facilitate the daily battle rhythm of the
Gilles Desclaux: Strategic failures do not usually result from a
commander-in-chief to the simplest organisation was very
lack of information. Deficiency is due to the filter which prevented
demanding in the beginning.
Page 2
FERMA Newsletter N°55 ● September 2013
3. Windmills, tulips, skating and orange!
Windmills, tulips, skating and orange - these are the
things that pop up in people’s mind when they think of
Holland.
It will not surprise you that the traditional windmills so
familiar from Dutch paintings are now outnumbered by the
modern versions producing ‘wind energy’, but tulips (and
flowers in general) are still a key export product, and skating (on ice) is still
our favourite sport in the winter.
The colour orange is usually seen as the national ‘sports team outfit’ and the
(sometimes ridiculous) outfits of the fans. What many people do not know is
that Orange is part of the Royal Family name (Van Oranje Nassau), and that
this is the reason why the Dutch adopted this colour as a national symbol.
Maastricht
I am very proud that Maastricht has been selected as
the FERMA Forum 2013 host city. It’s the first time
FERMA is coming to Holland. Many people have asked
me, why Maastricht and not Amsterdam?
My answer is twofold. Amsterdam as our capital would
have been a great choice, but for the last six or eight
years Amsterdam has always been fully booked during
the Forum period. Maastricht may not be so well known
by foreigners, but for the Dutch it is the most popular
destination to spend the weekend, enjoy the quality restaurants and our
‘southern culture’. Maastricht is the oldest city in the Netherlands and
everything in the city is in walking distance.
This is your opportunity to explore a different part of our country and it is
Above Sea Level.
The preparation and organisation for Stockholm 2011 was very intense. The
FERMA team and I as the president tried to make it an unforgettable high
quality event with the focus on FERMA members, a quality venue,
workshops, partnership and a lot of details. For me, Stockholm and the Forum
in Prague in 2009 were hard work.
There were continuing meetings, interviews, speeches and as many visits as
possible to all the events in the evenings to meet with all our sponsors and
partners - and trying to wake up in time the next morning and acting as if I
was still ‘fresh’. Usually after the Forum I need a 24 hour sleep to recover and
get back to business as usual.
Maastricht will be different for me (I hope). I have only
contributed in the organising committee to safeguard the
good concept we developed in Stockholm, but the committee
members have worked hard on creating quality content,
while Florence and her team are doing the overall
organisation. It’s good to see that team-work can bring this
Forum to great success. I will visit workshops, meet my
peers and friends, contribute in discussions (yes, I cannot
change my old habits) and enjoy the Forum.
Letter from Brussels
As we gear up for the final
preparations for the Forum
which
starts
on
29
September, I realise that
this has probably been
FERMA’s most active year
ever.
In addition to the
Forum we held a joint event
with the European law
Annemarie Schouw
Florence Bindelle
association AIDA Europe in
Paris in June to discuss very topical insurance
law issues, such as trade embargoes. We
worked with Harvard Business Review
Analytics and insurer Zurich on three research
projects covering cyber risks, environmental
risk management and risk management
leadership.
The working group on certification has
continued its examination of a possible panEuropean certificate of competence for risk
managers, and will make a progress report to
the Forum.
FERMA also hired its first staff European
affairs adviser, Julien Bedhouche, and his
presence is greatly increasing the support that
FERMA can give to its members in relation to
European Commission and Parliament issues.
Even before a single delegate has reached
Maastricht for the Forum, we are starting
preparations for the 2014 FERMA Risk
Management Benchmarking Survey and the
Seminar. Next year is particularly important
because it’s FERMA’s 40th anniversary. The
Forum and the Seminar are unique because
they are for the benefit of European risk
managers and the risk managers themselves
set the programme. The Forum is the largest
pan-European
gathering
for
European
managers of enterprise, operational and
insurable risks. Please join me and your
colleagues and business partners there.
Peter Den Dekker
By Peter Den Dekker, FERMA Board Member
Page 3
By Florence Bindelle, Executive Director
FERMA Newsletter N°55 ● September 2013
4. Countdown to the Forum
For me it’s been a busy summer as all the work we’ve been doing to prepare for the Forum has come together.
One of the most important jobs has been putting together the content for the printed programme. This has meant
collecting descriptions, final speaker confirmations, maps and images, checking the listed timings and occasionally
having to change them.
Veronique De Hertogh
It’s amazing how much information is needed to make all activities fit together. I’m now producing the event
‘scenario’; like a movie, we need a script. I just hope we will have a real block buster!
