Tag Archives : Newsletter 55

Learning from military experience: Anticipation as a risk management principle

Retiring as a French Air Force four star general in September 2011, Gilles Desclaux set up his own
consultancy company GDC2. He is also an outside director to Thales Raytheon Systems and defence adviser
to Ernst & Young France. In his keynote address at the FERMA Forum on 2 October, he will tell risk managers
about the importance of ‘anticipation’.

He responded to some questions from FERMA. Continue reading

FERMA Newsletter 55 (Table of Contents)

FERMA Newsletter 55 (September 2013)
Download Newsletter 55
September 2013

Table of Contents

Windmills, tulips, skating and orange!

Windmills, tulips, skating and orange – these are the things that pop up in people’s mind when they think of Holland.

It will not surprise you that the traditional windmills so familiar from Dutch paintings are now outnumbered by the modern versions producing ‘wind energy’, but tulips (and flowers in general) are still a key export product, and skating (on ice) is still our favourite sport in the winter. Continue reading

Letter from Brussels

As we gear up for the final preparations for the Forum which starts on 29 September, I realise that this has probably been FERMA’s most active year ever. In addition to the Forum we held a joint event with the European law association AIDA Europe in Paris in June to discuss very topical insurance law issues, such as trade embargoes. We worked with Harvard Business Review Analytics and insurer Zurich on three research projects covering cyber risks, environmental risk management and risk management leadership. Continue reading

Countdown to the Forum

For me it’s been a busy summer as all the work we’ve been doing to prepare for the Forum has come together. One of the most important jobs has been putting together the content for the printed programme. This has meant collecting descriptions, final speaker confirmations, maps and images, checking the listed timings and occasionally having to change them. Continue reading

2014 Benchmarking Survey, Seminar Plans Underway

The 2014 FERMA Risk Management Benchmarking Survey will be “innovative in form and content,” says FERMA board member Cristina Martinez, the survey project leader.

The aim, she says, is to add practical and quantitative information, such as salaries, cost of insurance and loss records, to the established questions showing “what everyone is doing.” Continue reading

FERMA to publish a library of acronyms

Acronyms are those short forms made up of the initial letters of a word or phrase. Think of RIMS, ecoDA, ERM, BI and PD. Sometimes it’s easy to understand what they stand for, but sometimes it’s not. FERMA board member Helle Friberg has, therefore, launched the idea of creating a library of acronyms on the FERMA website. She hopes to announce it on the opening day of the Forum. Continue reading

ECIIA explains the challenge of avoiding a risk and control patchwork

Organisations risk creating a dysfunctional patchwork of risk and control functions unless they have an integrated approach to risk management and assurance with a clear definition of responsibilities and coordination by the governing body.

As FERMA benchmarking surveys confirm, ever increasing compliance requirements and business complexity have driven companies to establish risk management and assurance functions. Continue reading

A common thread: mandatory financial security for industrial accidents

Mandatory financial security for specific industrial activities has this year become the focus of three initiatives from three separate Directorates General (DG) of the European Commission: Environment, Energy and Internal Market & Services.

These initiatives clearly have a common thread; the Commission wants to convince member states that there is a necessity for mandatory, pan-European financial security schemes to cover the consequences of industrial accidents. It is also looking at funding for the consequences of natural and man-made disasters. Continue reading

Solvency 2 waits for agreement on long-term guarantee valuations

This autumn, the European Parliament and Council along with the Commission will discuss, in what they call a ‘trialogue’, an effort to adopt the Omnibus 2 Directive, which is itself an update of Solvency 2.

The topic currently delaying progress on adoption of the directive is long-term guarantee products. How should financial instruments with a life span of 20, 30 or more years be valued in the current economic environment while respecting market-consistent valuation which is at the core of the Solvency 2 philosophy? Continue reading