Monthly Archives: October 2015

FERMA forum 2015 – Daily Recap 5 October

The FERMA forum 2015 took place on 5 – 7 October 2015 in Venice, Italy. It focused on Innovation, Diversity and Profession. More information about the FERMA forum 2015 at archives.ferma.eu/ferma-forum-2015


FERMA forum 2015 – Daily Recap 6 October

The FERMA forum 2015 took place on 5 – 7 October 2015 in Venice, Italy. It focused on Innovation, Diversity and Profession. More information about the FERMA forum 2015 at archives.ferma.eu/ferma-forum-2015

 

 


New Report on European Trends in Travel Risk Management

 FERMA, International SOS and DLA Piper outline risk and insurance managers’ responsibilities to travelling employees and expats

 

6 October 2015 – Venice.

Managing health, safety and security risks to workers on international travel and assignment is the subject of a new paper from the Federation of European Risk Management Associations (FERMA), International SOS, the world’s leading medical and travel security risk services company and global law firm DLA Piper.

A survey earlier this year* led by FERMA and International SOS, confirms that Travel Risk Management is on the agenda for 79% of the risk and insurance managers polled. FERMA and International SOS have, therefore, developed the paper to help risk and insurance managers better understand their responsibilities towards work-related international travel and assignments.

The document identifies the Risk Manager as a pivotal influencer in evaluating effective Travel Risk Management solutions. As noted in the paper: “The risk manager’s holistic perception of the medical, security and insurance aspects is critical to considering efficient solutions and practical responses to any situation an organisation might face when sending workers abroad.”

The paper includes:

  • A legal review of Duty of Care for organisations in Europe by DLA Piper;
  • Best practices and practical experiences from leading risk practitioners, representing Atlas Copco, CMI Groupe, DLA Piper, Drägerwerk, Kering, and Wolters Kluwer;
  • A Travel Risk Management Toolbox that outlines health and travel security mea­sures organisations can implement to help reduce risks for their travellers and international assignees;
  • A review of the transposition of the EU legislation in 15 Member States which shows that national laws vary always toward greater health, safety and security responsibilities for organisations towards their workers.

Jorge Luzzi, FERMA board member with responsibility for the project:

“People are travelling on business Jorge Luzzimore and further than ever before. This report will support organisations in fulfilling their duty of care to these travellers who are likely to be exposed to unfamiliar situations and increased risks compared to their home countries. FERMA recommends it to its members and all others involved in managing international travel for their organisations for both its practical and legal advice.”

Laurent Taymans, Regional Medical Director, International SOS, explains:

“In this rapidly changing economic environment, Lqurent Tqymqnscompanies need to be able to implement robust and scalable solutions to protect their travellers and expats. There is a measureable benefit for understanding and mitigating health, safety and security risks. These are a vital component of the international business development strategy. There is much more to the eye in regards to prevention than just direct financial considerations.  Risk and insurance managers now have a unique opportunity to reinvent their role and leverage support.”

* FERMA and International SOS conducted a 1-minute online survey from April to July 2015 to gather organisations’ practices and views of Travel Risk Management. Of the 191 respondents, Risk Managers were in majority (60%), Insurance Managers accounted for 20% and 20% were Risk and Insurance Managers.

About FERMA

The Federation of European Risk Management Associations (FERMA) brings together 22 national risk management associations in 20 European countries. FERMA has 4 500 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.

Strapline

About International SOS

International SOS is the world’s leading medical and travel security risk services company. International SOS care for clients across the globe, from more than 850 locations in 92 countries.

International SOS’ expertise is unique: More than 11,000 employees are led by 1,400 doctors and 200 security specialists. Teams work night and day to protect our members.

International SOS pioneers a range of preventive programmes strengthened by our in-country expertise. We deliver unrivalled emergency assistance during critical illness, accident or civil unrest.

