Library of acronyms

This library of acronyms is developed by FERMA. Its purpose is to provide FERMA members easy access to information about what the acronyms mean and stand for. The acronyms are limited to risk and insurance management related categories of interest. Please note that this is not an exhaustive list and it is subject to changes.

List of acronyms

A

AAI

International Actuarial Association

Founded in 1895, and reformed in 1998 with a new constitution, the International Actuarial Association (IAA in french) is the worldwide association of professional actuarial associations.
More information and links
http://www.actuaries.org/
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ABGR

Associação Brasileira de Gerência de Riscos

Founded in 1983, ABGR is the Risk Management Associations in Brazil and a member of IFRIMA.
More information and links
www.abgr.com.br
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ACCA

Chartered Association of Certified Accountants

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ADARA

Asociacion Argentina de Administradores de Riesgos

Founded in late 1985, ADARA is the Risk Management Associations in Argentina and a member of IFRIMA.
More information and links
www.adara.org.ar
Open acronym →
ADR

Alternative Dispute Resolution


More information and links

Open acronym →
AGERS

Asociación Española de Gerencia de Riesgos y Seguros

AGERS is the Risk Management Associations in Spain and a member of FERMA.
More information and links
www.agers.es
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AIDA

International Association of Insurance Law (Association Internationale des Droits des Assurances)

AIDA Europe was established in Rome in 2007. Its aim is to bring together the National Associations in Europe, as a regional grouping, to further the aims of AIDA on a regional basis and to generate enthusiasm and industry involvement in the work of AIDA.
More information and links
http://www.aida.org.uk/AIDAEurope.asp
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AIRMIC

The Association of Insurance and Risk Managers

Airmic is the association for everyone who has a responsibility for risk management and insurance for their organisation in the United Kingdom. Airmic is a member of FERMA.
More information and links
www.airmic.com
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ALARYS

Asociacion Latinoamericana de Administradores de Riesgos y Seguros

Founded in 1993, ALARYS is the Risk Management Associations in Latin America and a member of IFRIMA.
More information and links
www.alarys.org
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ALM

Asset Liability Management


More information and links

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ALRIM

Luxembourg Association for Risk Management Professionals

ALRIM (ex PRIM) - Founded on July 1, 1997, ALRIM is the Risk Management Associations in Luxembourg and a member of FERMA.
More information and links
www.alrim.lu
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AMRAE

Association pour le Management des Risques et des Assurances de l'Entreprise

Founded in 1993, AMRAE is the Risk Management Associations in France and a member of FERMA
More information and links
www.amrae.fr
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ANRA

Associazione Nazionale dei Risk Manager e Responsabili Assicurazioni Aziendali

Founded in 1972, ANRA is the Risk Management Association in Italy and a member of FERMA.
More information and links
www.anra.it
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APOGERIS

Associação Portuguesa de Gestão de Riscos e Seguros

APOGERIS is the Risk Management Association in Portugal and a member of FERMA.
More information and links
www.apogeris.pt
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ARM

Association of Risk Management

ARM is is the Risk Management Association in Japan and a member of IFRIMA.
More information and links
www.arm.gr.jp
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ASPAR CZ

Asociace specialistů pojištění a řízení rizik České republiky o.s

ASPAR CZ is the Risk Management Association in Czech Republic and a member of FERMA.
More information and links
http://www.asparcz.com/
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B

Basel III

Basel III is the international and voluntary set of new regulation regarding the capital and liquidity requirements of banks, designed by the Basel Committee on Banking Supervision, a working committee of the Bank for International Settlements. They’re a response to the financial crisis of 2008 and will be implemented until 2018.
More information and links
http://www.bis.org/bcbs/basel3.htm
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BAT

Best Available Techniques

The BATs are the technical references regarding the emissions of a certain amount of acceptable pollution (ELV – Emission Limit Values). It is used by the authorities as a template to set up the conditions to obtain a permit under the IPPC and IED legislations.
More information and links
http://ec.europa.eu/environment/air/pollutants/stationary/ied/legislation.htm
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BATC

Best Available Techniques Conclusions

The BATC is a summarised version of the BREF with only the key elements (descriptions of the BAT, levels of emissions associated with these BATs).
More information and links
http://eippcb.jrc.ec.europa.eu/reference/
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BCI

Business Continuity Institute


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BCM

Business Continuity Management


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Open acronym →
BCMS

Business Continuity Management System


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BCP

Business Continuity Plan


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BELRIM

Belgian Risk Management Association

BELRIM is the Risk Management Association in Belgium and a member of FERMA.
More information and links
http://www.belrim.com/
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BER

Block Exemption Regulation

A legal instrument adopted by the European Union to exempt certain economic activities from the EU competition rules for general interest purposes. In the field of insurance, it applies to insurance pools because of their alleged general interest nature, and it’s known as the Insurance BER. The current one is valid until March 2017.
More information and links
http://ec.europa.eu/competition/sectors/financial_services/insurance.html
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Bfv

Bundesverband firmenverbundener Versicherungsvermittler und -gesellschaften e.V.

