Tag Archives : ECIIA

Exclusive FERMA ECIIA Cyber Risk Governance report available

Click above to read the report!

Joint FERMA/ ECIIA Conference
At the junction of corporate governance and cyber security
29 June 2017 from 16:15 to 18:45
European Parliament, Room JAN 6Q1, Brussels

Kindly hosted by MEP Antanas GUOGA

Conference report

A joint working group, representing risk managers and internal auditors from 8 EU countries and  6 different economic sectors (bank, transport, defense, IT, food services and telecom) has developed recommendations for organizations on innovative ways to internally organize the management of cyber risks.

These recommendations include a cyber risk governance model between the key internal stakeholders and the Risk and Audit Committees.

The proposed model will increase cyber-resilience, define the key stakeholders and the conditions for success. Developing cyber governance principles for greater resilience is supported by the World Economic Forum, which published a report in January 2017: « Advancing Cyber Resilience: Principles and Tools for Boards ».

 

Click above to read the agenda and biographies of the speakers

 

 

 

 

The aim of the conference is to present and discuss the proposed report and respond to the following fundamental question: is there a governance model that would support the resilience of the European economy in terms of effective and efficient risk management and compliance?

Although companies must remain free to organize the way they manage risk, aware that there is no « one size fits all » solution, whatever the approach taken, it is essential to embed cyber security throughout the organization from the top to the operational level.

Corporate Governance and Cybersecurity Event at European Parliament 29 June 2017

Media Contacts

Lee Coppack

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

Typhaine Beaupérin

CEO FERMA, +32 (2) 761 94 31, typhaine.beauperin@ferma.eu

 


FERMA statement on WannaCry

Jo Willaert

Statement from Jo Willaert, President of FERMA

The latest cyber attack illustrates clearly that the management of cyber risks should be an enterprise-wide project directed from board level within a sound governance framework. It also shows us that private sector organisations, suppliers of critical IT infrastructure, governments and security agencies must collaborate to build resilience to ever-shifting cyber threats.

FERMA is currently completing an important cyber security initiative in cooperation with the European Confederation of Institutes of Internal Auditing (ECIIA). On 29 June at the European Parliament, we will publish our recommendations for organisations for creating a robust cyber risk governance.

At the FERMA Forum 2017 from 15-18 October in Monaco, Jamie Shea, Deputy Assistant Secretary General for the Emerging Security Challenges Division of NATO will be our closing keynote speaker. http://www.ferma.eu/ferma-forum-2017/speaker/jamie-shea/ 

 

 

 


European Affairs: Country by country reporting – working breakfast report

Capture COVER CbCR reportFERMA and the European Confederation of Institutes of Internal Auditing (ECIIA) held a joint working breakfast in the European Parliament on 28 June on the theme of “Country-by-Country Reporting: From Risks to Opportunities”. It focused on the corporate governance implications of the European Commission’s proposal of 12 April and the
roles played by the risk manager and the internal auditor in this field.

Danish MEP Jeppe Kofod hosted the event and Jean-Philippe Rabine, European Commission DG FISMA (Accounting and Reporting Unit) introduced the new
financial and corporate tax reporting requirements that are intended to apply to all large multinationals for every EU country they operate.

Participants in the panel discussion, moderated by Jeppe Kofod, included for FERMA Jonathan Blackhurst, Head of Risk Management at Capita (UK); Silvio de Girolamo, Chief Audit Executive Autogrill (Italy) on behalf of ECIIA; and Jean-Philippe
Rabine.

The panel said that the proposal goes further than any previous initiative with the obligation for all companies operating in the EU with a minimum turnover of €750 million in a given year to publicly disclose financial and tax information on a country-by-country basis.
About 6000 large companies will face the challenge of complying with the regulation and determining how the public will react to the tax figures they reveal – a regulatory and reputational risk.

Country-by-country reporting, therefore, is not only about the numbers, but also about how well they are delivered with the right processes and the right report. Here stands the added value of risk managers, making sure that the figures have a context so that
people understand the full extent of the firm’s value chain.

In this context, companies could use country-by country reporting as an opportunity to increase public confidence by presenting themselves to the public in an open and transparent manner. The public perception of corporate conduct is especially
important, and to mitigate the risk of scrutiny, companies will need to ask themselves: are we doing enough – and how can we turn this into an opportunity?

The text of the regulation is currently in discussion at the European Parliament and will be discussed early July by the European Council under the new Slovak EU Presidency.

Full report is available here.


Launch of New Guidance on 8th Company Law

FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA) will launch a new joint guidance document on the risk management provisions of the EU 8th Company Law Directive at the FERMA Seminar on 20 and 21 October.

There will be a dedicated portion of the Seminar press conference on Monday 20 October where senior representatives of FERMA and ECIIA will present the new guidance, and copies will be distributed to Seminar delegates. There will also be an online version available for download from the FERMA and ECIIA websites. Continue reading


Letter from Brussels

In June we held our general assembly, approved the risk management certification project and elected four board directors. Since then, we have not been relaxing! You might be surprised at the number of projects that FERMA does with a small team.

Led by our President Julia Graham, Vice President Michel Dennery, General Secretary Pierre Sonigo, scientific adviser Marie-Gemma Dequae and I visited London for a meeting with the Institute of Risk Management (IRM) and our British member Airmic. We discussed several subjects of mutual interest on education issues with IRM. Continue reading


ECIIA explains the challenge of avoiding a risk and control patchwork

Organisations risk creating a dysfunctional patchwork of risk and control functions unless they have an integrated approach to risk management and assurance with a clear definition of responsibilities and coordination by the governing body.

As FERMA benchmarking surveys confirm, ever increasing compliance requirements and business complexity have driven companies to establish risk management and assurance functions. Continue reading


Making the Most of the Internal Audit Function

Recommendations for directors and board committees

A joint report from the European Confederation of Institutes of Internal Auditing (ECIIA) and the European Confederation of Directors’ Associations (ECODA) Continue reading


ecoDa-ECIIA Audit Reform – GUIDANCE

Here is a link to the article “Making the most of the Internal Audit Function : Recommendations for Directors and Board Committees” published by ECODA and ECIIA.

Download this article (in english, PDF, 163K)

Download this article (in english, PDF, 163K)

© Copyright December 2012, http://www.ecoda.org. All rights reserved.


FERMA Risk Management Seminar 2012 Presentations – “Panel Debate 3: Coordination of Risk Management with Internal Control and Internal Audit”

FERMA Risk Management Seminar 2012 Presentations – “Panel Debate 3: Coordination of Risk Management with Internal Control and Internal Audit” Continue reading


ECIIA new president to continue building links

Marie-Hélène Laimay, a speaker at the 2011 FERMA Forum, has been elected President of the European Confederation of Institutes of Internal Auditing (ECIIA) in succession to Caroline Dittmeier. Laimay is a member of the board of IFACI (Institut Français de l’Audit et du Contrôle Internes) and senior vice president audit and internal control assessment at the global healthcare company Sanofi. Continue reading