International SOS is passionate about helping clients put Duty of Care into practice. With us, multinational corporate clients, governments and NGOs can mitigate risks for their employees working remotely or overseas.

internationalsos.com

DLA_Piper_logo.svg

About DLA Piper

DLA Piper is a global law firm with lawyers in the Americas, Asia Pacific, Europe and the Middle East, positioning us to help companies with their legal needs around the world. We strive to be the leading global business law firm by delivering quality and value to our clients.
www.dlapiper.com

Media Contacts
Sophie Bénazeth
Regional Marketing Director, Europe, International SOS
T+33 (0)1 55 63 32 30
sophie.benazeth@internationalsos.com

Lee Coppack
Media coordinator, FERMA
T: +44 (0) 7843 089904 (3-11 October); +44 (0) 208 318 0330 (after 11 October)
lee@coppack.co.uk


Press Release: FERMA Report on UK Insurance Law

6 October 2015
Risk managers across Europe urged to prepare for new UK insurance law  
 
The Federation of European Risk Management Associations (FERMA) today publishes a guide for risk managers across Europe on the implications of new legislation that will change the legal framework for commercial insurance in the UK. Produced jointly with insurance governance specialists Mactavish, Changes in UK Insurance Law – An Introduction for European Businesseswarns that the UK’s Insurance Act 2015 will affect buyers across Europe, because of the large amount of international insurance and reinsurance business placed in the London insurance market.
 
FERMA president Julia Graham said: “The Act will bring significant additional direct and indirect benefits to businesses that arrange insurance in the UK. However, to get these benefits, European risk managers will need to understand the substance of the reform and adapt their practices in response.”
 
The law, which comes into force next year, is the most important new law affecting commercial insurance in the UK for more than a century. It provides buyers with valuable extra protection, meaning that insurers will no longer be able to use technicalities or trivial breaches of contract to turn down claims on policies purchased in good faith. At the same time, it places an enhanced burden on buyers to present underwriters with accurate information that provides a fair and detailed picture of their organisations’ risk profile.
The guide provides an overview of the legislation and its implications for risk managers, as well as a check-list of things for them to consider.
 
David Hertzell, who as former Law Commissioner was responsible for overseeing the new legislation and is now with Mactavish, says the Act will encourage greater professionalism in the market. Those buyers who rise to the challenge stand to derive significant benefits in terms of better designed policies and greater certainty that large claims will be paid, he says.
 
According to Mactavish CEO Bruce Hepburn: “By compelling businesses to understand their risk in more detail and shifting insurers’ focus towards clarifying and defining coverage, the Act is expected to drive increased innovation in bespoke coverage design.  To benefit, however, buyers and their brokers will have to be alert to the implications of the new law. This guide has been written to help them do so.”
 
Changes in UK Insurance Law – An Introduction for European Businesses
is available from:
Mactavish website at: www.mactavishgroup.com
 
 
 
Press contacts:
Lee Coppack, FERMA Media Coordinator lee@coppack.co.uk     
+44 7843 089904 (4-11 October) /+44 208 318 0330
 
Tom Miskin, Senior Analyst, Mactavish – tommiskin@mactavishgroup.com,
+44 208 834 1621
 
 
About FERMA
The Federation of European Risk Management Associations (FERMA) brings together 22 national risk management associations in 20 European countries. FERMA has 4300 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), 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). 
 
About Mactavish
Mactavish specialises in the analysis of commercial risk, coverage analysis, insurance policy reliability, management of legal drafting, disclosure, placement procedures and conduct, and insurance governance standards. It contributed heavily to the law reform process for the Insurance Act 2015.

Press Release: FERMA and Lloyd’s Launch 3rd Edition of Training Programme

6 October 2015

The President of the Federation of European Risk Management Associations (FERMA), Julia Graham, and Lloyd’s Head of Europe Benno Reischel today (6 October 2015) launched the 3rd edition of the FERMA-Lloyd’s Professional Development Programme at the 2015 FERMA Forum now taking place in Venice.

The FERMA programme, targeted at promising European risk managers, is comprised of three, two-day sessions over the course of a year and provides a mix of practical and interactive sessions. Topics covered include: Lloyd’s and the London insurance market, risk management, exposure management, performance management, international markets, emerging risks, the international regulatory context and claims management.

Benno Reischel, Lloyd’s Head of Europe, who coordinates the programme said: “I am delighted to be launching the third training programme at the FERMA Forum. So far more than 40 risk managers from 14 different countries across Europe have taken part and the feedback has been excellent.

“We want to make sure risk managers can access the knowledge and experience they need to support them in their jobs. This programme gives them a great opportunity to learn about how insurance can support their business and share knowledge across borders and industries. We are looking forward to receiving the new delegates for the third edition in 2016,” said Benno.

Also as a result of demand, FERMA and Lloyd’s now also envisage a ‘masters’ day’ in the third quarter of 2016 when experienced risk managers can meet senior representatives of the London market to share knowledge and understanding.