I’ve also managed to arrange a special discount on all Brussels Airlines flight to Brussels; in addition to our shuttle buses, this is just
a perfect combination. You can be sure that Maastricht will be easily accessible.
And last but not least, I’ve been coordinating promotional activities with our media partners, such as placing our advertisem ents,
arranging listings of the Forum on their websites and organising the display of publications on site.
We’ve had an unprecedented amount of media interest in the Forum this year, and we should have an excellent selection of riskrelated magazines and papers available for free on site.
These are just a few of the tasks involved in the complex business of organising a successful international event. It’s my first
Forum, so please come and say hello to me on the FERMA stand. I look forward to meeting you.
The full programme and online registration are at http://www.ferma.eu/ferma-forum-2013/
By Veronique De Hertogh, Project Manager
2014 Benchmarking Survey,
Seminar Plans Underway
The 2014 FERMA Risk Management Benchmarking Survey
will be “innovative in form and content,” says FERMA board
member Cristina Martinez, the survey project leader.
The aim, she says, is to add practical and quantitative
information, such as salaries, cost of insurance and loss
records, to the established questions showing “what everyone
is doing.”
The project group has begun its work with a request to
member association presidents for their participation. Cristina
has posed the question to them: What would your members
like to know more about?
Each association has been asked to name a survey liaison
representative by 15 September to take part in the monthly
project planning and promote the survey in their country.
At the FERMA Forum starting on 29 September, the project
group will meet to approve sponsors, technical experts and the
final structure of the survey in English.
The principal survey will take place during the spring and the
results will be announced at the FERMA Seminar in Brussels
on 20 and 21 October 2014.
FERMA to publish a library
of acronyms
Acronyms are those short forms made up of the initial
letters of a word or phrase. Think of RIMS, ecoDA,
ERM, BI and PD. Sometimes it’s easy to understand
what they stand for, but sometimes it’s not. FERMA
board member Helle Friberg has, therefore, launched
the idea of creating a library of acronyms on the
FERMA website. She hopes to announce it on the
opening day of the Forum.
Its purpose is to provide FERMA members easy access
to information about what acronyms in risk and
insurance management stand for and mean.
The Library of Acronyms will be placed under the Risk
Management section on the FERMA website. It will be
searchable by A-Z or by category. To start, there will be
three categories of acronym:
European affairs
Organisations and institutes
Risk management associations
Cristina says: “The FERMA Survey is unique as it offers
access to independent data about risk and insurance
management in Europe from the most credible source: more
than 800 risk and insurance professionals in Europe.”
For more information, contact Christel Jaumoulle at the
FERMA office: christel.jaumoulle@ferma.eu.
Helle Friberg
Page 4
FERMA Newsletter N°55 ● September 2013
5. Expert Views
ECIIA explains the challenge of avoiding a risk and control patchwork
Organisations
risk
creating
a
dysfunctional patchwork of risk and
control functions unless they have an
integrated approach to risk management
and assurance with a clear definition of
responsibilities and coordination by the
governing body.
that suitable controls exist to mitigate and
reduce those risks.
This concept is illustrated by the three
lines of defence model:
As FERMA benchmarking surveys
confirm, ever increasing compliance
requirements and business complexity
have driven companies to establish risk
management and assurance functions.
These assurance functions are in charge
of measuring and reporting risks,
identifying
control
gaps,
tracking
remediations
and
evaluating
the
effectiveness of control processes in
specific areas.
It is, however, becoming more and more
difficult for the governing bodies of
organisations to get a clear opinion on the
risk management function and avoid work
and cost overloads. An accumulation of
separate functions can lead to a
patchwork organisation, to the risk of
thinking in silos and poor integration of
the various actors.
There might be redundancies between
various functions; different teams from
risk management, quality and internal
audit may visit the same unit at the same
time. There could also be blind spots:
activities or units not assessed by
anybody.
This is why the Institute of Internal
Auditors (IIA) recommends that the
governing body, whether it is the board or
audit committee, should be responsible
for monitoring the effectiveness of the
company’s
internal
control,
risk
management and audit systems. The
governing body must coordinate and align
the organisation’s different assurance
activities (internal and external) to
optimise the level of governance, risk and
control oversight.
This integrated assurance will satisfy the
governing body that significant areas of
risk have been adequately addressed and
Page 5
Organisations
need
clear
accountability for risk management
and internal control. The governing
body is responsible for strategic risk
oversight.
The first line is responsible for
assessing, controlling and mitigating
risks
together
with
maintaining
effective internal controls.