Bfv is the Risk Management Association in Germany and a member of FERMA
More information and links
http://www.bfv-fvv.de/
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BI

Bodily Injury or Business Interruption


More information and links

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BIPAR

European Federation of Insurance Intermediaries

BIPAR's primary mission is to promote a European regulatory environment in which intermediaries can prosper and that, at the same time, ensures fair competition, an adequate level of consumer protection and a sound insurance market.
More information and links
http://www.bipar.eu/en
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BIS

Bank of International Settlement, Basle

The Bank for International Settlements was established in 1930. It is the world's oldest international financial institution and remains the principal centre for international central bank cooperation. The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
More information and links
http://www.bis.org/
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BREF

Best Available Techniques Reference Document

The BREF is compiling for a given industrial sector all the processes used to decrease the emissions of pollutants. It’s the result of the exchange of information between national authorities and once it is adopted by the EC under the IED or the IPPC Directive, a BREF become the technical basis on which the national authorities will design their permit granting procedures for a specific industrial activity.
More information and links

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C

C-Suite

Corporate Suite


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Open acronym →
CAATs

Computer-assisted audit tools


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CAE

Chief Audit Executive


More information and links

Open acronym →
Cat Bond

Catastrophe Bond


More information and links

Open acronym →
CCO

Chief Compliance Officer


More information and links

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CEIOPS

Committee of European Insurance and Occupational Pensions Supervisors

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) was replaced by the European Insurance and Occupational Pensions Authority (EIOPA) from January 1, 2011.
More information and links
https://eiopa.europa.eu/
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CEN

European Committee for Standardization

The European Committee for Standardization (CEN) was officially created as an international non-profit association based in Brussels on 30 October 1975
More information and links
http://www.cen.eu/cen/pages/default.aspx
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CERT

Computer Emergency Response Team


More information and links

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CFROI

Cash Flow Return on Investments


More information and links

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CJEU

Court of Justice of the European Union

Since the establishment of the Court of Justice of the European Union in 1952, its mission has been to ensure that "the law is observed" "in the interpretation and application" of the Treaties.
More information and links
http://curia.europa.eu/jcms/jcms/j_6/
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COMP

Competition

DG COMP is responsible, along with national competition authorities, for enforcing the EU Competition Rules set in the Treaty on the Functioning of the EU from article 101 to 109. They have large enforcement powers (including raids on premises with search and seizure of documents) and can initiate investigation over state aids, mergers, cartels or market liberalization measures.
More information and links
http://ec.europa.eu/dgs/competition/factsheet_general_en.pdf
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CONNECT

Communications Networks, Content and Technology

DG CONNECT is responsible for setting up policies regarding the European networks of information and all the content generated by these activities. It aims to promote a harmonized approach with national regulatory agencies regarding research, rules and development of infrastructures across the EU (investments, access, security…).
More information and links
http://ec.europa.eu/dgs/connect/en/content/mission
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COSO

Committee Of Sponsoring Organizations of the Treadway Commission


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CPB

Captive Performance Bond


More information and links

Open acronym →
CRO

Chief Risk Officer


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Open acronym →
CSO

Chief Security Officer


More information and links

Open acronym →

D

D&O

Directors and Officers


More information and links

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DARIM

DI's Risk Management Forening

DARIM is the Risk Management Association in Denmark.
More information and links
www.di.dk
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DG

Directorate General

Administrative subdivision of the European Commission, corresponding to the main area of competences conferred to the EU by the Treaties. There are around 40 DG’s.
More information and links
http://ec.europa.eu/about/ds_en.htm
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DPA

Data Protection Authority

From an EU perspective, the DPA is the relevant national authority in charge of enacting and enforcing the rules regarding the collection and processing of personal data.
More information and links
http://ec.europa.eu/justice/data-protection/bodies/authorities/index_en.htm
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DRP

Disaster Recovery Plan


More information and links

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DVS

Deutscher Versicherungs-Schutzverband e.V.

DVS is the Risk Management Association in Germany and a member of FERMA.
More information and links
http://www.dvs-schutzverband.de/
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E

E-PRTR

European Pollutant Release and Transfer Register

This database is the common platform where Member States have to regularly report information on pollutants to the Commission. It was set up by the EU in 2006 as a replacement and an improvement from the previous European Pollutant Emission Register (EPER). It is giving to the public a wide range of information on the release and transfer of 91 air, water and land pollutants and waste for 28 000 facilities in Europe, covering 9 industrial sectors (energy, production and processing of metals, mineral industry, chemical industry, waste and waste water management, paper and wood production and processing, intensive livestock production and aquaculture, animal and vegetable products from the food and beverage sector, and other activities).
More information and links
http://prtr.ec.europa.eu/Home.aspx
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EACG

European Actuarial Consultative Group

European Actuarial Consultative Group was established in 1978 to bring together the actuarial associations in the European Union to represent the actuarial profession in discussion with the EU institutions on existing and proposed EU legislation which has an impact on the profession. The Groupe also now provides a forum for discussion amongst all actuarial associations throughout Europe.
More information and links
http://www.gcactuaries.org/index.html
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EBA

European Banking Authority

EBA (ex CEBS) – Based in London, the EBA main objective is to harmonize prudential rules for every financial institution in the EU. It’s also designed to share best supervisory practices among national supervisors and detect systemic risks in the banking system.
More information and links
http://www.eba.europa.eu/about-us;jsessionid=C9395C5549FFDD539106B682E5F20193
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EBITDA

Earnings before Interest, Taxes, Depreciation, and Amortization


More information and links

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EC

European Commission

It’s the executive and administrative arm of the European Union, with a monopoly over initiating legal action within the competence areas of the EU. The EC is responsible to make the EU law (Treaties, regulations, directives…) is enforced and also for drafting legal proposal that will be transmitted to the Council and the European Parliament.
More information and links
http://ec.europa.eu/
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EC3

