Tag Archives : AIG

Risk Conversation at Board level: 6th webinar with ecoDa and AIG – Risk Appetite

A Joint conference with FERMA, ecoDa and AIG

Setting up risk appetite in a more complex trade environment

 7 September at 10.30 CET

Click above for more details and complete biographies

The webinar is organized by the Federation of European Risk Management Associations (FERMA), the European Confederation of Directors’ Associations (ecoDa) and AIG.

 Keynote speakers: Sonia Cambier, Global Head of Insurance & Prevention, Solvay; Fredrik Erixon, Director, ECIPE, and Carolyne Spackman, Vice President/Chief Economist of Country Risk, AIG  

Moderated by: Jo Willaert, President of FERMA, Corporate Risk Manager, Agfa-Gevaert

The increasingly rapid evolution of the global context will continue to affect international trade in the near future. Multinational organisations have embraced globalization for decades, but threats of increasing protectionism and the fast pace of political changes, are challenging the foundation of a global economy based on free trade, multilateral agreements and political stability.

The new trade environment includes not only threats (like an increased US protectionism, the Brexit, sanctions on Qatar), but also opportunities (opening of Iran, commitment of China into the COP 21 Paris agreement) which are generating exciting perspectives for companies able to adjust their global strategy and their risk appetite.

The webinar will address the following questions:

  • How do business leaders integrate these new parameters in their strategy?
  • Has it impacted companies’ risk appetite?
  • How is this topic addressed and discussed between the board and the risk management function?
  • What are the triggers for the revision of companies’ risk appetite for operations abroad?
  • What are the perspectives for the European Union for its future model, scope and priorities and relations with countries like China?
  • Are there opportunities for European businesses in this reshaping of trade relationships?

 


Risk Conversation at Board level: 5th webinar with ecoDa and AIG – Transparency

5th joint webinar with FERMAand ecoDa/AIG dedicated to transparency in our series “Risk Conversation at Board level”

Increased Risk Reporting Requirements

09 March 2017 from 14:00 – 15:30

Click above for more details and complete biographies

Our webinar will illustrate how risk managers can support their boards in expressing the risk appetite of the organisation and provide input in the ‘annual report’ process. The EU system will be compared to the US approach.

  • role of the risk manager as a strategic advisor when it comes to respond to Board questions on transparency requirements (risk reporting, reputation…)
  • role of the risk manager about the quality of the reported data about risks, their identification, collection and assessment

A strong disclosure regime that promotes real transparency is a pivotal feature of market-based monitoring of companies and is central to shareholders’ ability to exercise their shareholder rights on an informed basis.

Over the past years, transparency has largely been the leitmotiv for regulators to require additional disclosures that goes beyond the financial and operating results of the company.

What are the costs of not being prepared (regulatory risk, reputation risk)?

 

Speakers:

  • Helle Friberg, FERMA board member
  • Alexandra Lajoux, Chief Knowledge Officer Emeritus, National Association of Corporate Directors
  • Daniel Lebègue, President of Transparency International France
  • Eric Miller, Head of EMEA tax advisory at AIG

 


4th webinar: EU/US boards’ approach to cyber risk governance: towards a common view?

eu-us-boards-cyber-risk-governance-banner
Time: Friday 14 October 2016 at 15.00 CET, 14.00 GMT

capture-cover-eu-us-boards-cyber-risk-governance

Click above for more details and complete biographies

With the exclusive presence of the Honorable John Carlin, US Assistant Attorney General for National Security.

A unique chance to get insights on the way the US federal government is supporting businesses to mitigate cyber risk.

Philippe Cotelle (Head of Insurance and Risk Management of Airbus Defence & Space, member of AMRAE) will complement the discussion with the Risk Manager’s’ perspective and the necessity to provide organisations with decision-support tools for mitigation and recommendations for risk transfer.

Other speakers include Mark Hughes (CEO BT Security), Mark Camillo (Head of Professional Indemnity & Cyber, AIG) and Roger Barker (IoD/ecoDa) to moderate the debate.

Presentations are available here below:


TAKE PART in the FERMA European Risk and Insurance Survey 2016 extended till 10th June. Help us define the risk manager profession!