The
second line of defence is
responsible for implementing effective
risk management practices and
assisting the risk owners in reporting
adequate risk related information up
and down in the organisation.
The third line of defence through a risk
based approach provides assurance on
the effectiveness of governance, risk
management and internal control in the
organisation.
must evaluate the effectiveness and
contribute to the improvement of risk
management processes.”
The IIA has also published a practice guide
“Reliance by internal audit on other
assurance providers”, in which it describes
the way the reliance may operate. These
recommendations may be useful for risk
managers to know when they collaborate
with internal auditors in their organisation.
The extent of reliance to be placed on the
other internal or external assurance
providers depends on the following five
principles:
1. Purpose: the assurance provider is
clear in purpose and committed to
providing assurance on the specific
area, and its work is relevant to
internal audit’s objectives and scope.
For internal providers, the purpose
should be established in a charter;
2. Independence and objectivity;
3. Competence;
4. Elements of practice: the assurance
provider has established policies,
programmes and procedures and
follows them;
5. Communication of results and
impactful
remediations:
the
assurance provider communicates
results and ensures management
takes timely action.
The external assurance providers give
In conclusion, assurance functions are
assurance to the shareholders, the
more and more under the spotlight, and
board and senior management. In
this is good news. It is crucial that despite
regulated industries, they play a crucial
their differences, assurance providers work
role.
together and the governing body defines
clear responsibility and coordinates the
work of each function towards an
Guidance and standards
integrated approach. This is the key to
The IIA has issued a guidance and
effective risk management.
standards to define the collaboration
between internal audit and assurance
providers.
Standard 2050 says, “The chief audit
executive should share information and
coordinate activities with other assurance
providers to ensure proper coverage and
minimise duplication of efforts.”
Standard 2110 says, “The internal audit
Marie Hélène Laimay
By Marie Hélène Laimay , ECIIA President
FERMA Newsletter N°55 ● September 2013
6. European Affairs
A common thread: mandatory financial security for industrial accidents
Mandatory financial security for specific
industrial activities has this year become the
focus of three initiatives from three separate
Directorates General (DG) of the European
Commission: Environment, Energy and Internal
Market & Services.
are too diverse and their exposure is over a long time. They
cannot be covered by one single mandatory insurance scheme.
The concept of mandatory financial security is also trendy
regarding oil and gas offshore activities. The current initiative by
DG Energy and the Directive on offshore safety adopted in June
2012 by the EU member states has to be interpreted as the long
These initiatives clearly have a common thread; term consequences of the Deepwater Horizon oil spill in the Gulf
the Commission wants to convince member of Mexico in 2010.
Julien Bedhouche
states that there is a necessity for mandatory, pan
DG Energy has ordered a study on civil liability and financial
-European financial security schemes to cover the consequences
security for offshore oil and gas activities. The University of
of industrial accidents. It is also looking at funding for the
Maastricht, which was awarded the contract, will provide its
consequences of natural and man-made disasters.
conclusions by the end of 2013 after broad consultation with
FERMA argues that voluntary financial security must remain the stakeholders.
rule and the Commission is not taking account of what market
Finally, the idea of mandatory financial security emerged in an
capacity is already available. When the insurance market is
initiative from the Directorate General for Internal Market and
working well, there is no specific reason to move to a mandatory
Services (DG Markt). It published a consultation (Green Paper)
financial security scheme. A free insurance market is better able
on the insurance of natural and man-made disasters in April
to respond to the needs of insurance buyers at a fair price, and
2013.
there is established law on many of the coverage issues that
Out of 21 questions of the document, question 16 asks: “What are
could arise.
the most important aspects to look at when designing financial
The DG Environment is the responsible branch of the
security and insurance under the Environmental Liability Directive
Commission for environmental matters. Since 2012, it has
2004/35/EC?”
commissioned a series of reports over the enforcement of the
Environmental Liabilities Directive (ELD) in the 27 member states, On top of that, let’s remind ourselves that the Commission is now
also active on the cybersecurity front with a specific strategy and
which were published in June.
a proposed Directive on Network and Information Security
While the ELD regime established a new kind of liability regime
targeting “critical operators” and their infrastructure. No doubt that
for biodiversity damages for certain industrial operators, the
insurance will also come up at some point.
current ELD review is the opportunity for the Commission to start
thinking more deeply about some EU-wide mandatory financial In all these cases, it is up to industry to convince the Commission
security schemes. Its idea is that operators would have to that imposing mandatory financial security schemes on European
demonstrate they had the financial capacity to pay the costs of operators would lead to unintended and potentially damaging
consequences, as it would be a long and risky task to reach a
recovery from an environmental incident.