European Cybercrime Centre

The European Commission decided to establish a European Cybercrime Centre (EC3) at Europol. EC3 officially started its activities on 1 January 2013. It aims to become the focal point in the EU’s fight against cybercrime, through building operational and analytical capacity for investigations and cooperation with international partners in the pursuit of an EU free from cybercrime.
More information and links
https://www.europol.europa.eu/ec3
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ECB

European Central Bank

The ECB is the central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area.
More information and links
http://www.ecb.int/home/html/index.en.html
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ECGI

European Corporate Governance Institute

The European Corporate Governance Institute (ECGI) was founded in 2002. It has been established to improve corporate governance through fostering independent scientific research and related activities.
More information and links
http://www.ecgi.org/
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ECIIA

European Confederation of Institutes of Internal Auditing

ECIIA's objective is to support the position of internal control professionals in the EU.
More information and links
http://www.eciia.eu/
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ECIROA

European Captive Insurance and Reinsurance Owners’ Association

ECIROA was formed on 19 August 2008. The association has as object the protection and support of the captive industry as well as representation of its members in discussions with official, regulatory bodies. The Association is aimed at being a forum for captive owners where these can exchange experience across border, business sector or line of insurance business.
More information and links
http://www.eciroa.org/wp/
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ECJ

European Court of Justice

Please refer to CJEU
More information and links
http://curia.europa.eu/jcms/jcms/j_6/
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ecoDa

European Confederation of Directors' Associations

The European Confederation of Directors' Associations (ecoDa) is a not-for-profit association founded in December 2004.
More information and links
http://www.ecoda.org/
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ECOFIN

Economic and Financial Affairs Council

ECOFIN is composed by the national ministers of Finance and Economic affairs and coordinates the national economic policies over the Euro, the capital markets, the EU budget…ECOFIN is a specific formation of the Council of the European Union, representing the interests of member states and with the legislative power shared with the European Parliament for most issues.
More information and links
http://www.consilium.europa.eu/policies/council-configurations/economic-and-financial-affairs?lang=en
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ECON

Economic and Monetary Affairs Committee

The ECON committee is gathering MEPs in order to prepare the position of the EP on economic and financial issues before the vote in the plenary session. Insurance regulations are dealt within this committee.
More information and links
http://www.europarl.europa.eu/committees/en/econ/home.html
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ECOSOC

United Nations Economic and Social Council

A founding UN Charter body established in 1946, the Council is the place where the world’s economic, social and environmental challenges are discussed and debated, and policy recommendations issued.
More information and links
http://www.un.org/en/ecosoc/
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ECSA

European Corporate Security Association

ECSA was founded in 2005. ECSA aims to provide its members a trusted forum to share common issues and experiences; information and education; networking with co-members and third parties.
More information and links
http://www.ecsa-eu.org/
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EDPS

European Data Protection Supervisor

The position of European Data Protection Supervisor (EDPS) was created in 2001. The responsibility of the EDPS is to make sure that all EU institutions and bodies respect people’s right to privacy when processing their personal data.
More information and links
http://europa.eu/about-eu/institutions-bodies/edps/
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EEA

European Environment Agency

This agency of the EU was created in 1990 and is located in Copenhagen. It has mostly a role of facilitating the sharing of information among national environmental agencies about the development, the implementation and the evaluation of environmental policies across Europe. To do so, the EEA is supervising the activities of the Eionet (European environment information and observation network) which brings together national authorities and experts to collect and assess environmental data (air emissions, marine waters, waste transport…)
More information and links
http://www.eea.europa.eu/about-us http://www.eionet.europa.eu/about
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EFSA

European Food Safety Authority

The European Food Safety Authority (EFSA) is an independent European agency funded by the EU budget that operates separately from the European Commission, European Parliament and EU Member States.
More information and links
http://www.efsa.europa.eu/
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EHS

Environmental, Health and Safety (HSE - SHE)


More information and links

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EIA

Environmental Impact Assessment

Environmental assessment is a procedure that ensures that the environmental implications of decisions are taken into account before the decisions are made.
More information and links
http://ec.europa.eu/environment/eia/
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EIOPA

European Insurance and Occupational Pensions Authority

EIOPA (ex CEIOPS) – Established in Frankfurt, the EIOPA’s mission is to have a harmonized and coherent regulation for the insurance sector across the EU. It involves consumer protection, stability and oversight of cross-border insurance group.
More information and links
https://eiopa.europa.eu/about-eiopa/index.html
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EIOPA

European Insurance and Occupational Pensions Authority

EIOPA (ex CEIOPS) – EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities and the European Systemic Risk Board. It is an independent advisory body to the European Parliament and the Council of the European Union. EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries. EIOPA is based in Frankfurt am Main, Germany
More information and links
https://eiopa.europa.eu/
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ELD

Environmental Liability Directive

The ELD is creating a new liability regime for specific listed operators regarding the impact of their activities on the biodiversity, waters and soil. The major innovation of the ELD is this liability for the damages caused to the biodiversity (fauna, flora) and the obligation to prevent and remediate any harm in addition to waters and soil, already regulated at EU level. The ELD was adopted in 2004 and fully implemented in the 27 member states in 2010.
More information and links
http://ec.europa.eu/environment/legal/liability/
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ENER

Energy

DG ENERGY is responsible for organizing the energy markets in the EU. It means regulating the commercial aspect of this market (fair competition, monopoly breakups), developing the infrastructures, securing the supply and ensuring a level of safety across the different sources of energy in the EU.
More information and links
http://ec.europa.eu/energy/index_en.htm#t_0_0
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ENISA