XL CatlinXL CatlinWe’re glad to inform that the Federation of European Risk Management Associations (FERMA) has partnered with AIG, XL Catlin, EY, Marsh and Chubb supporting the Europe-wide benchmarking survey of risk and insurance management which started on 8 April.

The FERMA European Risk and Insurance Survey stands as the largest European survey on risk managers. This 8th edition is meant to consolidate the FERMA European Risk and Insurance Survey as a useful benchmarking tool for risk managers to offer a unique view into peer benchmarks amongst 4700 risk managers across 21 countries in Europe.

All FERMA association members should have received an invitation to participate in the survey with a link to the questionnaire. If you haven’t received an invitation, we would like to encourage you to contact Laetitia Fung at FERMA (administration@ferma.eu) giving your first and last name, business title, company, country and email address and you will receive a personal link by email. For your information: the survey can be completed in 25 minutes and most questions are optional.

FERMA’s intention is to create a reference work for risk and insurance managers throughout Europe that will also provide a tangible basis for reporting to senior management on risk management. We hope for the participation of as many risk managers as possible to make the results truly representative of the views of risk and insurance managers across Europe.

To create the 2016 survey, Commercial Partners have extensively worked with FERMA, its member associations in 21 countries and other selected industry partners. Based on this collaboration, the survey will ask risk and insurance managers for their views on the most significant risks of today, evaluation, associated costs, emerging risks and insurability, risk management governance, compliance etc.

The survey is open until 27 May. An independent company will collect and analyse the responses. The results will form the basis of the second FERMA European Risk and Insurance Report, which will be published at the FERMA Seminar in Malta on 3 & 4 October 2016.

Download this publication in PDF Format


Risk Conversation at Board level: 3rd webinar with ecoDa and AIG

Banner 24 March 2016 v2
3rd joint webinar with ecoDa/AIG and FERMA dedicated to cybersecurity in our series “Risk Conversation at Board level”

PART II – Cyber Security: the mitigation strategies – how to identify, assess and mitigate cyber risks.

24 March 2016 from 10:30 – 12:00

Click on the image to read the speaker' bios

Click on the image to read the speaker’ bios

What level of awareness should Boards have? How much time should Boards spend on cyber/risk management issues?

The Risk Manager must be responsible, as for others risks, for the quantification aspect of cyber security. It is a necessary step towards understanding and managing the exposure of the company. He/she should act as a facilitator between the Board and the operational department (IT, Finance, Legal and other functions).

  • How can Risk Managers bring unique added value in identifying and quantifying risk exposure?
  • When an interrelationship exists between the Risk Manager and the CIO (Chief Information Officer) or their equivalent, is it complementary and symbiotic?
  • To whom should the Risk Managers report the exposures, the liabilities, and the potential correlations or interconnections with other risks?
  • How would they propose relevant mitigation strategies to be endorsed by the operational departments and the Board?

In case of a claim, how should the confidentiality of critical information be managed when it is provided to multiple stakeholders (insurers, brokers, loss adjusters, public authorities)? Are the companies ready to grant access to their confidential systems and processes to those third parties?

This is a key subject to unlock the cyber insurance development and to support the economic growth the Digital world is bringing to Europe.


Risk Conversation at Board level: 2nd webinar with ecoDa and AIG

The second webinar dedicated to data protection and cybersecurity in our series “Risk Conversation at Board level”

PART I – How to adapt the risk governance to the changing regulatory landscape for personal data ?

23 February 2016 from 10:30 – 12:00

 

Speaker Biographies

Speaker Biographies

The two parts of the webinars are:

Webinar PART I Data Protection – how to adapt the risk governance to the changing regulatory landscape for personal data (Data Protection Officer, breach notifications, sanctions, hosting, transfer and treatment of personal data)?

Webinar PART II Cyber security – managing the consequences. How to identify, assess and mitigate the cyber risks? What should be the level of awareness of the Board? The Insurance part: the US example led by the existing regulations (mandatory breach and IT incident notification…)

The good management of data is now an essential part of the business model of many organisations. But with new dependencies linked to the increased use of external hosting, collection, treatment and transfer of data, it is also posing heavy challenges legal, IT and strategic issues.

If it is no longer a pure IT or legal issues; who is required to take the strategic decisions to allocate the right resources (staff and budget)? What role for the Board?

Should data protection be higher on the Board agenda?