Julia Graham said: “This programme has been such a success with promising risk managers that we have been asked to find a way of extending it to experienced risk managers across Europe, and we are working with Lloyd’s to develop the masters’ day.”

Aysan Sinanlioglu, Chief Risk Officer at Dogus Group, Turkey said: “This has been one of the best things I have done for my professional growth in recent years. The programme is not just about the Lloyd’s market, it is in fact equally focused on learning about the London insurance market and the global insurance market.

“In addition to building on intelligence about how to access the Lloyd’s and London insurance market, and better management of our insurance programmes, I am pleased to have connected with over 20 European experienced risk managers from all kinds of industries.”

Notes to editors:

  • The third edition of the FERMA-Lloyd’s Professional Development Programme will take place at Lloyd’s, with three sessions in 2016.
  • Delegate selection is made by FERMA and applications can be made here: ferma.eu/lloyds

Press contacts:

Lee Coppack, FERMA media coordinator lee@coppack.co.uk

+44 7843 089904 (4-11 October) /+44 208 318 0330

Patricia Gondim, Lloyd’s senior communications manager Europe

Patricia.Gondim@lloyds.com

+44 20 7327 5023

About Lloyd’s

Lloyd’s is the world’s only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks.  Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2015, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd’s, covering all lines of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the UK Prudential Regulatory Authority and Financial Conduct Authority.


Travel Risk Management 2015: European Trends

Globalisation has increased mobility of people. Today, many workers from junior to senior positions travel for business. Travelling involve expenditures, risk and opportunities for the organisation that need to be well managed to maximise the result. FERMA and International SOS are, therefore, currently working on the creation of a joint paper called “Travel Risk Management 2015: European Trends – Understanding Health, Safety and Security risk management for work-related international travel and assignments”. Continue reading


Risk managers across Europe urged to prepare for new UK insurance law  

6 October 2015
The Federation of European Risk Management Associations (FERMA) today publishes a guide for risk managers across Europe on the implications of new legislation that will change the legal framework for commercial insurance in the UK. Produced jointly with insurance governance specialists Mactavish, Changes in UK Insurance Law – An Introduction for European Businesseswarns that the UK’s Insurance Act 2015 will affect buyers across Europe, because of the large amount of international insurance and reinsurance business placed in the London insurance market.
 
FERMA president Julia Graham said: “The Act will bring significant additional direct and indirect benefits to businesses that arrange insurance in the UK. However, to get these benefits, European risk managers will need to understand the substance of the reform and adapt their practices in response.”
 
The law, which comes into force next year, is the most important new law affecting commercial insurance in the UK for more than a century. It provides buyers with valuable extra protection, meaning that insurers will no longer be able to use technicalities or trivial breaches of contract to turn down claims on policies purchased in good faith. At the same time, it places an enhanced burden on buyers to present underwriters with accurate information that provides a fair and detailed picture of their organisations’ risk profile.
The guide provides an overview of the legislation and its implications for risk managers, as well as a check-list of things for them to consider.
 
David Hertzell, who as former Law Commissioner was responsible for overseeing the new legislation and is now with Mactavish, says the Act will encourage greater professionalism in the market. Those buyers who rise to the challenge stand to derive significant benefits in terms of better designed policies and greater certainty that large claims will be paid, he says.
 
According to Mactavish CEO Bruce Hepburn: “By compelling businesses to understand their risk in more detail and shifting insurers’ focus towards clarifying and defining coverage, the Act is expected to drive increased innovation in bespoke coverage design.  To benefit, however, buyers and their brokers will have to be alert to the implications of the new law. This guide has been written to help them do so.”
 
Changes in UK Insurance Law – An Introduction for European Businesses
is available from:
Mactavish website at: www.mactavishgroup.com
 
 
 
Press contacts:
Lee Coppack, FERMA Media Coordinator lee@coppack.co.uk     
+44 7843 089904 (4-11 October) /+44 208 318 0330
 
Tom Miskin, Senior Analyst, Mactavish – tommiskin@mactavishgroup.com,
+44 208 834 1621
 
 
About FERMA
The Federation of European Risk Management Associations (FERMA) brings together 22 national risk management associations in 20 European countries. FERMA has 4300 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), 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). 
 
About Mactavish
Mactavish specialises in the analysis of commercial risk, coverage analysis, insurance policy reliability, management of legal drafting, disclosure, placement procedures and conduct, and insurance governance standards. It contributed heavily to the law reform process for the Insurance Act 2015.
 

