Monthly Archives: November 2013

FERMA Newsletter 56 (Table of Contents)

FERMA Newsletter 56 (November 2013)
Download Newsletter 56
November 2013

Table of Contents

FERMA president Julia Graham’s profile

“I am passionate about FERMA,” says Julia Graham the new president. “I’ve had a marvellous career in an industry that matters a great deal to me. I’ve built up knowledge and a network – and I want to use this role to give something back to the profession. I am a European first and a Brit second and I support FERMA’s mandate and its unique position in Europe. What an opportunity!”

After a brief consideration of a career in the military, Julia started her professional career with Yorkshire General that eventually became Zurich and General Accident that became AVIVA moving to Royal Insurance – where she spent over 25 years. Starting as an underwriter, she made a fairly traditional, gradual advance through the business, but it was something of an unusual career path at the time for a woman in the industry. Continue reading

The 2014 survey – robust results with lasting value for members

Fewer questions with more “practical and tactical results” for risk managers: this is how Cristina Martinez describes plans for the 2014 FERMA Benchmarking Survey. Cristina is the head of the working group that is planning the survey. The other members are vice president Michel Dennery, board member Isabel Martinez, scientific adviser Marie Gemma Dequae, executive director Florence Bindelle, EU affairs adviser Julien Bedhouche and project assistant Christel Jaumoulle.

The current economic climate has increased the importance for risk managers of getting recognition of their value to their companies. The 2014 Benchmarking Survey is part of FERMA’s vision to support its member associations in their work for the risk management profession, in combination with the planned certification of professional competence. Continue reading

Certification: next step by February

FERMA’s plans to create a pan-European certification for risk managers are moving strongly forward, following agreement by the FERMA board to move from the research to the planning stage for the project.

The certification steering group has devised a project and governance structure for planning towards certification, and by February 2014, it intends to have a first draft prepared for each of the four pillars of certification: knowledge, experience, ethics and continuing professional development (CPD). Continue reading

Letter from Brussels

After the Forum, of course, we all took a few days to pause and restore our energy. Then it was on with the future! Our plans for 2014 aim at reinforcing the position of the profession. Our key activities are our seventh risk management benchmarking survey and the certification project.

Demonstrating what risk management does is not always straightforward; the principles remain the same, but job descriptions vary a lot across organisations. The survey, however, will gather data that all of us can use to explain the role of risk management in the success of business today. In the previous survey in 2012, one of the most important findings was that companies with mature risk management policies and processes produce better, more sustainable results. Continue reading

ISO 31000 – report from the President

FERMA president Julia Graham represented FERMA as a liaison member at the latest meeting of the International Standards Organisation (ISO) technical committee on risk management. Julia also represents the UK (head of delegation) on behalf of the British Standards Institution. Here is her report.

Members of the ISO Technical Committee 262, responsible for risk management standards, met in Chicago during the week of the 23 September 2013. Fifteen countries represented by more than 30 individuals collected together to debate the future of the two main global risk management standard documents: ISO 31000 ‘Risk Management – Principles and Guidelines’ and ‘Guide 73 Risk Management Vocabulary’. Continue reading

My First FERMA Forum

Jorge Luzzi and Julia Graham: the first person I met and the last I heard in the meeting – so started and finished my FERMA Forum 2013. Four intensive days all lived in one breath between workshops, networking, Ladies in Risk Management lunch, young risk professionals’ breakfast, Fermapero and Fermanight.

But I am not here to tell you how every single event went and what happened. Many of you were there and the rest of you, who were not, will have already read many articles about it. Continue reading

Former FERMA President representative to EIOPA

Former FERMA president Marie-Gemma Dequae has been named to represent the interests of professional associations on the insurance and reinsurance stakeholder group for the European Insurance and Occupational Pensions Authority (EIOPA).

Marie-Gemma says, “I look forward to exchanging views with colleagues at the stakeholder group and bringing risk management aspects into the proposed regulatory technical standards and their implementation. I will be discussing and defending the important needs of our members, as industrial buyers of insurance and reinsurance, and taking care of the influence of changing regulations on available insurance capacity and price for changing and emerging risks. “As FERMA members often have their own captive (re)insurance companies, the discussion on the Solvency II implementation will be followed with great care taking this captive aspect into consideration.” Continue reading

Solvency 2 back on track for 2016

The European Commission officially proposed a new “go-live” date for Solvency 2 set for 1st January 2016 with a draft Directive (a.k.a. Quick-Fix 2) that was published on 2 October and is giving the necessary, but tight, space to finalise all the details of the new European insurance regulatory framework.

One month later, on Wednesday 5 November, with this new delay officially set, a trialogue session between the European Parliament, the Council and the Commission took place and struck an agreement on the Omnibus 2 text. Continue reading

Non-financial reporting wants to reach a new level of transparency

FERMA urges caution as two European Parliamentary committees propose to extend the scope of non-financial reporting even further to include country-by-country disclosure.

In April 2013, the European Commission released a proposal for a Directive on Non-Financial Reporting (NFR – here), introducing for companies new elements of disclosure on their policies, risks and results on environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues. Continue reading