Monthly Archives: July 2011

No more EU corporate governance rules needed now, say European risk managers

No more EU corporate governance rules needed now, say European risk managers. The Federation of European Risk Management Associations (FERMA) has told the European Commission that it should start with “implementation and robust enforcement” of existing EU corporate governance rules on risk management, rather than creating new ones now. This comment is contained in FERMA’s response, released today, to the consultative green paper on corporate governance framework produced by Commission staff. Continue reading


FERMA’s response to the consultation document Green Paper on corporate governance

The Federation of European Risk Management Associations (“FERMA”) welcomes the opportunity to comment on the European Commission’s staff working document, “Green Paper on the EU corporate governance framework”. Continue reading


FERMA Newsletter 42 (Table of Contents)

FERMA Newsletter 42 (July 2011)
Download Newsletter 42
July 2011
(PDF, 1.1 MB)

Table of Contents


Don’t rush to make more rules, FERMA to tell Commission

FERMA will express concern to the European Commission that it is trying to develop more regulations on corporate governance and risk management too quickly. Instead, FERMA believes the Commission should examine existing laws to make sure they are appropriate, and then enforce them, rather than rush to create new legislation. There should be more emphasis on implementation of the 8th Company Law Directive, which is in effect, and appropriate harmonisation of existing national corporate governance frameworks, FERMA board member Michel Dennery has indicated will be one of FERMA’s comments. Continue reading


Liaison uncomfortable – innovation and risk aversion

Leading MEP Malcolm Harbour, Chairman of the Parliament’s Internal Market and Consumer Protection Committee, told the FERMA roundtable that making Europe more innovative will be the big European issue over the next 18 months, and that risk management had a role to play. “Innovation is required to make Europe sustainable as a powerhouse of the global economy. We are pretty good, in many cases very good, at world leading research but we sometimes may not be so good at converting this into sustainable enterprises. We have to create the right sort of environment, and we are looking for financial instruments that will make it happen,” he said. Continue reading


Fresh faces on FERMA board

Three new members have been elected to serve on the FERMA board until June 2014: Helle Friberg, vice-president of the Danish association DARIM; Igor Mikhaylov from the Russian association RUSRISK; and Arnout van der Veer from the Dutch association NARIM. Continue reading


FERMA networking goes virtual

Networking is at the heart of the FERMA Forum, so it’s not surprising that FERMA is using social media to stimulate interest in the event. Led by Secretary General Pierre Sonigo, FERMA has gone from a standing start to a LinkedIn group, videos on YouTube, presentations on Slideshare and a twitter account, plus a regular blog to be launched shortly. Continue reading


Global database makes progress

FERMA President Peter den Dekker was among the risk managers and insurance market representatives who met at the end of June at the offices of Airmic in London to discuss an idea he has promoted: the creation of a worldwide database of regulations and tax laws for global insurance programme compliance. All those involved in the discussion were willing to go to the next stage of dialogue. The next step is for the Airmic team, led by Helen Hayden with support from a number of the meeting participants, to put together a consultative draft of what the scheme could look like at the next level of detail. The plan is for this to be distributed in August with a view to having the next meeting in September prior to the FERMA Forum in October. Continue reading


A more volatile world

The political risk climate has probably changed more this year than at any time since the fall of Communism in the late 1980s, and two Forum workshops will provide timely guidance for risk managers on political risks and looking after staff who may get caught up in political unrest or other upheavals. In the meantime, FERMA is looking to find out how members see the current situation. According to FERMA board member Michel Dennery, for example, country risk has changed completely, and there is a material increase in counter party risk. Continue reading