Certification launch with rimap

FERMA launches first professional Certification for European risk managers with award ceremony

Today (5 October) the Federation of European Risk Management Associations (FERMA) formally launched its programme of European Certification for professional risk managers.  It is the first such designation and is designed to reinforce the standing of the profession in Europe.

FERMA’s Certification, called rimap®, will provide independent confirmation of the professional competences, experience and standards of individual risk managers, and accreditation for the risk management programmes of educational bodies. rimap® rests on four pillars: knowledge, experience, continuous professional development (CPD) and a code of ethics.

FERMA has marked the occasion at the opening of its 2015 Risk Management Forum in Venice today with the award of Founder Certification to individuals in the risk management community who have been responsible for the creation, development and initial testing of the essential elements of Certification. They will be ambassadors for rimap®. FERMA intends to open applications for Certification in early 2016, with the first awards expected in the spring.

At the launch, FERMA board member Michel Dennery, Chair of the FERMA Certification Steering Committee, said: “Today, there is a strong expectation from stakeholders about risk management; that is why we have created the first high level pan-European recognition of the profession of risk management that will respond to these expectations.”

Prof. Karel Van Hulle, Chairman of the Insurance and Reinsurance Stakeholder Group of EIOPA, welcomed the launch of rimap®. He said: “The financial crisis showed clearly the need for good risk management. It is in the interest of all stakeholders that firms attach great importance to the timely identification, evaluation and management of their risks and to the mitigation of those risks. Risk management should have a higher status in our educational institutions. I welcome the fact that FERMA has taken up this challenge and I hope that the initiative will be successful.”

FERMA also unveiled the Certification programme brand and logos.

Print Print rimap_H-logo-licensed-CMYK

As well as the first rimap leaflet, rimap Body of Knowledge, rimap Continuous Professional Development and rimap Code of Ethics:

Members of the FERMA Certification Steering Committee

Chair:

Michel Dennery, FERMA board member, member of AMRAE (France)

Julia Graham, President of FERMA, member of Airmic (UK)

Jo Willaert, Deputy President, FERMA, member of BELRIM (Belgium)

Isabel Martínez Torre-Enciso, Vice President of FERMA, board member of AGERS (Spain)

Florence Bindelle, Executive Director, FERMA

Advisers:

Marie-Gemma Dequae, FERMA technical adviser

Pierre Sonigo, project mentor

Julien Bedhouche, FERMA European affairs, project manager

Full press kit also includes:

Certification Note for Forum
rimap Advert

And visit http://rimap-certified.org/ for a full tour of the rimap programme

Press contacts:

Lee Coppack, FERMA Media Coordinator lee@coppack.co.uk

+44 7843 089904 (4-11 October) /+44 208 318 0330

For photographs: email administration@ferma.eu  for an invitation to the Dropbox folder.

Julien Bedhouche, FERMA European affairs, julien.bedhouche@ferma.eu   +32478286620 (4-7 October)/ +3227619433


“Good risk management is not a burning platform but the eternal flame”

5 October 2015

“Good risk management is not a burning platform but the eternal flame”: Generali Group CEO Mario Greco tells opening of 2015 FERMA Forum

The Federation of European Risk Management Associations (FERMA) opened this morning in Venice Lido its 2015 Risk Management Forum, with an audience of more than 1600 risk and insurance professionals from across Europe and beyond. The forum is the largest pan-European event for the risk and insurance management community and takes place every other year in a different European city.

The President of FERMA, Julia Graham, gave the opening address followed by a welcome from the President of the Italian Risk Management Association ANRA, Alessandro De Felice. The opening keynote speech came from Mario Greco, Group CEO of the event’s diamond sponsor, the Italian-based international insurer Generali Group.  The theme of the conference is ‘Living and Working in a Riskier World, build on the framework of three themes: ‘Profession, Innovation and Diversity’.

Mario Greco, the Generali Group CEO stated: Mario Greco_3
“In this evermore complex world, the nature of what risk managers do has become a core business function. Managing risks should influence everything from strategic decision-making to day-to-day interaction with customers, regulators or suppliers.  Good risk management is not a burning platform but the eternal flame.”

Talking about the role of companies like Generali, he added: “Industry should play its part in providing new ways of approaching problems as well as innovative solutions to them”.  In commenting on Generali’s participation as a Diamond Partner for FERMA, he said: “We are delighted to be part of this network and we greatly look forward to the collaboration with other industry professionals who are brought together by the FERMA association. FERMA plays a key role in promoting and supporting the development and use of risk management, insurance and risk financing in Europe.  Our investment in this forum reflects our conviction that partnership is a key element for finding solutions to the problems of today’s interconnected world.”

