Tag Archives : Risk Manager

FERMA European Risk Management Certification goes live online

The Federation of European Risk Management Associations announced that its European Certification programme is now live online. The first online examinations will start in September.

Says FERMA President Jo Willaert, “This is a major step forward in giving access to FERMA Certification to risk professionals throughout Europe. Application, registration, all educational materials and examinations are now open to any qualified risk professional through the internet.

FERMA Certification is the only European professional designation for risk managers. Developed by FERMA and its 22 national associations, it provides independent confirmation of the professional competences, experience and standards of individual risk managers. Certification rests on four pillars: knowledge, experience, continuous professional development (CPD) and a code of ethics. These four pillars ensure that knowledge is joined to experience and professional ethics.

FERMA will remain responsible for the content and approval of the candidates. FERMA’s partner, an established supplier of online insurance and risk management education ANZIIF, is providing the platform and will schedule examinations online every month from September.

Says Jo, “We are very excited about this step for Certification and its value in the continuing development of the risk management profession in Europe. The process is easy and candidates have direct access to the materials to prepare for the exam. Some of our members’ countries will also organise a physical training programme for candidates.

Click above for registration information

Interested risk professionals can find all necessary information about the FERMA rimap certification and register at http://bit.ly/2bK9fnA  

Current examination dates are scheduled as follows: 

Exam Dates
Thursday 21 September ’17
Sunday 15 October ’17
Thursday 23 November ’17
Thursday 14 December ’17

 

 Notes to journalists

 FERMA and its member associations launched the FERMA rimap Certification in October 2015. The first 18 successful candidates received their Certificates at the FERMA Seminar in Malta in September 2016. Since then, seven other candidates from Danish Risk Management association DARIM have qualified through a paper-based examination in Copenhagen on 25 January.

The exam is based on the Body of Knowledge developed by FERMA and its 22 members.

Media Contacts

Lee Coppack

FERMA media coordinator, +44 (0) 7843 089904 and +44 (0) 208 318 0330, lee@coppack.co.uk

Typhaine Beaupérin

CEO FERMA, +32 (2) 761 94 31, typhaine.beauperin@ferma.eu


FERMA publishes guidelines for BEPS on captive (re)insurance arrangements

On 20 June, FERMA has released proposed guidelines for captive (re)insurance arrangements in order to ensure a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).

Click above to read the document

 

The guidelines are meant to support national administrations when transposing BEPS actions into their national laws. They cover three areas which raised certain questions of interpretation by the OECD members during the implementation stage of the BEPS actions published in 2015: commercial rationale, substance and governance, and transfer pricing – premium setting process.

Jo Willaert, President of FERMA

FERMA’s aim in publishing this information report is to allow OECD members to assess, in a consistent manner, the compliance of captive (re)insurance arrangements with the BEPS recommendations. The report draws on contributions from all its 22 member associations. It explains the concept of captive (re)insurance companies, and for the first time, presents compiled data on premiums, profitability and taxation levels from a sample of 462 captives owned by European resident multinational companies.

The President of FERMA Jo Willaert says, The objective of such guidelines is mainly to avoid creating a patchwork of diverging national legislations inspired by BEPS. Captives serve an important Enterprise Risk Management role with true business purposes for European businesses and other organisations. Although captives are only a very small portion of BEPS, FERMA believes that national authorities should be guided in how to assess captive arrangements according to BEPS recommendations.

Carl Leeman - IFRIMA President

Carl Leeman, FERMA Board member and leader of the captive project group

 “Our document demonstrates that the main financial ratios of the captive insurance industry are in line with the traditional insurance market,” Carl Leeman, leader of the captive project group and a FERMA Board member, stresses. “The paper, enriched and approved by our 22 national associations, represents a strong consensus within the European risk management community on how captives are supporting the operations of their parent organisations.

This report is the first of its type. Although its data comes from European companies, it has global application because the BEPS recommendations are being adopted by many jurisdictions around the world. FERMA, therefore, presented the report to the International Federation of Insurance and Risk Management Associations (IFRIMA).

FERMA also discussed the paper in early June with the tax department of the OECD in the context of the upcoming Public Discussion Draft on Financial Transactions and Transfer Pricing expected this summer.

Press contacts

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


Launch of 2017 Excellence in Risk Management Awards

Nominations are now open for the second Excellence in Risk Management Awards. These four awards are exclusive to members of FERMA associations:

  • Risk Manager of the Year
  • Lifetime Achievement
  • Rising Star
  • Innovative Insurance Programme of the Year

The deadline for entries is 28 July.