European Network and Information Security Agency

ENISA was set up to enhance the capability of the European Union, the EU Member States and the business community to prevent, address and respond to network and information security problems. In order to achieve this goal, ENISA is a Centre of Expertise in Network and Information Security and is stimulating the cooperation between the public and private sectors.
More information and links
http://www.enisa.europa.eu/
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ENVI

Environment

DG ENVI is ensuring a European approach over environmental rules. In cooperation with member states, it can design new policies establishing new standards for the civil society and especially for the European industry (see ELD).
More information and links
http://ec.europa.eu/dgs/environment/
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ENVI

Environment, Public Health and Food Safety Committee

The Envi committee is drafting the EP position on every subjects related to environmental matters (waters, soil, recycling and waste management…). Its importance has increased since the co-decision procedure (adoption by the Council AND the European Parliament) has been extended to the environmental area.
More information and links
http://www.europarl.europa.eu/committees/en/envi/home.html
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EP

European Parliament

The European Parliament is the legislative body of the European Union along with the Council. The EP represents the interests of the citizens of the EU with 750 members of parliament (MEPs). The Committees of the European Parliament are doing the preliminary work of establishing the EP position through a report where the EP is sharing the role of legislator with the Council (Member States).
More information and links
http://www.europarl.europa.eu/aboutparliament/en/007c895f4c/Powers-and-procedures.html
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ERM

Enterprise Risk Management


More information and links

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ERMA

Enterprise Risk Management Association

ERMA is established as a global learning centre for professionals in Enterprise Risk Management.
More information and links
http://www.erm-academy.org/erma/profile
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ESA

European Supervisory Authority

They are the major innovation of the ESFS and replaced on 1 January 2011 the 3 former consultative committees in the field of banking, insurance and financial market.
More information and links

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ESFS

European System of Financial Supervision

The ESFS is the result of the 2008 financial crisis. In 2010, EU member states demonstrated their political will to create the ESFS and join under one umbrella the national supervisors plus 3 new European Supervisory Authorities (ESAs). The purpose of which is to ensure the supervision of the Union’s financial system. It’s a huge step that was possible only because of the scale of the crisis (near collapse). The financial regulation at EU level is still a work in progress. The set-up of the ESFS remains a complex and revolutionary step in the EU history.
More information and links
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0001:0011:EN:PDF
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ESM

European Stability Mechanism

The ESM has been set up in 2012 after the European Council agreed to amend the Treaty on the Functioning of the European Union. It is a tool to provide a financial assistance to member states of the Eurozone experiencing difficulties financing their budget on the markets and therefore posing a threat as a whole for the euro area. It has a maximum lending capacity of 500 billion euros.
More information and links
http://www.esm.europa.eu/about/index.htm
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ESMA

European Securities and Markets Authority

ESMA (ex CESR) – Established in Paris, the ESMA aims to protect investors and ensure a fair competition among financial services providers across the EU financial markets. They also watch about systemic risks and threats on the stability of EU financial markets.
More information and links
http://www.esma.europa.eu/page/esma-short
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ESMA

European Security and Markets Authority


More information and links
http://www.esma.europa.eu/
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ESRB

European Systemic Risk Board

It’s a component of the ESFS. Its task is to measure the systemic risk and identify threats to the financial stability in the EU. It has an alert role and can issue warnings to the EU Council. The ESRB is bringing together the chairpersons of the ESAs and the President and Vice-President of the European Central Bank.
More information and links
http://www.esrb.europa.eu/home/html/index.en.html
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EU- OSHA

Europe Agency for Safety and Health at Work

European Agency which promotes health and safety at work though campaings, prevention, partnership and research.
More information and links
https://osha.europa.eu/en
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F

FAPARMO

Federation of Asian, Pacific & African Risk Management Organisations Limited

FAPARMO is the Risk Management Association in Asia and a member of IFRIMA. Its location and address is PO Box 226, Nundah Qld 4012, AUSTRALIA
More information and links

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FASB

Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities.
More information and links
http://www.fasb.org/home
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FERMA

Federation of European Risk Management Associations

FERMA is the Risk Management Association in Europe and a member of IFRIMA.
More information and links

Open acronym →
FINC

Financial Interest Clause


More information and links

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FINNRIMA

Finnish Risk Management Association

FINNRIMA is the Risk Management Association in Finland and a member of FERMA.
More information and links
http://www.srhy.fi/
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FMEA

Failure Mode and Effects Analysis


More information and links

Open acronym →
FRM

Financial Risk Management


More information and links

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FUEDI

The European Federation of Loss Adjusting Experts

Founded in 1968, FUEDI aims to promote the independent / impartial profession of loss adjusting for the insurance industry and other areas of commerce.
More information and links
http://www.fuedi.eu/
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G

GRC

Governance Risk & Compliance


More information and links

Open acronym →
GRM

Group Risk Manager


More information and links

Open acronym →

I

IAS

International Accounting Standards


More information and links

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IASB

International Accounting Standards Board

IASB (ex IASC) - IASB is the international body responsible for the development of international accounting standards IAS / IFRS.
More information and links

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IBNER

Incurred but not enough reported


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IBNR

Incurred But Not Reported


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ICC

International Chamber of Commerce

ICC’s purpose is to deepen the development of an open world economy.
More information and links
http://www.iccwbo.org/
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ICT

Information & Communication Technology


More information and links

Open acronym →
ID

Identification


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IED

Industrial Emissions Directive

The IED was adopted in 2010 and will gradually replacing 7 EU legal texts until 2016. It requires some listed industries (Annex 1 of the IED) to obtain a permit from their national licensing authorities. This permit is linked to the use of the Best Techniques Available (BAT) in order to achieve specific environmental indicators.
More information and links
http://ec.europa.eu/environment/air/pollutants/stationary/ied/legislation.htm http://europa.eu/legislation_summaries/environment/air_pollution/ev0027_en.htm
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IFRIC

