Tag Archives : Marie-Gemma Dequae

FERMA Survey to reveal 10 years’ development in risk management

 

 

 

On 3 and 4 October, FERMA will reveal the results of its 2016 FERMA European Risk and Insurance Survey – and risk managers will be able to see how their profession has developed over the past 10 years.

FERMA launched the first pan-European benchmarking survey in 2001-2. By 2006, the survey questionnaire was generating answers from 460 companies and their risk managers. The FERMA Survey had become a real expression of the views of European risk managers and a benchmarking tool for them.

Since then, the survey has become more sophisticated with each edition. The FERMA European Risk and Insurance Report, which gives the results, is a real tool for risk managers throughout Europe to benchmark their companies’ risk management and their own roles. Comparing the 2016 results with 2006 will show how risk management has developed over these 10 years.

Jo Willaert, the President of FERMA, encourages all FERMA members to participate in the 2016 survey. “Risks have changed dramatically over this period. Risk management is now a true added-value in achieving the goals of every company, as new and exceptional exposures become a daily reality. The more answers to the survey, the more representative the voice of the risk managers will be in the European decision process.”

Ten years ago some experts were jittery about the inflated US mortgage market and soaring stock markets, but this was still the world before the financial crisis. Terrorism had already shocked the world with the attacks on the World Trade Centre in New York and on Madrid in 2004. Corporate scandals, mainly but not entirely in the United States, were making corporate governance a big issue. Legislation that followed, especially the US Sarbanes-Oxley Act, had given a new impetus to enterprise risk management.

In 2006, the FERMA Survey revealed that European risk managers saw operational risks and the business environment as the most important risk categories for their companies. Financial risks were lower down the list of priorities – and cyber risks were not even mentioned, only data systems.

Marie-Gemma Dequae, who was President of FERMA in 2006 and is now FERMA’s  scientific adviser comments: “In the 2006 survey, we see a more internal, technical focus on risk management policy and practices, without talking about embedding risk culture into all levels of the organisation.

“The relationship with top management and board was not a significant point of the survey in 2006. External reporting of risk and risk management was gradually developing, but the risk manager was not always actively involved in the process. While in 2006 there was a call for European solutions to address new risks (like terrorism) for the first time, in 2016 we expect that a large part of the survey will deal with EU priorities,” she says.

In terms of insurance, the sensitive issues 10 years ago were disclosure of broker remuneration and timely delivery of documents. Making more use of freedom of services was cited, rather than global programs.

The most important risk categories 2006
Operational 81%
Commercial 58%
Legislation 49%
Data systems 42%
Corporate governance 42%
Finance 42%
Liabilities 40%
Human resources 39%
Ethics 32%
Environmental 30%

 

Jo Willaert concludes: “The 2006 FERMA Survey shows us where we have come from. The results of the 2016 Survey will provide useful comparisons for you and your own organisation and pointers for the future. I encourage all FERMA members to take part.”

The objectives set by the first FERMA Survey in 2002 are unchanged today:

  • Identify risk management best practices in Europe;
  • Benchmark current risk management practices;
  • Start building a benchmarking tool to track the evolution in the application of enterprise risk management in Europe;
  • Provide a valuable tool for risk managers to benchmark and possibly upgrade their own organisation.

 

 

 

 


Diversity in the Risk Professions – a view from Belgium

Marie-Gemma Dequae was President of BELRIM from 1994 to 2005 and President of FERMA from 2005 to 2009. She describes her career.

The first girl of six children in a Flemish family, Marie’s first dream was to become a diplomat, but her gifts were even more mathematical and so her studies turned in a quantitative direction. She went to KUL (Katholieke Universiteit Leuven) to study economics. “In my time girls were allowed to study, but were not expected to work afterwards and had to become family managers! My father allowed me only one year of study if I did not succeed. It just made me study harder and I got a higher degree which meant I could continue my studies.” Continue reading


Corporate governance for non-corporates

FERMA’s scientific adviser Marie-Gemma Dequae and executive director Florence Bindelle spoke to the European Society of Association Executives (ESAE) in Brussels on 14 March on the subject of suitable governance models for associations and how they fit into the current legal and administrative framework in Europe. 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


European is important – to non-European risk managers

Thanks to a change in the FERMA bylaws in June, risk managers and organisations from outside FERMA member countries can now be part of the discussion about European risk issues if they have an interest in risks in Europe. Continue reading


Putting numbers to cyber risks

No risk manager can be unaware of cyber risks, but a much more difficult issue is how to put some numbers on the exposure for the specific company. This is a question that risk committees and boards are increasingly likely to ask. Their concern is growing, as FERMA’s work with Zurich Insurance and Harvard Business Review shows. Continue reading


Interview with Marie Gemma Dequae

Interview with Marie Gemma Dequae, Scientofic Advisor, FERMA Continue reading


Marie Gemma Dequae joins IRM board

FERMA’s scientific advisor Marie Gemma Dequae has joined the board of directors of the Institute of Risk Management (IRM), the enterprise risk management education body. She was President of FERMA from 2005-2009 and a board member. Continue reading


Commission wants to extend risk reporting requirements

The European Commission wants to put forward a proposal this year to extend the reporting requirements for companies with regard to their management of non-financial risks by amending the Accounting Directive. Continue reading


Marie Gemma Dequae to join IRM board

The Institute of Risk Management (IRM) has announced that Dr Marie Gemma Dequae has been elected to its board of directors with immediate effect.
Continue reading