Monthly Archives: October 2016

Non-Financial Reporting Directive on the finishing line

Capture cover consultation

FERMA made a position statement to the Commission on the content of the future guidelines in April.

On 27 September, FERMA took part in a one-day workshop in Brussels with other stakeholders to finalise the key features of the guidelines on implementation of the EU Non-Financial Reporting (NFR) Directive.

FERMA believes that the guidelines should help organisations report risks on non-financial elements by using an enterprise risk management (ERM) approach.

They should go beyond the underlying principles of the NFR Directive and refer to frameworks, based on a level of practicality and acceptance by the business community.

In this respect, FERMA will argue that the work of our national risk management associations should be recognised as relevant frameworks that will facilitate the disclosure of risks for non-financial elements.

These include the “Risk Manager Framework” developed by AMRAE and the “Structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000” developed by Airmic in collaboration with the public sector risk management association Alarm and the Institute of Risk Management (IRM).

The deadline for the EU member states to transpose the NFR Directive is 6 December 2016. Large organisations falling under the scope of the Directive will then start to apply its provisions for the 2017 financial year.

For an illustration of managing a non-financial risk, see our expert view on modern slavery in supply chains here



Shortlist announced for FERMA & CRE European Risk Management Awards

The shortlist for the inaugural European Risk Management Awards’ Excellence in Risk Management categories has been announced following deliberation by the judging panel at last week’s FERMA Seminar.

The Excellence in Risk Management awards aim to reward high achievement and innovation. As joint hosts of the European Risk Management Awards, both FERMA and Commercial Risk Europe hope these categories will encourage risk managers, insurers, brokers and other service providers.

A 10-strong team of judges, comprising prominent members of FERMA national associations and IFRIMA, have been deliberating the entries for a number of weeks.

The expert judging panel is made up purely from the risk and insurance management community to ensure the awards are designed for risk managers, by risk managers. The panel consists of:

  • Juan Carlos López Porcel, President, Agers
  • Julia Graham, Technical Director, Airmic
  • Gaëtan Lefèvre, President, Belrim
  • Helle Friberg, Darim
  • Gilbert Canameras, Secretary General, Ferma
  • Gilbert Van den Eynde, GvW
  • Carl Leeman, President, Ifrima
  • Slawomir Pijanowski, President, Polrisk
  • Sabrina Hartusch, President, Sirm
  • Niclas Nelson, President, Swerma

Following a meeting at the FERMA Seminar in Malta last week they have now compiled a shortlist for award categories

The 2016 Excellence in Risk Management shortlist is as follows:

Risk Manager of the Year

  • Belgium, Olivier Moumal, Director Audit and Risk, The Proximus Group
  • Denmark, Kristine Raffel, Group Risk Manager, CPH, Copenhagen Airports Ltd
  • Finland, Heljo Laukkala, Vice President, Corporate Risk Management, Metso Corporation

Rising Star of the Year

  • France, Phillipe Cotelle, Risk Manager, Airbus
  • Spain, Elena Gil, Risk Manager, INECO
  • Switzerland, Pauline Davoust, Risk Manager, Gate Group

Risk Manager Lifetime achievement

  • Czech Republic, Jana Bicanová, Risk Manager, Česká telekomunikační infrastruktura a.s
  • Germany, Hans Jörg Schill, Risk Manager, Airport Assekuranz Vermittlungs-GmbH
  • Spain, Ignacio Martinez de Baroja, Risk Manager, HISPASAT

Innovative Insurance Programme of the Year

    • Belgium, Michael Dehert, Risk Manager, The Brussels Airport Company
    • Czech Republic, Branislav Lacko, Risk Project Analysis, Technical University of Brno
    • Spain, Luis Ros Arnal, Risk Manager, ENAGÁS


The shortlist for companies nominated for each of the seven customer services categories is as follow:

Captive Management Solution of the Year

      • AIG
      • Willis Towers Watson
      • Zurich

Insurer Innovation of the Year

      • AGCS
      • AIG
      • Swiss Re Corporate Solutions and SBB Insurance AG

Broker Innovation of the Year

      • Aon
      • Arthur J Gallagher
      • Marsh

Emerging Risk Solution of the Year

      • AIG
      • AXA
      • Swiss Re Corporate Solutions

Global Programme of the Year

      • AIG
      • International SOS
      • Zurich

Technological Innovation of the Year

      • AXA
      • Munich Re & Beazley
      • RSA & MSM Software Solved
      • Zurich

Claims Innovation of the Year

      • AIG
      • Chubb
      • Crawford & Company

FERMA and CRE would like to congratulate all of the shortlisted firms. Since the awards were launched in May, there have been over 80 nominations. It is therefore no mean feat and a significant achievement to reach this stage in proceedings.

The winners of the Excellence in Customer Services categories, as well as the Excellence in Risk Management and Industry Leadership designations that make up the European Risk Management Awards, will be announced at a gala dinner on 6 December at Le Plaza Hotel in Brussels

We are delighted by the number of nominations we have received from across Europe and would like to thank all our national member associations that helped us compile such a high calibre list of candidates

The great response to the awards, suggests that the whole risk management and transfer industry supports our aim of raising the profile of the risk profession and highlighting the value FERMA members bring. The fact that the industry has embraced the event bodes well for the future of the risk and insurance management profession, as well as the partnerships needed with risk transfer providers to deliver better solutions.