consensus over such measures among member states with very
FERMA has consistently stated that the environmental insurance uncertain results.
market should be allowed to develop without any constraints from
a rigid and “one-size-fits-all” kind of regime. The ELD-related risks
By Julien Bedhouche, FERMA EU Affairs Adviser
Forum risk managers’ panel announced
The President of NARIM Annemarie Schouw and the President of Airmic Chris McGloin will be joined on the risk managers’ panel
by Dr Alexander Mahnke, CEO of Siemans Financial Services, and Andrew-Richard Bradley, Head of Group Risk Services for
Nestlé Group. The moderator will be Cathy Smith, a former BBC journalist and now co-director of Brussels- based communications
company Speak-Easy.
The risk managers’ panel takes place from 11.45 to 12.45 on Monday 30 September, immediately after the first two keynotes
addresses at the Forum. It’s an opportunity to hear the views of leading professionals. They are also going to set challenges for the
brokers’ and insurers’ panel discussions to follow.
Annemarie Schouw
Page 6
Chris Mc Gloin
Alexander Mahnke
Andrew-Richard Bradley
FERMA Newsletter N°55 ● September 2013
7. European Affairs
Solvency 2 waits for agreement on long-term guarantee valuations
This autumn, the European Parliament and Council along with the Commission will discuss, in what they call a ‘trialogue’, an effort
to adopt the Omnibus 2 Directive, which is itself an update of Solvency 2.
The topic currently delaying progress on adoption of the directive is long-term guarantee products. How should financial instruments
with a life span of 20, 30 or more years be valued in the current economic environment while respecting market-consistent valuation
which is at the core of the Solvency 2 philosophy?
The trialogue was interrupted in October 2012 because of a dispute over long-term guarantee products. The European Insurance
and Occupational Pensions Authority (EIOPA) was asked to assess the matter and in June published its report with several
recommendations. This will form the basis for the trialogue.
The EIOPA report is supposed to bring some “capital relief” for the insurance industry regarding long-term liabilities. In the current
economic context, interest rates remain low and government bonds are no longer risk-free assets to invest in. It has become
harder, therefore, for the insurers to guarantee a stable income from their investments over the next decades.
The main challenge for the long-term guarantees measures is to set the proper balance between providing capital relief to insurers
and protecting them from the effect of short-term market volatility, while ensuring that they are not facing long-term, unrecoverable
losses that could even pose a systemic threat.
Once Omnibus 2 is adopted, the Commission will draft the technical details of Solvency 2, also known in EU jargon as Level 2
implementation measures. This is expected to happen in 2014, with 2015 the transition year and January 2016 the full
implementation of Solvency 2 as the new regulatory regime for the insurance industry.
To go further and enhance your knowledge of long-term guarantee products in Solvency 2, a two part interview with
Karel Van Hulle, former head of the insurance unit at the European Commission and FERMA Forum keynote
speaker, published by Solvency2Wire, can be read here and here. Another article from German MEP Sven Giegold
gives also an interesting perspective on the cost of excessive long-term guarantee measures for the economy
(here).
In the meantime, commercial insurance transactions continue under the Solvency 1 prudential regime, but the
continuing delays to the adoption and implementation of Solvency 2 are already creating uncertainty for captive owners who do not
know what capital and reporting requirements they will have in future.
Karel Van Hulle
By Julien Bedhouche, FERMA EU Affairs Adviser
Discount on Forum flights to
Brussels
FERMA Forum participants from Europe including
Moscow can get a 10 per cent discount on their flights
to Brussels with Brussels Airlines. You can book
straight from the FERMA Forum website at http://
www.ferma.eu/ferma-forum-2013/venue-hotels-travel/
travel/.
FERMA is organising shuttles from
Brussels airport and Liege Guillemin
station to the Maastricht conference
centre (MECC) on Sunday 29
September (arrivals) and Wednesday
2 October (departures).
Page 7
Five reasons to register now for
the FERMA Forum
You’ll be encouraging other risk managers to join you.
Your colleagues from other associations can make
appointments with you in Maastricht.
Your badge and delegates pack will be waiting for you.
You’ll be in line for the next participant registration
prize.
The organisers will thank you!
Online registration for the Forum is only open until 25
September. Registration on site will be possible after the
completion of an application form.which will be available on
the FERMA Forum registration webpage.
FERMA Newsletter N°55 ● September 2013