International Financial Reporting Interpretations Committee

IFRIC are standards interpretations issued by the International Financial Reporting Interpretations Committee.
More information and links
http://ec.europa.eu/internal_market/accounting/ias/index_en.htm
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IFRIMA

International Federation of Risk and Insurance Management Associations

The International Federation of Risk and Insurance Management Associations (IFRIMA) is the international umbrella organization for risk management associations. With its roots going back to the 1930s and its development through the discipline of insurance and risk management, IFRIMA is uniquely positioned as a leader in risk management and its application. As an "association of associations", IFRIMA's primary objective is to provide a forum for interaction and communications among risk management associations and their members.
More information and links
http://www.ifrima.org/
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IFRS

International Financial Reporting Standards


More information and links

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IGREA

Iniciativa Gerentes de Riesgos Españoles Asociados

IGREA is the Risk Management Association in Spain and a member of FERMA.
More information and links
http://www.igrea.es/
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IIA

Institute of Internal Auditors

Established in 1941, the Institute of Internal Auditors (IIA) is an international association which represents the internal audit profession.
More information and links
https://na.theiia.org/Pages/IIAHome.aspx
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ILS

Insurance Linked Securities


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IMCO

Internal Market and Consumer Protection Committee

The IMCO committee is dealing with legislative proposals related to the rules of the EU single market, whether it’s the free movement for goods and citizens or the right to establish in any EU country. It’s also competent for consumer protection and products safety.
More information and links
http://www.europarl.europa.eu/committees/en/imco/home.html
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IMD 2

Insurance Mediation Directive 2

The IMD 2 is the recast of the original IMD adopted in 2002. It’s the legal framework at EU level that is setting the professional requirements from the insurance intermediaries regarding the organization of the profession and the required qualifications. It’s also regulating their cross-border establishment and their duty toward their clients. It is currently under study at the European Parliament for a final vote before the end of 2013.
More information and links
http://ec.europa.eu/internal_market/insurance/consumer/mediation/#maincontentSec1 http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=2012/0175(COD)
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INSURANCE EUROPE

(CEA : Comité Européen des Assurances) - European Insurance and Reinsurance Federation

Insurance Europe is the European (re)insurance federation which gathers national insurance associations.
More information and links
http://www.insuranceeurope.eu/
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IP

Intellectual Property or Internet Protocol


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IPPC

Integrated Pollution Prevention and Control

The IPPC Directive is the current legal framework under which the Industry must manage the emissions of pollutants; the Industrial Emission Directive (IED) will take over from January 2014. IPPC was first adopted in 1996, amended twice and codified in 2008. It introduces for the first time the permit system granted by national licensing authorities to industrial and agricultural operators after the compliance with certain environmental criteria’s.
More information and links
http://ec.europa.eu/environment/air/pollutants/stationary/ippc/summary.htm http://europa.eu/legislation_summaries/environment/waste_management/l28045_en.htm
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IPT

Insurance Tax Premium


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IRIS

Industrial Emissions Reporting Information System

IRIS is a web-platform, part of the Eionet (European environment information and observation network). The website is collecting the data reported by the member states for the implementation and enforcement of the IPPC Directive, the Solvent and the Waste Incineration Directive. It contains the numerous reports submitted by member states regarding their permitting procedures and quantitative data about the activities of the licensed industries.
More information and links
http://www.iris.eionet.europa.eu/
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IRM

The Institute of Risk Management

IRM is the Risk Management Institute in United Kindgom and a member of IFRIMA.
More information and links
www.theirm.org
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IRMSA

The Institute of Risk Management South Africa

IRMSA is the Risk Management Association in South Africa and is a member of IFRIMA.
More information and links
http://www.irmsa.org.za/
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IRSG

Insurance & Reinsurance Stakeholder Group

It’s the dialogue body of the EIOPA with representatives of the industry, consumers and academics. It has 30 members which have a consultative role for every EIOPA initiatives.
More information and links
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/index.html
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IS

Information Security


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ISO

International Organization for Standardization

Founded in 1947, ISO is composed of national bodies which develop and publish International Standards through consensus. Its head office is in Geneva Switzerland.
More information and links
http://www.iso.org/iso/home.htm
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ISO

International Standards Organization


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ISO 22301

Societal Security — Business Continuity Management Systems — Requirements


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ISO 31000

Risk Management – Principle and Guidelines


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ISO 31004

Risk Management Guidance for the implementation of ISO 31000


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IT

Information Technology


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ITRE

Industry, Research and Energy Committee

The ITRE committee is focused on the technological and industrial matters at EU level and will draft the EP position on trans-European infrastructure for energy, communications and the R&D policy of the EU.
More information and links
http://www.europarl.europa.eu/committees/en/itre/home.html
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J

JRC

European Commission’s Joint Research Centre

The Joint Research Centre was established under the Euratom treaty in 1957 to promote nuclear safety and security in Europe.
More information and links
http://ec.europa.eu/dgs/jrc/index.cfm
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JURI

Legal Affairs

The JURI committee has an expertise on the EU initiatives that are affecting the interpretation of the EU law. It will express its opinion on any legislative proposal submitted by the EC that will impact the legal systems of the member states, more specifically in the field of business law (commercial, intellectual property, company law…).
More information and links
http://www.europarl.europa.eu/committees/en/juri/home.html
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K