The 2nd European Risk Management Awards programme will take place in London on 6 November 2017. FERMA supports the awards, made in cooperation with Commercial Risk Europe, to raise the profile of the contribution made by the risk and insurance community to the success of European organisations.

Michaël Dehert, winner of the 2016 Innovative Insurance Programme award, saw his programme tested severely on 22 March 2016 when terrorists attacked Brussels Airport. As Michaël says: “You only get to know the true meaning of policy wording, (sub-) limits and coverage during the handling of such a catastrophic claim.” Read more about his experience.


Winners of first Excellence in European Risk Management Awards

 

The Federation of European Risk Management Associations (FERMA) announced the winners of the Excellence in Risk Management Awards presented at a gala dinner held in Brussels on 6th December. These awards are part of the first European Risk Management Awards, organised by FERMA and Commercial Risk Europe, and honour four outstanding individuals for their achievements.

The winners are:

Risk Manager of the Year

Heljo Laukkala, Vice President, Corporate Risk Management, Metso Corporation, Finland (FinnRima)

Risk Manager Lifetime Achievement

Jana Bicanová, Risk Manager, founder and President of ASPAR CZ, Czech Republic

Rising Star of the Year

Pauline Davoust, Risk Manager, Gate Group, Switzerland (SIRM)

Innovative Insurance Programme of the Year

Michaël Dehert, Risk Manager, Brussels Airport Company, Belgium (BELRIM)

Discover our winners’quotes!

The President of FERMA Jo Willaert congratulated the Excellence in Risk Management winners, saying, “These awards showcase the role and expertise of risk managers. Putting a face on the profession gives it greater visibility and acknowledges the varied skills and experience of the individuals. In addition, these awards identify potential role models, encouraging a new generation of risk managers.”

Eight additional risk managers were highly commended in the Excellence in Risk Management awards.

Prizes were also presented for Excellence in Customer Service for service suppliers in seven categories and to two industry leaders. Jo Willaert told the winners of these awards: “We have a close relationship with our risk partners in the insurance industry and beyond. By rewarding those organisations that give excellent service and innovate, we encourage others to emulate them in the spirit of healthy competition. We look forward to continuing to work with them.”

Please click here to read Mr Jo Willaert’s opening speech at European Risk Management Awards Ceremony.

Other interesting links worth visiting:

  • Speech from guest speaker Mr Gérald Santucci, Adviser at DG CONNECT, European Commission here
  • Photo Gallery of ”European Risk Management Awards” Event in Brussels Plaza Hotel on 6th December here
  • Winners for Customer service categories here

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Media Contacts

Lee Coppack

FERMA media coordinator, +44 (0) 7843 089904 and +44 (0) 208 318 0330, lee@coppack.co.uk

Typhaine Beaupérin

CEO FERMA, +32 (2) 761 94 31, typhaine.beauperin@ferma.eu


18 risk managers receive first rimap examination certification

The Federation of European Risk Management Associations (FERMA) this evening presented the first qualifications by examination in its professional programme rimap® to 18 risk managers during a ceremony at the FERMA Seminar now taking place in Malta.rimap_H-logo-certified-RGB

A total of 22 risk managers sat the two-hour examination earlier in the day. They were the first risk managers to qualify by examination.

Michel Dennery

Michel Dennery

Michel Dennery, chairman of the rimap® programme, presented the awards and congratulated the successful candidates. He said: “Delivering a first rimap examination in 2016 has been a key objective for FERMA that is now achieved. The first certified risk managers will be seen in the future as the pioneers in the new standard for the risk manager’s profession.

Rimap provides independent confirmation of the professional competences, experience and standards of individual risk managers, and accreditation for the risk management programmes of educational bodies. Certification rests on four pillars: knowledge, experience, continuous professional development (CPD) and a code of ethics.

Julia Graham

Julia Graham

The examination consisted of 100 questions based on the rimap Body of Knowledge. To prepare themselves for the examination, candidates were recommended to read the eight risk management documents that inspired the rimap examination questions, which are available online.

The questions have been written by a team of 7 European risk managers from 5 FERMA member associations. It has been a challenge to find consensus sometimes but it is also what makes rimap different and quite unique. It is a risk management examination designed by risk managers for risk managers, and for their company who want to rely on an effective risk management!” said Julia Graham, member of the rimap® steering committee and Knowledge team.