 Julia Graham, the President of FERMA, thanked J Graham resizedGenerali and the other sponsors who make the Forum possible. She continued: “The title of this FERMA Forum is Living and Working in a Riskier World.  Since FERMA celebrated its 40th anniversary in 2014, our world has changed, and perhaps instead this Forum should be called ‘Living and Working in a New and Riskier World’. In this new and riskier world, our profession is thriving and ready to seize opportunities to take a bigger role in advising and leading risk management in organisations, and this is reflected in FERMA’s strategic objectives and the Forum programme.

According to Julia, the new and riskier world is characterised by:

  • Increasing domination of intangible assets, such as intellectual property and brand value, over tangible assets. Managing such intangible risks needs different knowledge, skills and solutions.
  • Massive dependency on systems connectivity with integrity, value creation through new business models, new technologies and ever escalating speed to bring these to market.
  • Special geopolitical issues in Europe, including the challenges of large scale population migration, and the continuing effects of failed corporate governance. Nor is Europe immune from other global risks.

“Risk managers, insurers, brokers and those who support managing in this new and riskier world, must come to terms with this or face extinction.  The corporate history of those who did not adapt reminds us that survival of the fittest remains a true statement.”

Julia concluded: “Risk managers no longer just monitor, but have the opportunity to lead – we are no longer practitioners of a discipline, but practitioners of a profession. Professional Certification which we will launch this morning is a key strategy for FERMA in that transformation. We also are part of a profession that is packed with young and new risk managers with a level of risk education that many of us have only dreamed of, and one in which there are great women risk leaders today and more developing for tomorrow.”

Welcoming the FERMA Forum to Venice, Alessandro de Felice, the President  ANRA said that brining to Forum to Italy is an opportunity to strengthen the links between the Italian risk management community and colleagues from across Europe.

He said: “It will help us reinforce the position of risk management in the corporate governance of companies in Italy. For us, it is also an opportunity to spread interest in the culture of risk management to the many small and medium sized companies that make up much of the Italian economy. The Forum also highlights the way that membership of

FERMA gives ANRA and the other national associations a strong collective voice in Europe. Our profession and the development of risk management in corporate governance is already and must continue to be strongly interconnected through the European countries, as recent event are demonstrating”.

Press contact:

Lee Coppack, FERMA media coordinator

Tel: +44 7843 089904 (to 12 October) or +44 208 318 0330

lee@coppack.co.uk

GENERALI

The Generali Group is one of the largest global insurance providers with 2014 total premium income exceeding €70 billion. With 78,000 employees worldwide serving 72 million insured persons in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia. Generali ranked among the world’s 50 smartest companies in 2015 according to the MIT Technology Review. Generali is the only insurer to be listed.

Generali-Nuovo-Logo-HiRes

Generali Group

Media Relations

T +39.040.671577

media@generali.com

www.generali.com


FERMA to facilitate the access to Axco database Insight Risk Manager

Global companies seeking the benefits of international insurance programs must navigate staggering complexities in the placement, structuring and delivery of these programs.

Axco

 

Regulatory requirements create gaps and uncertainty for global companies by inhibiting effective delivery of risk pooling, loss protection and claims handling services.

Insight Risk Manager is a database tool designed by Axco with risk managers, specifically for risk managers. It holds crucial intelligence in one place, clarifying the complexities and grey areas relevant to local compliance and regulatory insurance requirements, policy conditions and payment terms. Information is delivered in a Question and Answer format, through an easy to use and intuitive online portal, which allows users to choose both the information most relevant to them and the way in which they view it.

IRM Screenshot

Based on a solid track record of implementation in the UK with AIRMIC and in the US with RIMS, FERMA is now supporting an initiative with Axco to make the database available to the FERMA member associations. Delivery of the complimentary membership benefit to their risk manager members will require active take-up by each individual association, a process which will be encouraged and facilitated by FERMA.

FERMA is convinced that the expert content delivered through Insight Risk Manager will equip European risk managers with a competitive tool to help address the key compliance concerns in the purchase of multi-national insurance programmes .
FERMA will support its member associations on the path to make Insight Risk Manager available online for their members and FERMA will work actively to ensure that through a relationship between FERMA, Axco and FERMA member associations, the database continues collectively to meet FERMA member needs.