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FERMA Newsletter 65

FERMA Newsletter 65 (June 2015)
Download Newsletter 65
June 2015

Table of Contents

FERMA projects raise the profile of risk management across Europe

In addition to professional Certification for risk managers, FERMA is currently engaged in a number of projects that are raising the profile of risk management in different sectors and strengthening the European voice of risk managers. These fulfil the strategic actions agreed by the board in December 2014

FERMA Executive Director Florence Bindelle explains, “We have established strong policy committees composed of expert members from across Europe. The interaction with other EU stakeholders and our committees reinforces FERMA’s position as a key stakeholder in Brussels.” Continue reading

Hear insurance industry trends – from the top

One of the unique aspects of the FERMA Forum is the opportunity for risk managers to learn about current trends in the insurance market direct from senior leaders of the most important commercial insurance businesses in the world.

The timing of the Forum is particularly useful for understanding how the market is evolving because it comes just a month after the Rendez-vous de Septembre in Monte Carlo in which the insurers and reinsurers start setting the scene for treaty renewals for the following year. Continue reading

Welcome Reception – a special Venetian location

Beautiful surroundings and seriousness of purpose: these are the qualities of the venue where FERMA will welcome participants to the FERMA Forum 2015 on Sunday evening 4 October. From the Lido, we will go by boat to the Giorgio Cini Foundation set in a former Renaissance monastery on the Island of San Giorgio for our opening reception.

The foundation looks directly across the water toward St Mark’s – but this magnificent building is not a Venetian tourist attraction. Instead, it is a non-profit cultural institution which for more than 50 years has hosted important international events including G7 summits, UNESCO conferences, major scholarly gatherings and smaller specialist meetings. Continue reading

The new face of risk management – why I love my job

Four promising risk managers tell FERMA what they enjoy most about their work Continue reading

Persuade your boss that the FERMA Forum 2015 is a must

It’s a professional event. Our host is ANRA, the Italian risk management association.
The programme is created by risk managers for risk managers.
Continue reading

Letter from Brussels

I invite our members and colleagues to have a look at the FERMA Annual Report 2014. Available on the FERMA website, it is the first that we have published. The report presents our achievements during 2014 and our plans for 2015. As you will see, in 2015 we are focusing our efforts on technical, event and education developments.

Certification and our Risk Management Forum on 4-7 October are our two biggest projects, but far from the only ones. An example is the organisation of training for our members on the Environmental Liability Directive (ELD) which will take place in June. We also held an ELD meeting with other European stakeholders in Brussels in May. Continue reading

From the President

FERMA is now in the middle of one of the most exciting times – if not the most exciting time – in its history. Working together, the board and the secretariat team with support from member associations are moving FERMA to a new level in terms of its profile and influence in Europe.

Our Forum in Venice on 4-7 October will be our opportunity to showcase some of this work, especially Certification. Certification is moving steadily forward and we will launch it formally at the Forum, where we will present the first Certifications to our Founder Certified Risk Managers. The Certification Steering Committee led by FERMA Vice President Michel Dennery will present a progress report to the FERMA General Assembly on 25 June. Continue reading

Expert Views: It’s not just insurance: actuaries can help risk managers in any industry

Increasingly organisations outside of financial services are looking to model, quantify and manage risks ranging from their operational, political, environmental/weather and compliance exposures through to strategic risks.

The benefits of taking such a quantitative approach to managing these risks include: making objective cost-benefit evaluations of risk mitigation options, assessing the likelihood of achieving budgets or plans, and improving “risk-adjusted” views of return on investment (ROI).

Actuaries love nothing better than to turn complex problems like these into a model using their mathematical skills. A risk model is a mathematical representation of a system or process, based on probability distributions of the underlying risk drivers. Continue reading

Expert Views: How much safety is safe enough: risk acceptance criteria

The European Process Safety Centre (EPSC) is an international, not for profit network of major hazard operators, research institutions and related organisations who share a common goal of eliminating process safety incidents.

EPSC has recently produced a report on Risk Acceptance Criteria which explores the requirements for tolerating risk shared by various parties: just how much safety is safe enough?
Reflecting the work of the Risk Acceptance Criteria Working Group, the report is based on the experience of companies who have faced complex situations involving multiple entities sharing risks and risk management. Continue reading