Isabel Martinez

Isabel Martinez

The examination is the latest of the milestones passed by rimap since it was launched in October 2015:

-Creation of the Body of Knowledge
-Accreditation of the first six education programmes
-Licensing of the first programmes for rimap CPD points

Isabel Martinez Torre-Enciso, vice-president of FERMA and member of the rimap® steering committee commented: “The next step is to refine the rimap examination on the basis of experience so that it reflects the complexity and diversity of the profession, and then to make the examination available for as many risk managers as possible”.

Note for journalists:  FERMA last year presented rimap certificates to 49 highly experienced risk managers who contributed to the creation of the rimap programme.

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Press 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


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

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Time: Friday 14 October 2016 at 15.00 CET, 14.00 GMT

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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:


European Affairs: Country by country reporting – working breakfast report

Capture COVER CbCR reportFERMA and the European Confederation of Institutes of Internal Auditing (ECIIA) held a joint working breakfast in the European Parliament on 28 June on the theme of “Country-by-Country Reporting: From Risks to Opportunities”. It focused on the corporate governance implications of the European Commission’s proposal of 12 April and the
roles played by the risk manager and the internal auditor in this field.

Danish MEP Jeppe Kofod hosted the event and Jean-Philippe Rabine, European Commission DG FISMA (Accounting and Reporting Unit) introduced the new
financial and corporate tax reporting requirements that are intended to apply to all large multinationals for every EU country they operate.

Participants in the panel discussion, moderated by Jeppe Kofod, included for FERMA Jonathan Blackhurst, Head of Risk Management at Capita (UK); Silvio de Girolamo, Chief Audit Executive Autogrill (Italy) on behalf of ECIIA; and Jean-Philippe
Rabine.

The panel said that the proposal goes further than any previous initiative with the obligation for all companies operating in the EU with a minimum turnover of €750 million in a given year to publicly disclose financial and tax information on a country-by-country basis.
About 6000 large companies will face the challenge of complying with the regulation and determining how the public will react to the tax figures they reveal – a regulatory and reputational risk.

Country-by-country reporting, therefore, is not only about the numbers, but also about how well they are delivered with the right processes and the right report. Here stands the added value of risk managers, making sure that the figures have a context so that
people understand the full extent of the firm’s value chain.

In this context, companies could use country-by country reporting as an opportunity to increase public confidence by presenting themselves to the public in an open and transparent manner. The public perception of corporate conduct is especially
important, and to mitigate the risk of scrutiny, companies will need to ask themselves: are we doing enough – and how can we turn this into an opportunity?

The text of the regulation is currently in discussion at the European Parliament and will be discussed early July by the European Council under the new Slovak EU Presidency.

Full report is available here.


FERMA Seminar 2016 – a setting for communication, education and leadership

The Seminar is an event by risk managers for risk managers. Join us! For more programme information and registration: http://archives.ferma.eu/ferma-seminar-2016/

 

Risk managers often say they do not get enough opportunities to get together with their colleagues from across Europe and discuss the topics that really concern them. The programme for the FERMA Seminar 2016 is now available and shows that we have responded to this feedback.  We have involved our member associations and their members in creating a setting for communication, education and leadership. Here are the sessions they have organised.

Curious to know who will address your favourite topic? Discover our speakers here: http://archives.ferma.eu/ferma-seminar-2016/

 

Association workshops

Airmic: Risk leadership on the boardroom agenda – the risk manager’s professional contribution

This session will discuss the challenges for board in meeting their increased risk responsibilities and suggest ways in which risk managers can support them through helping them to embed risk management as part of the business model.

MARM: Insurance captives and cells in Malta

Host association MARM will offer risk managers practical insight from two perspectives as to how local companies have navigated through Solvency II and benefitted from it. The session will also look at the situation of protected cell captives under Solvency II.

BELRIM: cyber risks – seeing them happen

“There is no golden panacea in cyber crime and cyber security,” says expert Peter Hacker, a partner at Distinction Global, part of the Cybercrime Research Institute. Instead, Peter and colleague Professor Marco Gercke will simulate a cyber attack on a fictional company in this session organised by BELRIM.

The scenario will challenge participants – representing the executive board of the fictional company – to respond to a major incident and its consequences. The workshop, explains Peter, will use powerful, insightful information and artificial intelligence-based simulation tools so that participants feel at first hand the difficult questions they would face.