Ferma and CRE hope to see many of you there for what will be a fun and important night in the risk management calendar.


Get a feel of the FERMA Seminar 2016 atmosphere

Innovative sessions and inspiring speakers made of the 2016 FERMA Risk Management Seminar a big success.  We would like to thank all our participants, speakers, partners for their support!


Risk managers are developing strategic role and wider view of risks, survey finds

European risk managers are taking a more strategic role in their companies with increasing access to top management levels and the board. Against this background, they have a wider vision of the risks that could affect the ability of business to achieve its objectives.European Risk & Insurance Report 2016

These are the key conclusions of the 8th European Risk and Insurance Survey conducted by the Federation of European Risk Management Associations (FERMA) and reported in the FERMA European Risk and Insurance Report. The report was published on 4 October 2016 on the occasion of the FERMA Seminar taking place in Malta.

More than half the 634 respondents to the survey are becoming:

  • involved in implementing risk culture across the organisation (68%),
  • developing risk management as a part of business strategy (62%) and
  • developing business continuity and other crisis response (59%) programmes,
  • and two-thirds report to the board or top management level.

The survey shows rising concern among risk managers about economic conditions and business continuity disruption since the previous FERMA survey in 2014. Together with political and country instability, these are regarded as the three top risks to businesses. Digital risks – cyber-attack/data privacy and IT systems and data centres – also increased in importance in 2016.

Jo-WillaertThe President of FERMA Jo Willaert commented: “From this survey, we see that risk managers are moving into a position where they are helping embed risk management into the business model and culture of their organisations. They are taking an enterprise wide vision of risks, including the wider business environment, and the majority report to a chief officer or the board.

Respondents also indicated they want additional expertise and techniques, such as scenario analysis and post-event lessons learned, to enhance insight into the nature of the complex risks facing their companies. As a result, they are looking for their advisers, brokers and insurers to go beyond transactions and provide support in such activities. For example, risk control and transfer remain a day-to-day responsibility for the great majority of risk managers (86%), but loss prevention has become the top priority.

Digital and cyber risks are, not surprisingly, a rising concern and risk managers are looking for a greater partnership with insurers on loss prevention and incident management. The purchase of standalone cyber risk coverage has grown since 2014, but two-thirds of companies still do not buy such protection.

There is work to be done here in strengthening our resilience to these constantly evolving risks. FERMA has always emphasised that they are enterprise risks, and the survey shows that we need closer relationships between the risk management and IT functions. We are also looking for a partnership with our advisers, brokers and insurers to strengthen our resilience and management of incidents,” said Jo Willaert.

In terms of risk managers’ European objectives, the survey revealed three clear priorities for FERMA: establish official recognition of the risk manager, advise on data protection regulations and present risk managers’ views on increased corporate reporting and transparency requirements.

Said Jo Willaert: “The findings of this report, combined with FERMA’s mission and strategy adopted at our general meeting in June, will shape our activities over the next two years, including the continuing development of our professional certification programme rimap®.

The full European Risk and Insurance Report and supporting documents are available on the FERMA website at and also on Slideshare here below:

Press contacts:

18 risk managers receive first rimap examination certification

The Federation of European Risk Management Associations (FERMA) this evening presented the first qualifications by examination in its professional programme rimap® to 18 risk managers during a ceremony at the FERMA Seminar now taking place in Malta.rimap_H-logo-certified-RGB

A total of 22 risk managers sat the two-hour examination earlier in the day. They were the first risk managers to qualify by examination.

Michel Dennery

Michel Dennery

Michel Dennery, chairman of the rimap® programme, presented the awards and congratulated the successful candidates. He said: “Delivering a first rimap examination in 2016 has been a key objective for FERMA that is now achieved. The first certified risk managers will be seen in the future as the pioneers in the new standard for the risk manager’s profession.

Rimap provides independent confirmation of the professional competences, experience and standards of individual risk managers, and accreditation for the risk management programmes of educational bodies. Certification rests on four pillars: knowledge, experience, continuous professional development (CPD) and a code of ethics.

Julia Graham

Julia Graham

The examination consisted of 100 questions based on the rimap Body of Knowledge. To prepare themselves for the examination, candidates were recommended to read the eight risk management documents that inspired the rimap examination questions, which are available online.

The questions have been written by a team of 7 European risk managers from 5 FERMA member associations. It has been a challenge to find consensus sometimes but it is also what makes rimap different and quite unique. It is a risk management examination designed by risk managers for risk managers, and for their company who want to rely on an effective risk management!” said Julia Graham, member of the rimap® steering committee and Knowledge team.

Isabel Martinez

Isabel Martinez

The examination is the latest of the milestones passed by rimap since it was launched in October 2015:

-Creation of the Body of Knowledge
-Accreditation of the first six education programmes
-Licensing of the first programmes for rimap CPD points

Isabel Martinez Torre-Enciso, vice-president of FERMA and member of the rimap® steering committee commented: “The next step is to refine the rimap examination on the basis of experience so that it reflects the complexity and diversity of the profession, and then to make the examination available for as many risk managers as possible”.

Note for journalists:  FERMA last year presented rimap certificates to 49 highly experienced risk managers who contributed to the creation of the rimap programme.


Press contacts

Ms Typhaine Beaupérin, FERMA CEO:, tel: +32 (2) 761 94 31

Lee Coppack, press contact:, tel: +44 208 318 0330/ +44 7843 089904