Tag Archives : Boards

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

 


Cyber security is an enterprise risk, FERMA tells the European Commission

Cyber security requires an enterprise-wide approach, and the risk manager’s role is to help the company achieve effective, data-based enterprise risk management, the Federation of European Risk Management Associations (FERMA) has told the European Commission.

Click above to read the FERMA response to the Commission’s consultation on public-private partnerships in cyber security

Click above to read the FERMA response to the Commission’s consultation on public-private partnerships in cyber security

In its response to the Commission’s consultation on public-private partnerships in cyber security concluded last week, FERMA stated: “Businesses have difficulties with reaching a basic level of protection often due to a lack of risk insights and data driven risk mitigation.”

FERMA President Jo Willaert, commented: “The boards of organisations need to understand that cyber risk is not only an IT risk; it is an enterprise risk. In that respect, we advocate a central role for the risk management function. Without being an IT specialist, the risk manager provides expert advice to support the board and the CEO. He or she is working hand in hand with the operational units such as IT, legal and internal audit.”

FERMA stressed that this overview of cyber risks across an organisation, including into the supply chain, is critical especially with the development of the Internet of Things. Using  scenario-based analysis, the risk manager can quantify the overall cyber risk exposure and validate mitigation strategies on an enterprise basis.

FERMA also argues that public intervention is necessary in order to help organisations cope with the challenge of cyber risks. It urges the development of:

  • A framework for the clarification of cross-border liabilities in cyber incidents;
  • A global set of rules for cyber risk assessment that would safeguard confidentiality in incident disclosure and insurance claims;
  • The incorporation of cyber risk governance in legislation and guidance to create an integrated approach to the threats from top to bottom of the organisation.

Jo Willaert said: “Cyber threats are now of a systemic nature. Businesses, governments and insurers, therefore, need to collaborate. We must act now.”

CONTACTS
Ms Typhaine Beaupérin, FERMA CEO: typhaine.beauperin@ferma.eu, tel: +32 (2) 761 94 31
Lee Coppack, press contact: lee@coppack.co.uk, tel: +44 208 318 0330/ +44 7843 089904
All FERMA press releases can be found here.


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.


FERMA elects Canameras and Wegener as new board members; three board members receive new mandates

The Federation of European Risk Management Associations (FERMA) has elected as board members Gilbert Canameras, immediate past president of the French risk management association AMRAE, and Dirk Wegener, Global Head Corporate Insurance for Deutsche Bank, a board member of the German association bfv and a member of the German association DVS.

Three directors were re-elected following expiry of their previous three year mandates: Jo Willaert (BELRIM), Michel Dennery (AMRAE); and Isabel Martinez (AGERS).
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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.