FERMA Newsletter N°70



Federation of European Risk Management Associations (FERMA)

Newsletter #70

 March 2016


Message from FERMA President, Jo Willaert


Jo Willaert


The senseless devastating attacks in Brussels last 22 March, coming as they do after those in Paris in November 2015, were not just an attack on Belgium, but an attack on the symbol of Europe. Terrorism is a threat for all of our societies, and union and solidarity in the international community are fundamental. These attacks show how important it is for us to manage these risks to the security of our organisations and society as a whole. 


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FERMA calls on EU to put the risk manager at the centre of cyber security

FERMA earlier this month submitted a detailed response, incorporating the views of member associations, to a consultation by the European Commission on cyber security. It stressed to the Commission that boards of organisations need to understand that cyber risk is not only an IT risk but an enterprise risk, and this is where the risk manager provides expertise and quantification of risk. 

FERMA President Jo Willaert says, "Without being an IT specialist, the risk manager provides expert advice to support the board and the CEO. He or she works hand in hand with IT and the operational units. Increasingly, also, the risk manager will play a key role in the quantification of cyber risk including through the use of scenario-based evaluations."


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Quick Links  




FERMA Website


Letter from Brussels


As you will have seen, FERMA has been active in discussing cyber risks and cyber security at European level this year. What other European issues should we now expect in the next three months?

- Environmental liability


- Country by country reporting


- IBER:Insurance Block Exemption Regulation


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Expert Views: Philippe Cotelle

Cyber risks: the SPICE Initiative at Airbus


There are three main obstacles to a good understanding of cyber risks in our organisations, which I believe are common to most businesses.

  • It has long been perceived as an IT issue only, which neglects addressing the related business impact. This is especially critical with the increase in connectivity of industrial systems.
  • Confidentiality is a major element preventing a clear and open analysis of this risk as information management is a critical security issue; even creating a list of potential vulnerabilities is a huge concern.
  • Finally there is a fear that disclosing a cyberattack suffered or even admitting a potential vulnerability could endanger the reputation of the company.



European Affairs 

Risk conversation at board level: Data protection

The new EU Data Protection Regulation, which will come into effect in 2018, creates a completely new regulatory regime for organisations holding personal data. It comes with the risk of substantial penalties for breaches.


To discuss the implications of this new Regulation, FERMA co-organised a webinar with AIG and the directors' organisation EcoDA on 23 February: "How to adapt risk governance to the changing regulatory landscape for personal data".


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FERMA European Risk and Insurance Survey 2016 opens soon

This is about you, risk and insurance manager


Just ahead of the launch of 2016 FERMA European Risk and Insurance Survey on 8 April, FERMA Vice-President and Survey project chairman Cristina Martinez has urged her colleagues to participate.


"We need your input," says Cristina. "The more responses we receive, the more useful the results are for you in your work and for FERMA in serving you."


As she explains, "This is an opportunity to contribute to a unique resource for risk and insurance managers. It is now in its eighth edition. This means we can see how we have developed as a profession since the first edition in 2002, and where we are today in a world which has changed dramatically. This is about you, risk and insurance manager."




3-4 October


   St Julian's 



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Knowledge Corner

Here is FERMA's selection of recently published useful reports for risk managers. 


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© Copyright 2016 FERMA. All Rights Reserved. No distribution or reproduction of this issue or any portion thereof is allowed without our written permission except by the recipient for internal use only within the recipient's own organisation.


This Newsletter is produced by FERMA. If you have any questions concerning this Newsletter, please contact Typhaine Beaupérin at FERMA on +32 2 761 94 31 - email: typhaine.beauperin@ferma.eu  


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