KPI

Key Performance Indicator


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KRI

Key Risk Indicator


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L

LMA

Lloyd’s Market Association

Founded in 2001, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community.
More information and links
http://www.lmalloyds.com/
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LoB

Line of Business


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M

M&A

Mergers and Acquisition


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MARIM

Malaysian Association of Risk and Insurance Management

MARIM is the Risk Management Association in Malaysia and is a member of IFRIMA.
More information and links
www.marim.org
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MARKT

Internal Market and services

As one of the main achievement of the European Union, DG MARKT has the fundamental task to make sure the single market is functioning as efficiently as possible, without obstacles to the freedom of circulation for persons, goods, capital and services. DG MARKT regulates the financial services industry and the insurance one in particular (re Solvency 2).
More information and links
http://ec.europa.eu/internal_market/index_en.htm
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MARM

Malta Association of Risk Management

MARM is the Risk Management Association in Malta and a member of FERMA.
More information and links
http://marm.org.mt
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MCR

Minimum Capital Requirement


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MEP

Member of the European Parliament

MEPs are elected for 5 years by direct universal suffrage. MEPs can belong to one of the 7 political groups according to their political affiliation. They are also members of one of the 20 parliamentary committees for specialized preparatory work.
More information and links
http://www.europarl.europa.eu/aboutparliament/en/0081ddfaa4/MEPs.html
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MiFID

Markets in Financial Instruments Directive

MiFID has been adopted in 2004 and is the legal framework for investments services and market instruments. The overall objective is the harmonisation and the mutual recognition of the existing national regulations by authorising investment operators to provide their services in any country of the EU on the single basis of the authorization granted by their national authorities.
More information and links
http://europa.eu/legislation_summaries/internal_market/single_market_services/financial_services_general_framework/l24036e_en.htm
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N

NARIM

Nederlandse Associatie van Risk en Insurance Managers

NARIM is the Risk Management Association in The Netherlands
More information and links
http://www.narim.com/
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Nat Cat

Natural Catastrophes


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NATECH

Natural Hazard Triggered Technological Disasters

A Natech is when a natural disaster is triggering a man-made disaster (atmospheric releases, spills, fires…). As an illustration, the nuclear incident of Fukushima in 2011 is a natech because it was triggered by a tsunami. Natech mostly happens when extreme natural events occur in a dense and/or complex industrial area with sensitive activities.
More information and links
http://enatech.jrc.ec.europa.eu/ http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2013:0213:FIN:EN:PDF
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NCA

National Competent Authority

In the EU vocabulary, an NCA is the public body in a member state that will be responsible for the implementation and the enforcement (licensing, monitoring, legal proceedings...) of a sector-specific EU legislation (environment, financial services…). It will be the intermediary between the EU institutions and the final subjects of an EU legislative action.
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NIS

Network and Information Security


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NORIMA

Norwegian Risk Management Association

NORIMA is the Risk Management Association in Norway and a member of FERMA.
More information and links
www.norima.no
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O

Omnibus II Directive

It’s an update of Solvency 2 to fit the Lisbon Treaty and give more binding powers the new European Supervisory Authorities.
More information and links
http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm
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ORM

Operational Risk Management


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ORSA

Own Risks and Solvency Assessment


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P

PCC

Protected Cell Company


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PD

Property Damage


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PDCA

Plan Do Check Act


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POLRISK

Stowarzyszenie Zarządzania Ryzykiem

POLRISK is the Risk Management Association in Poland and a member of FERMA.
More information and links
www.polrisk.pl
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PRIM

Luxembourg association for Risk Management Professionals

PRIM was the name of the Risk Management association in Luxembourg until 2012 and was replaced by the name of ALRIM.
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PRIMA

Public Risk Management Association

PRIMA's Core Competencies were developed in 2004 as a roadmap for the public risk profession.
More information and links
www.primacentral.org
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Q

QRT

Quantitative Reporting Template


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QS

Quota Share


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R

RAROC

Risk Adjusted Return on Capital


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REACH

Registration, Evaluation, Authorisation and Restriction of Chemicals

Since 2007, REACH is the EU legal framework for the regulation of the production and use of chemical substances. The industry has to register every chemical substance and communicate on the effects and properties of these substances.
More information and links
http://ec.europa.eu/enterprise/sectors/chemicals/reach/index_en.htm http://ec.europa.eu/environment/chemicals/reach/reach_intro.htm
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RIMAS

Risk and Insurance Management Association of Singapore

RIMAS is the Risk Management Association in Singapore and a member of IFRIMA.
More information and links
www.rimas.org.sg
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RIMS

Risk and Insurance Management Society

RIMS is the Risk Management Association in United States.
More information and links
www.rims.org
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RM

Risk Manager or Risk Management


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RMCA

Risk Managers and Consultants Association of Japan

RMCA is the Risk Management Association in Japan and a member of IFRIMA.
More information and links
www.rmcaj.com
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RMIA

Risk Management Institution of Australia

RMIA is the Risk Management Association in Australia.
More information and links
www.rmia.org.au
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RMIS

Risk Management Information System


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RMST

Risk Management Society of Taiwan, R.O.C.