How the Board members should get the right information on the specific data risks of their organisation to be in a deciding position?

Who will be the interface between the practical concerns and the need for strategic decisions?
Is there a role for the risk manager as the instrument to collect, consolidate and analyse the relevant information related to the data protection and the cybersecurity of the organization?


Risk Conversation at Board level: new webinar with ecoDa and AIG

webinar ecoda AIG FERMA

Time: January 29th 2016 from 10:30 to 12:00
Interested? Please send your request to xiaoji.zhang@ecoda.org

Building a robust corporate culture through organisational design
– central control or local empowerment?

To continue with the work started in 2015 (Board Governance and Emerging risks in the 21st Century, 10 July , Brussels), FERMA, ecoDa and AIG will organise a series of webinars in 2016 about the Risk Conversation at Board level

Developing a productive corporate culture is a key task facing large organisations:

  • Is it better to achieve this goal by imposing strong control over regional business units from head office?
  • Or should local or outsourced business entities have the power to make their own decisions and manage their own risks?
    Does a silo structure get in the way of developing a unified corporate culture, as argued in a recent book by FT journalist Gillian Tett?
  • Or is a better corporate culture created by a flat, non-hierarchical organisational framework?
1st Webinar Biographies

Click above to see the bios

Speakers will include Gilles Hilary (INSEAD), Riitta Mynttinen(Finnish board member), Carolyn Dittmeier (Chair of audit committees)

WEBINAR DETAILS
The conference will use the GoTo Webinar system, which is a Citrix based tool. Please use the below link to ensure you have the requisite level of IT system requirements:

View System Requirements

Upon indicating your interest in attending the webinar to xiaoji.zhang@ecoda.org, you will be emailed back an invite entitled “Join us for a joint conference with ecoDa/AIG and FERMA”.

Please use the link contained within the email to register for the webinar so that you will be able to ask questions and contact the Administrator, this will take about 1 minute to complete. You will need to complete the registration process before the scheduled date of the webinar to ensure seamless access to the tool on the day.

You will then receive an automated email confirming your participation in the webinar. From this email you will be able to add the date and time to your calendar, and also give further instructions on audio options when connecting to the webinar.

One hour before the webinar is due to begin, you will receive a reminder email with the link to access the webinar contained within.


Risk Governance Conference in Brussels “Board Governance and Emerging Risks in the 21st Century”

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.

FERMA ecoDa AIG - Risk Governance Conference v2

The Summary Report is now available

PRESENTATIONS AVAILABLE HERE:

 

Through a mix of expert panels and Q&A sessions, the half-day conference in Brussels looked at two broad themes:

final program

Click above to open the program

How do companies organise,inform and prioritise the Board level conversation on risk?

– In what ways do risk managers and directors interact and communicate? What processes and structures work most effectively?
– What do Boards and risk managers expect of each other? Are those expectations reasonable and what does good look like in the relationship?
– What are the comparative advantages of audit and risk committees as the forum for addressing risk issues in a company?
– What level of competence and awareness of risk do directors need to have to fulfil their obligations?

Are companies correctly identifying the most important emerging risks?
– How are risks identified and defined?
– What tools are available to Boards in selecting which risks to prioritise and focus on?
– How valuable is structured scenario planning?
– How can input from risk experts and scientists be managed most effectively?
– How can Boards proactively manage emerging risks in the light of new regulation, governance and enterprise-wide risk management?

The conference is taking place at a time when the fast pace of innovation is showing the limitations of the risk management processes in place in many companies.

Managing risk in an increasingly globalized, dynamic and complex context demands new thinking and approaches. Getting the conversation on risk right is an existential imperative for companies today.

This major conference highlighted the importance of the dialogue and partnership between risk managers and directors. It provided participants from both sides of the debate with essential insights into how that partnership can be made successful.


Cyber insurance market: incentives and improved cybersecurity for organisations

French and British initiatives are taking the role of insurance for cyber risks into account in their national strategy for cybersecurity.

In June 2014, the UK Government launched a joint initiative with some major British insurers to increase the level of IT security in UK companies. Called the Cyber Essentials scheme, it is based on certificates and will ensure that certified organisations have a certain amount of security measures in place. Cyber Essentials has been developed in close consultation with the insurance industry and is backed by AIG, Marsh, Swiss Re, the British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA). Continue reading