FERMA Newsletter N°58



Federation of European Risk Management Associations (FERMA)

Newsletter N°58

       March 2014


The Benchmarking Survey 2014 starts on 22 April in 20 European countries


In association with its 22 national association members in 20 countries, FERMA will on 22 April launch the 2014 FERMA Risk Management Benchmarking Survey.

To create it, FERMA has worked extensively with its member associations plus five commercial partners: AXA Corporate Solutions, Ernst & Young, Marsh, XL Group and Zurich. Based on this collaboration, the survey will ask risk and insurance managers for their views on:

  • The most significant risks that businesses face today;
  • The cost of risk, including insurance, risk consulting costs and broker remuneration;
  • The relationships between risk management and other internal functions of the organisation;
  • Risk management and corporate performance;
  • The identification and insurability of emerging risks such as cyber risks, environmental liabilities and supply chain exposures;
  • EU hot topics and their impacts for company governance and insurance markets.  

Read more about the survey in the Newsletter


Members help to shape the 2014 FERMA Seminar programme


Feedback from members is helping to shape the programme for the FERMA Seminar on 20 and 21 October in Brussels, much as associations have had a big voice in the content of the 2014 FERMA Risk Management Benchmarking Survey. There will be more discussions and fewer presentations from the platform. The focus will be on giving members an opportunity to raise their voices, influence ideas and put their questions. Two round table discussions will bring the process together.

There will also be a panel presented by risk management associations giving a world perspective; RIMS from the United States, the Asian association PARIMA and South African IRMSA have already confirmed their participation.

Read more in the Newsletter


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FERMA-Lloyd's new programme starts



The second edition of the FERMA-Lloyd's programme will get underway on Thursday 24 April with two days of sessions on the operation of Lloyd's and the London insurance market. The participants will get time in the underwriting room at Lloyd's shadowing an underwriter and a broker, and they will have lunch on Friday 25 April with Lloyd's new CEO, Inga Beale.






Read more about the FERMA-Lloyd's programm in the Newsletter



Investing in our profession - leadership and diversity in Europe


Julia Graham

At the FERMA Forum in 2013 when I had the honour to accept the position of President of FERMA, I gave a commitment to invest some of my time and energy into developing and driving forward a FERMA "diversity agenda" and as part of this, gender diversity.


The FERMA board has now agreed a project with the objective to build and promote a FERMA diversity strategy, that is rich in value, but light on administration. Although we are focussing initially on gender, a number of the components of the project can equally apply to diversity more generally.


Read more in the Newsletter


Political action committees created to strengthen FERMA's voice


FERMA has established political action committees to strengthen FERMA's voice on public policy issues and to promote and maintain relationships with European regulators. So far, there are six such committees covering environmental liability, disaster insurance, corporate governance, IMD2, Solvency 2 and captives, and cybersecurity.



Letter from Brussels



Florence Bindelle

In a context where risk management is one of the major responsibilities of executive management, identification of opportunities, risk evaluation and preparation for the occurrence of these risks have become key activities for preparing a business for the future.


In FERMA, at the same time, we have seen a strengthening of our links externally with stakeholders and internally with members. Two illustrations of this trend are the launch of a working group to review the FERMA - ECIIA guidance on the 8th European Company Law Directive in early April and the offer of Mapfre's Gerencia de Riesgos y Seguros to translate our news into Spanish and so raise awareness in Spanish-speaking countries.


Read more in the Newsletter


Expert views : Solvency II details must remain true to regime's goals


Olav Jones

The European insurance industry has, from the outset, strongly supported Solvency II. Insurers back its ambition to ensure high levels of policyholder protection and encourage good risk management through sophisticated measurement of risks and risk mitigation. Unfortunately, it has taken rather longer and proved rather harder than originally hoped to achieve those goals.

The main cause of the delays has been the treatment of long-term guarantees and long-term savings. A full test of the framework was run in autumn 2010 in the midst of the financial crisis. This showed that a number of design and calibration issues would need fixing if Solvency II were to work as intended. Most important among these was that the measurement system on which Solvency II was based did not take into account the long-term nature of the business, meaning that the short-term volatility caused by the financial crisis was having a disproportionate impact on solvency.


Read the full article in the Newsletter


European Affairs : What role for the risk managers in the increasing trend for greater financial transparency?


For over a year now, there has been a strong political will to increase greatly transparency over corporate financial transactions. We mentioned this in an article last November that can be seen here.

Several amendments from members of the European Parliament (MEPs) requesting the introduction of some country by country reporting provisions have been added to the original proposal from the European Commission on non-financial reporting (environmental, social and employee matters) for large companies.



Knowledge Corner


Starting from this edition, the FERMA newsletter will feature reports and good practice guides on risk management topics from FERMA members and selected other experts that can be useful for members. Suggestions for future editions are welcome. Please email christel.jaumoulle@ferma.eu

  • Business Interruption: La maîtrise de la perte d'exploitation...l'assurance-vie de votre entreprise (AMRAE, French). Download at http://bit.ly/P8T7ei. Free for AMRAE members.
  • Cyber risks
    • Le Cloud Computing : Les questions clés que doivent se poser les risk managers ? (AMRAE, French) Download at http://bit.ly/1o7EbwY . Free for AMRAE members.
    • 2014 Network Security & Cyber Risk Management: The third annual survey of enterprise-wide cyber risk management practices in Europe (Advisen, English). Download free at http://bit.ly/1o43Tm5 
    • Cyber risks, the Institute of Risk Management (IRM). Available at http://bit.ly/1ec08kX Free for IRM members in pdf form


Read more in the Newsletter





© Copyright 2014 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 Florence Bindelle at FERMA on +32 2 761 94 32 - email: florence.bindelle@ferma.eu  


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