RMST is the Risk Management Association in Taiwan and a member of IFRIMA.
More information and links
www.rmst.org.tw
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ROC

Return on Capital


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ROI

Return on Investment


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RSR

Regular Supervisory Report


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RUSRISK

Russian Risk Management Society

RusRisk is the Risk Management Association in Russia and a member of FERMA.
More information and links
http://www.rrms.ru/
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S

S/I

Self Insurance / Self Retention


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SCR

Solvency Capital Requirement


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SFCR

Solvency and Financial Condition Report


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SI.RISK

Slovenian Association of Risk and Insurance Management

SI.RISK is the Risk Management Association in Slovenia and a member of FERMA.
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SII – S2

Solvency II

It’s the general framework Directive that will replace the 13 existing EU insurance directives to apply fully harmonized standards of regulation and supervision across Europe. It was adopted in 2009 but had to suffer delays because of the financial crisis and the complete review of the financial supervision in the EU. Solvency 2 has 3 pillars, one quantitative for capital requirements, another qualitative one about the internal control and the risk management processes in place and a final one about the reporting, where insurers must demonstrate to the supervisor that the information reported supporting the other two Pillars is reliable.
More information and links
http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
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SIRM

Swiss Association of Insurance and Risk Managers

Founded on October 4, 1973 in Berne, SIRM is the Risk Management Association in Switzerland and a member of FERMA.
More information and links
www.sirm.ch
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SL

Stop Loss


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SOP

Standard Operating Procedures


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SWERMA

Swedish Risk Management Association

SWERMA is the Risk Management Association in Sweden and a member of FERMA.
More information and links
http://www.swerma.se/
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SWOT

Strengths, Weaknesses, Opportunities and Threats


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T

TCOR

Total Cost of Risk


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TEU

Treaty of the European Union

The TEU is the consolidated and amended version of the Maastricht Treaty signed in 1992. The TEU is giving the legal personality to the European Union for a better action and representation on the international stage. It is also the basis for the European Monetary Union.
More information and links
http://europa.eu/about-eu/basic-information/decision-making/treaties/index_en.htm
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TFEU

Treaty on the Functioning of the European Union

Since the Lisbon Treaty in 2009, the TFEU is the official appellation for the consolidated version of the original Treaty of Rome, effective since 1958 and establishing the Europe Economic Community, it’s the base for the single market rules and all other major competences of the European Union (like the agriculture or the trade policy).
More information and links
http://europa.eu/about-eu/basic-information/decision-making/treaties/index_en.htm
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TRADE

Trade

DG TRADE The EU has the exclusive control over the Trade policy between the single market and the rest of the world. DG TRADE negotiates trade agreements (importations & exportations) on behalf of the EU and the member states with the World Trade Organisation (WTO) and with specific trade partners on bilateral agreements.
More information and links
http://ec.europa.eu/trade/
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U

UNECE

United Nations Economic Commission for Europe

The United Nations Economic Commission for Europe (UNECE) was set up in 1947 by ECOSOC. It is one of five regional commissions of the United Nations.
More information and links
http://www.unece.org/
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X

XL

Excess of Loss


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Y

YEI

Young European Insurers

Founded in November 2011 in Milan, YEI is a pan European initiative, aimed at supporting the young, talented and value driven insurers in the industry.
More information and links

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EUROPEAN AFFAIRS

Basel III

Basel III is the international and voluntary set of new regulation regarding the capital and liquidity requirements of banks, designed by the Basel Committee on Banking Supervision, a working committee of the Bank for International Settlements. They’re a response to the financial crisis of 2008 and will be implemented until 2018.
More information and links
http://www.bis.org/bcbs/basel3.htm
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BER

Block Exemption Regulation

A legal instrument adopted by the European Union to exempt certain economic activities from the EU competition rules for general interest purposes. In the field of insurance, it applies to insurance pools because of their alleged general interest nature, and it’s known as the Insurance BER. The current one is valid until March 2017.
More information and links
http://ec.europa.eu/competition/sectors/financial_services/insurance.html
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DPA

Data Protection Authority

From an EU perspective, the DPA is the relevant national authority in charge of enacting and enforcing the rules regarding the collection and processing of personal data.
More information and links
http://ec.europa.eu/justice/data-protection/bodies/authorities/index_en.htm
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E-PRTR

European Pollutant Release and Transfer Register

This database is the common platform where Member States have to regularly report information on pollutants to the Commission. It was set up by the EU in 2006 as a replacement and an improvement from the previous European Pollutant Emission Register (EPER). It is giving to the public a wide range of information on the release and transfer of 91 air, water and land pollutants and waste for 28 000 facilities in Europe, covering 9 industrial sectors (energy, production and processing of metals, mineral industry, chemical industry, waste and waste water management, paper and wood production and processing, intensive livestock production and aquaculture, animal and vegetable products from the food and beverage sector, and other activities).
More information and links
http://prtr.ec.europa.eu/Home.aspx
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EC

European Commission

It’s the executive and administrative arm of the European Union, with a monopoly over initiating legal action within the competence areas of the EU. The EC is responsible to make the EU law (Treaties, regulations, directives…) is enforced and also for drafting legal proposal that will be transmitted to the Council and the European Parliament.
More information and links
http://ec.europa.eu/
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DG

Directorate General

Administrative subdivision of the European Commission, corresponding to the main area of competences conferred to the EU by the Treaties. There are around 40 DG’s.
More information and links
http://ec.europa.eu/about/ds_en.htm
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COMP

Competition

DG COMP is responsible, along with national competition authorities, for enforcing the EU Competition Rules set in the Treaty on the Functioning of the EU from article 101 to 109. They have large enforcement powers (including raids on premises with search and seizure of documents) and can initiate investigation over state aids, mergers, cartels or market liberalization measures.
More information and links
http://ec.europa.eu/dgs/competition/factsheet_general_en.pdf
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CONNECT

