Risk Manager

Following the Brexit votes in the UK Parliament on 14 March, Jo Willaert, President of FERMA, said: “The UK Parliament’s rejection of the proposed withdrawal agreement and then the request for an extension prolong and aggravate the uncertainty. There is frustration, and a certain fatigue about the continuing disorder and lack of clarity
The European Commission and EU 27 countries are planning for the consequences of a hard Brexit in case Britain leaves the EU on 29 March with no deal agreed. These includes measures to try and minimise supply chain disruption and ensure the continuity of key personnel.
FERMA is continuing its work this year to support and promote the risk manager in ensuring the sustainability of European organisations. Most recently, FERMA has highlighted the importance for risk management of the proposed inclusion of sustainability risks in EU insurance regulations
Annmarie Schouw, winner of the FERMA-CRE Risk Manager Lifetime Achievement Award 2018, has an engineering background and works in a very technical industry, steel production. She also responds with enthusiasm to the potential for enhanced data analysis in managing risk. Yet she also stresses the human side of risk management and the importance of making connections as part of her job.
Risk Manager, a career central to corporate strategy. The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
On 20 June, FERMA has released proposed guidelines for captive (re)insurance arrangements in order to ensure a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).
FERMA has called for an ERM approach to be included in the Guidelines on Data Protection Officers (DPOs) in its comments to the Article 29 Working Party considering this aspect of the EU General Data Protection Regulation (GDPR).

Today, outside financial services we suffer from a lack of clear recognition of what the function of risk management involves and so also a lack of appreciation of the role of the risk manager.

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.
A unique chance to get insights on the way the US federal government is supporting businesses to mitigate cyber risk. With the exclusive presence of the Honorable John Carlin, US Assistant Attorney General for National Security.

FERMA 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”.

The new UK Insurance Act will come into effect from 12 August. The law will apply to any new insurance contract governed by UK law, whatever the location of the buyer or the risk, so it will affect many non-UK companies who use the London market.

Captive insurance companies, especially in offshore domiciles, are under scrutiny from international tax authorities.

To continue with the work started in 2015, FERMA, ecoDa and AIG will organise a series of webinars in 2016 about the “Risk Conversation at Board level”
On 10 July 2015, a collaboration between ecoDa, FERMA and AIG, brought together directors, risk managers and insurers from across Europe to share perspectives on the quality of the Risk conversation at Board level and to generate ideas for improving it.