FERMA Newsletter N°74



Newsletter #74

December 2016


Excellence in Risk Management Winners  



Four risk managers been honoured for their outstanding performance in the first European Risk Management Awards organised by FERMA and the magazine Commercial Risk Europe.


FERMA president Jo Willaert presented the awards for Excellence in Risk Management at a gala dinner held in Brussels on Tuesday 6 December.


The winners are...



Meeting the OECD on captives

FERMA continues to argue that captives are a risk management tool with a genuine economic rational, following a meeting with three senior executives from the OECD held in Paris in October. 


FERMA wants to dispel misperceptions about captives as countries start planning to implement the OECD baser erosion and profit shifting (BEPS) anti-tax avoidance measures.




President's Column

As we come to the end of the year, we can look back at many accomplishments during 2016 and a great deal to look forward to during 2017.


We adopted a vision and strategy plan at the general assembly in June 2016, and we have made significant steps along our journey to a world where risk management is embedded in the business model and culture of European organisations.


I believe we are truly building a European risk management community ...




Risk managers on the starting grid




The 2017 FERMA Forum will take place from 15-18 October at the Grimaldi Forum in Monte Carlo with the appropriate theme: "risk manager in pole position". It is a concept that emphasises the importance of risk leadership in embedding risk management in every organisation. 



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New FERMA project officer


FERMA has confirmed Laetitia Fung as project officer. She will be the first point of contact for many members. 


Read more here



Letter from Brussels

60th Anniversary of the Rome Treaties and Commission's Work Programme


With the 60th anniversary of the Rome Treaties coming up in March 2017, the European Commission's work programme for the coming year claims to be focused on delivery.

On 25 October, the Juncker Commission released its third annual work programme, the first to be adopted following consultations of the European Parliament and Council. It sets out the EU's policy actions for the year ahead, describing the upcoming proposals and the status of pending initiatives.


Read more on our website




Next step on the Rimap route

DARIM is the first FERMA member association to take up the challenge and organise a

rimap® examination. The paper-based rimap examination will take place in Copenhagen on 25 January 2017.


That morning, DARIM will facilitate a training and rehearsal session on the curriculum for all risk and insurance managers who are candidates. FERMA will supervise the examination after lunch.

Places are limited to a maximum of 30 candidates, and registration is required by Tuesday 10 January.


More information from Charlotte Hedemark Nielsen at charlotte.hedemark@sap.com or 

Benedikte Danielsen at beda@di.dk


Read more on our website


Expert views 

From business continuity to future proofing


Ralph Mulder, Insurance and Subsidy Manager, Uniper


There are two main schools of thought on the definition of resilience:

One is the bouncing back from adverse events - the engineering definition

Second is adaptability, an organisation that can deal with any type of change


Read more on our website



US and EU boards and cyber risk governance

Economic growth is going to come from the digital economy.  Digital risks have to be considered at board level because they can affect the value of the company. In this digital world, therefore, high quality risk management will contribute to the value of the business. 

This was the view of the final FERMA webinar of the year organised with ecoDA and AIG on the subject: "EU/US boards' approach to cyber risk governance: towards a common view?"





Responding to the European Risk and Insurance Report 2016

The strategic role is an opportunity - and a challenge




The trend for risk managers to take a more strategic role in their companies is an enormous opportunity - and a challenge. This conclusion comes from the findings of the 2016 European Risk and Insurance Report and the discussions which followed its publication at the FERMA Seminar in October.


Read more on our website




Seminar boosts local interest in risk management

The Prime Minister of Malta, Joseph Muscat, made a short presentation 

at the opening of the Seminar, describing the success of Malta as an 

insurance domicile and the government's plans for future development. 

On the opening of the Seminar's second day, Malta's Minister for Finance Professor Edward Scicluna argued that while risk needs to be carefully managed, fear of risk can stifle investment, especially in relation to emerging markets. 


Read more on our website





Environmental Liability: no revised proposal expected in 2017

New working group on cyber risk governance

Solvency II - First public disclosure



There is unlikely to be a revised proposal for the EU Environmental Liability Directive (ELD) in 2017, according to the European Commission document theREFIT Scoreboard 2016. 

Read more here

A new joint working group between FERMA and the European Confederation of Institute of Internal Auditing (ECIIA) will begin work in early 2017, to help companies develop cyber risk governance. This follows a call for experts from among FERMA's members to participate. 



Read more here


In 2017, as part of the pillar 3 of Solvency II on disclosure, all (re)insurance companies will disclose to the public for the first time a report on their solvency and financial condition (SFCR). The information provided will be both qualitative and quantitative, meaning not only solvency and capital management items but also the system of governance and the risk profile.


Read more here




FERMA a.i.s.b.l.




© 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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