Monthly Archives: April 2016

TAKE PART in the FERMA European Risk and Insurance Survey 2016 extended till 10th June. Help us define the risk manager profession!

XL CatlinXL CatlinWe’re glad to inform that the Federation of European Risk Management Associations (FERMA) has partnered with AIG, XL Catlin, EY, Marsh and Chubb supporting the Europe-wide benchmarking survey of risk and insurance management which started on 8 April.

The FERMA European Risk and Insurance Survey stands as the largest European survey on risk managers. This 8th edition is meant to consolidate the FERMA European Risk and Insurance Survey as a useful benchmarking tool for risk managers to offer a unique view into peer benchmarks amongst 4700 risk managers across 21 countries in Europe.

All FERMA association members should have received an invitation to participate in the survey with a link to the questionnaire. If you haven’t received an invitation, we would like to encourage you to contact Laetitia Fung at FERMA (administration@ferma.eu) giving your first and last name, business title, company, country and email address and you will receive a personal link by email. For your information: the survey can be completed in 25 minutes and most questions are optional.

FERMA’s intention is to create a reference work for risk and insurance managers throughout Europe that will also provide a tangible basis for reporting to senior management on risk management. We hope for the participation of as many risk managers as possible to make the results truly representative of the views of risk and insurance managers across Europe.

To create the 2016 survey, Commercial Partners have extensively worked with FERMA, its member associations in 21 countries and other selected industry partners. Based on this collaboration, the survey will ask risk and insurance managers for their views on the most significant risks of today, evaluation, associated costs, emerging risks and insurability, risk management governance, compliance etc.

The survey is open until 27 May. An independent company will collect and analyse the responses. The results will form the basis of the second FERMA European Risk and Insurance Report, which will be published at the FERMA Seminar in Malta on 3 & 4 October 2016.

Download this publication in PDF Format


FERMA calls on Commission to include enterprise risk management in Non-Financial Reporting Guidelines

The Federation of European Risk Management Associations (FERMA) has told the European Commission that enterprise risk management (ERM) is the best method for companies to approach the new EU requirements for large companies to report on their non-financial or corporate social responsibility risks.

Capture cover consultation

Click above to read the response

This comment is at the heart of FERMA’s response to the Commission consultation on Non-Financial Reporting Guidelines, following article 2 of Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings and groups. A large proportion of the 4700 European risk and insurance managers represented by FERMA work for companies that are within the scope of the Directive. As skilled specialists, they are responsible for managing the enterprise risk management process.

Under the Directive, which goes into effect in 2017, large public-interest entities, such as listed companies, should disclose in their management report relevant and useful information on their policies, main risks and outcomes relating at least to: environmental matters, social and employee aspects, human rights, anticorruption and bribery issues, and diversity in their board of directors.

FERMA President Jo Willaert said: “It is difficult for specialists in each department to connect different aspects of risk across functions, leaving grey areas where reporting may be incomplete. We, therefore, urge the Commission to recognise in the guidelines the fundamental role of risk managers and the value of ERM methodology in the reporting of non-financial or corporate social responsibility elements, which require a deep understanding of the business model of the organisation.

He added: “Risk reporting is a key element of the risk manager’s role. Because of the cross-functional nature of the risk manager’s mission, he or she is the best placed person in the organisation to provide assurance that the various types of risks, including those related to corporate social responsibility, have been identified and managed.

ERM is defined as a process “designed to identify potential events that may affect the entity, manage risk to be within its risk appetite and provide reasonable assurance regarding the achievement of entity objectives.” It is internationally set out in frameworks, such as the US COSO, and recognised in international standards.

FERMA has also told the Commission that the value of reporting the risks connected with non-financial elements of business conduct goes far beyond concern for reputation management. “Being in control of these risks opens the way for productivity and efficiency gains over the long term. The creation of a complete, company-wide risk management policy, including non-financial aspects, that leads to thorough risk knowledge should be seen as a global decision-making tool for the board,” stated FERMA in its submission.

CONTACTS
Ms Typhaine Beaupérin, FERMA CEO: typhaine.beauperin@ferma.eu, tel: +32 (2) 761 94 31
Lee Coppack, press contact: lee@coppack.co.uk, tel: +44 208 318 0330/ +44 7843 089904
All FERMA press releases can be found here.


FERMA European Risk and Insurance Survey 2016 starts Friday in 21 European countries

Download this Press Release

On Friday 8 April, the Federation of European Risk Management Associations (FERMA) will launch its 2016 European Risk and Insurance Survey in cooperation with its member associations in 21 countries. The survey is the widest expression of the views of risk and insurance managers across Europe. It has taken place every other year since 2002 and is now in its eighth edition.

The online questionnaire is available in seven languages: English, French, German, Italian, Polish Spanish and Turkish. As before, an independent research company will collect the responses and compile the findings. The results will be published as the FERMA European Risk and Insurance Report at the FERMA Seminar on 3-4 October in Malta. The report will then form the basis of further research by FERMA and its member associations, as well as providing benchmarks for individual risk managers to use in their own work.

FERMA Vice-President Cristina Martinez, who is the Survey project chairman said: “The survey is conducted by risk managers for risk 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. There is no other source of information like this.”

The Survey questions have been compiled with support from the member associations and five commercial partners: AIG, Chubb, EY, Marsh and XL Catlin. There are three sections covering: the respondent’s organisation, the role of the risk manager and the risk management profession; European insights on risk management and risk financing, including insurance and captives.

Press contacts

Until 11 April

Laëtitia Fung, FERMA Project Officer
administration@ferma.eu
+32 2 761 94 35

After 11 April

Lee Coppack, FERMA media coordinator
lee@coppack.co.uk
+44 (0) 208 318 0330/+44 (0) 7843 089904

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About FERMA

The Federation of European Risk Management Associations (FERMA) brings together 23 national risk management associations in 21 European countries. FERMA has more than 4700 individual members representing a wide range of business sectors from major industrial and commercial companies to financial institutions and local government bodies. These members play a crucial role for their organisations with respect to the management and treatment of complex risks and insurance issues.

Member associations are from the following countries: Belgium (BELRIM), Bulgaria (BRIMA), Czech Republic (ASPAR CZ), Denmark (DARIM), Finland (FinnRiMa), France (AMRAE), Germany (DVS/BfV), Italy (ANRA), Luxembourg (ALRiM), Malta (MARM), Netherlands (NARIM), Norway (NORIMA), Poland (POLRISK), Portugal (APOGERIS), Russia (RusRisk), Slovenia (Sl.RISK), Spain (AGERS and IGREA), Sweden (SWERMA), Switzerland (SIRM), Turkey (ERMA) and United Kingdom (Airmic).