FERMA Newsletter N°71



Federation of European Risk Management Associations (FERMA)

Newsletter #71

 May 2016


Message from FERMA President, Jo Willaert


Jo Willaert


The 2016 FERMA Survey asks, as previous ones have done, whether FERMA members are concerned about insurance market capacity. I expect that, as in the past, the answer will be no, perhaps with the exception of specific, niche risks. At the same time since the previous Survey in 2014, we have watched a number of mergers between large primary insurers and wonder what the implications will be for capacity and for choice. 


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FERMA presses the value of ERM in corporate transparency



FERMA has called for the European Commission to acknowledge the value of enterprise risk management (ERM) and the skills of risk managers in increasing corporate transparency on issues such as corporate social responsibility. 

Since the financial crisis, the European Union, its member states and other bodies such as the OECD have been pressing large companies for greater disclosure, including risk-related information. "As risk managers, we believe that we have an important role to play in helping our organisations meet these requirements through ERM," states FERMA President, Jo Willaert.  



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Letter from Brussels

Cybersecurity and the Digital Single Market 


In EU jargon, the single market is a space where people, goods, services and capital circulate freely across the Union. Applied to the digital economy, it relates to a market of 500 million European customers, who are now almost all engaging in online activities. 



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Expert Views: Jonathan Blackhurst

Navigating a wider risk landscape

Jonathan Blackhurst examines the growing role of the risk manager in managing non-financial risks. 


Every risk can be expressed in financial terms.

Every risk can end up hitting the bottom line.

Therefore, whatever the risk, it is ultimately financial - right?


Well, no. While some will argue strongly in support of the above statement, I believe concentration on this, admittedly important, but still narrow perspective actually hinders an organisation from considering the full spectrum of risks that it could face - thereby, ultimately threatening its bottom line.


What if the tangible financial outcome of the risk is not the most immediate concern for the organisation to consider?



European Affairs 


Environmental Liability Directive: new EU action plan in the pipeline


An action plan aimed at improving the implementation and the evidence base of the Environmental Liability Directive (ELD) is due to be presented this week at a stakeholder conference organised by the European Commission in Brussels. FERMA and several risk managers will be present to react to the proposals.


Insurance Block Exemption Regulation: moves towards a non-renewal


FERMA participated in a stakeholder meeting organised by the European Commission on 26
April ahead of a possible renewal of the Insurance Block Exemption Regulation (IBER) in early 2017.
The IBER is an insurance sector-specific legal instrument of the EU that currently exempts certain industry
practices like co(re)insurance pools, compilations and tables from European antitrust rules.


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Entries Open for the First Edwin Meyer Award

Entries for the first Edwin Meyer Award for young and new risk managers are now open. The award is part of FERMA's focus on education and honours former FERMA Secretary General and board member Edwin Meyer, who died in February 2015. The award will be granted every two years.


Subject 2016: 


Today's risk managers are tomorrow's risk leaders. What should young risk professionals be doing to raise their game and profile to support the board and c-suite in delivering their increased risk management responsibilities?

The winner will receive:


- An award of €2500;


- An invitation to attend and address the 2016 FERMA Seminar;


- A bursary of up to €1000 to cover the costs of attending the Seminar.

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FERMA Seminar 2016: the place to be in October 

Registration is open for the FERMA Seminar 2016 taking place on 3 and 4 October in St Julian's, Malta. The Seminar is a professional event - focussed on risk managers and risk management. This year, FERMA has expanded the programme to include a wide range of sessions on the themes of leadership, education and communication, in addition to publication of the FERMA European Risk and Insurance Management Report. 


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