Not only is there a potential for massive contractual, reputational and financial damages, but a threat to the continuity of top management and even to the integrity of the business. Boards of corporations have been battered by demands for restructuring, unwanted M&A bids and shareholder lawsuits. Clearly, cyber risks are an enterprise exposure where the risk manager has an important role to play.

 

Member roundtables

Here is an opportunity for risk managers to talk with their colleagues about key issues in a setting of confidentiality.

Resilience and business continuity

This discussion will consider what resilience means, how to contribute to the organisation’s resilience, where business continuity comes into play and how to integrate it into governance arrangements.

Risk management and SMEs

After the successful session on SMEs at the Forum in Venice in 2015, we received requests for more on the same subject. It is an important topic not just for SMEs themselves but also for large companies with SME suppliers.

ERM and leadership

Leadership is one of FERMA President Jo Willaert’s themes and he will lead this discussion of topics such as: practical approaches for getting started with ERM, strengthening ERM for strategic advantages and using ERM to support leadership and recognition of the risk manager.

Digital risks

As our operations become more sophisticated in their use of technology, so too our vulnerabilities increase. This round table will discuss threats, roles, mitigation, preparedness, insurance and regulation of digital risks.

Financial transparency initiatives

This roundtable will discuss the impact on risk management of financial transparency initiatives such as the OECD Base Erosion and Profit Shifting (BEPS) measures and EU Country-by-Country Reporting.

 

Be the first: take the Rimap® examination

Participants at the Seminar will have the opportunity to be the first to take the examination leading to FERMA’s rimap certification. More details to come…


New UK Insurance Act comes into force soon

The new UK Insurance Act will come into effect from 12 August.

The law will apply to any new insurance contract governed by UK law, whatever the location of the buyer or the risk, so it will affect many non-UK companies who use the London market. This will not change whatever happens to the UK’s relationship with the EU.

According to FERMA President, Jo Willaert, there is an increasing awareness of the new law by European companies which have interests in the UK or place insurance in the London market. “We could see that, for example, in the successful exchange that BELRIM organised in Brussels about the law. There are certainly companies who are not fully aware about the implications, but the number of them is decreasing rapidly.”

FERMA’s advice to risk managers:

Make sure that you are aware of the implications of the UK Insurance Act for your programmes, even if you do not have interests in the UK. If you work with brokers, discuss the issues with them and ensure that they deal with any necessary changes to your programmes on renewal.

The document issued in 2015 by FERMA and Mactavish can be helpful: Changes in UK Insurance Law – An Introduction for European Businesses at http://www.mactavishgroup.com/services/research/changes-in-uk-insurance-law-an-introduction-for-european-businesses/


A Proud President: Jo Willaert

Jo-Willaert

Jo Willaert

Nine months have passed since I have switched from the position of Deputy President of FERMA to President, and I can say today that I am a proud President:

I am proud of what we have accomplished in that time, for which I thank my board colleagues and the FERMA staff for their support;

I am proud of taking part in the design and implementation of a new strategic plan for FERMA, about which you will learn more in the coming months;

And I am proud of our network, which is growing and becoming more influential for the benefit of the risk managers’ community.

 

Our themes for my presidency are LEADERSHIP – COMMUNICATION – EDUCATION, and I would like to pick out some of our achievements and plans under these headings.

When it comes to leadership, FERMA is the single recognised voice of European risk managers and, as such, its primary mission is to represent the interests of its member associations and their members to the European institutions. Lobbying activities, therefore, have been intensified to strengthen our political impact and promote the fundamental role of risk managers and the value of ERM methodology to EU institutions and other international organisations.

Our member associations are our reason for being. COMMUNICATION with them is absolutely essential for us to deliver tangible added-value. We also want more interaction between members and for members to become more involved in FERMA’s activities. Part of the way we are encouraging this is to enhance members’ feeling of belonging to a European network. We have produced a booklet about the network, which will be enriched over the coming months with more data and information. You can download it here.

I am proud of our certification project rimap®. We took the initiative, and we are leading a trend that is being followed worldwide. This is the evidence that we in FERMA and our associations are the pioneers of the professionalism in risk management. Rimap is a long journey, but it is paying off.

Having focused so much on EDUCATION in 2016, I can tell you that 2017 will be the year of LEADERSHIP. The 2017 FERMA Forum will be in Monte Carlo from 15-18 October, and we have already chosen as our theme ‘Risk Manager in Pole Position’.  It is an appropriate title for Monte Carlo, and for us, too, because it conveys images of risk, performance, anticipation, prevention, crisis management, team spirit and new technologies. The connection with the profession is self-evident.