Communications Networks, Content and Technology

DG CONNECT is responsible for setting up policies regarding the European networks of information and all the content generated by these activities. It aims to promote a harmonized approach with national regulatory agencies regarding research, rules and development of infrastructures across the EU (investments, access, security…).
More information and links
http://ec.europa.eu/dgs/connect/en/content/mission
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ENER

Energy

DG ENERGY is responsible for organizing the energy markets in the EU. It means regulating the commercial aspect of this market (fair competition, monopoly breakups), developing the infrastructures, securing the supply and ensuring a level of safety across the different sources of energy in the EU.
More information and links
http://ec.europa.eu/energy/index_en.htm#t_0_0
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ENVI

Environment

DG ENVI is ensuring a European approach over environmental rules. In cooperation with member states, it can design new policies establishing new standards for the civil society and especially for the European industry (see ELD).
More information and links
http://ec.europa.eu/dgs/environment/
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MARKT

Internal Market and services

As one of the main achievement of the European Union, DG MARKT has the fundamental task to make sure the single market is functioning as efficiently as possible, without obstacles to the freedom of circulation for persons, goods, capital and services. DG MARKT regulates the financial services industry and the insurance one in particular (re Solvency 2).
More information and links
http://ec.europa.eu/internal_market/index_en.htm
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TRADE

Trade

DG TRADE The EU has the exclusive control over the Trade policy between the single market and the rest of the world. DG TRADE negotiates trade agreements (importations & exportations) on behalf of the EU and the member states with the World Trade Organisation (WTO) and with specific trade partners on bilateral agreements.
More information and links
http://ec.europa.eu/trade/
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ECOFIN

Economic and Financial Affairs Council

ECOFIN is composed by the national ministers of Finance and Economic affairs and coordinates the national economic policies over the Euro, the capital markets, the EU budget…ECOFIN is a specific formation of the Council of the European Union, representing the interests of member states and with the legislative power shared with the European Parliament for most issues.
More information and links
http://www.consilium.europa.eu/policies/council-configurations/economic-and-financial-affairs?lang=en
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EEA

European Environment Agency

This agency of the EU was created in 1990 and is located in Copenhagen. It has mostly a role of facilitating the sharing of information among national environmental agencies about the development, the implementation and the evaluation of environmental policies across Europe. To do so, the EEA is supervising the activities of the Eionet (European environment information and observation network) which brings together national authorities and experts to collect and assess environmental data (air emissions, marine waters, waste transport…)
More information and links
http://www.eea.europa.eu/about-us http://www.eionet.europa.eu/about
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ELD

Environmental Liability Directive

The ELD is creating a new liability regime for specific listed operators regarding the impact of their activities on the biodiversity, waters and soil. The major innovation of the ELD is this liability for the damages caused to the biodiversity (fauna, flora) and the obligation to prevent and remediate any harm in addition to waters and soil, already regulated at EU level. The ELD was adopted in 2004 and fully implemented in the 27 member states in 2010.
More information and links
http://ec.europa.eu/environment/legal/liability/
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EP

European Parliament

The European Parliament is the legislative body of the European Union along with the Council. The EP represents the interests of the citizens of the EU with 750 members of parliament (MEPs). The Committees of the European Parliament are doing the preliminary work of establishing the EP position through a report where the EP is sharing the role of legislator with the Council (Member States).
More information and links
http://www.europarl.europa.eu/aboutparliament/en/007c895f4c/Powers-and-procedures.html
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ECON

Economic and Monetary Affairs Committee

The ECON committee is gathering MEPs in order to prepare the position of the EP on economic and financial issues before the vote in the plenary session. Insurance regulations are dealt within this committee.
More information and links
http://www.europarl.europa.eu/committees/en/econ/home.html
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ENVI

Environment, Public Health and Food Safety Committee

The Envi committee is drafting the EP position on every subjects related to environmental matters (waters, soil, recycling and waste management…). Its importance has increased since the co-decision procedure (adoption by the Council AND the European Parliament) has been extended to the environmental area.
More information and links
http://www.europarl.europa.eu/committees/en/envi/home.html
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IMCO

Internal Market and Consumer Protection Committee

The IMCO committee is dealing with legislative proposals related to the rules of the EU single market, whether it’s the free movement for goods and citizens or the right to establish in any EU country. It’s also competent for consumer protection and products safety.
More information and links
http://www.europarl.europa.eu/committees/en/imco/home.html
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ITRE

Industry, Research and Energy Committee

The ITRE committee is focused on the technological and industrial matters at EU level and will draft the EP position on trans-European infrastructure for energy, communications and the R&D policy of the EU.
More information and links
http://www.europarl.europa.eu/committees/en/itre/home.html
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JURI

Legal Affairs

The JURI committee has an expertise on the EU initiatives that are affecting the interpretation of the EU law. It will express its opinion on any legislative proposal submitted by the EC that will impact the legal systems of the member states, more specifically in the field of business law (commercial, intellectual property, company law…).
More information and links
http://www.europarl.europa.eu/committees/en/juri/home.html
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ESFS

European System of Financial Supervision

The ESFS is the result of the 2008 financial crisis. In 2010, EU member states demonstrated their political will to create the ESFS and join under one umbrella the national supervisors plus 3 new European Supervisory Authorities (ESAs). The purpose of which is to ensure the supervision of the Union’s financial system. It’s a huge step that was possible only because of the scale of the crisis (near collapse). The financial regulation at EU level is still a work in progress. The set-up of the ESFS remains a complex and revolutionary step in the EU history.
More information and links
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0001:0011:EN:PDF
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ESA

European Supervisory Authority

They are the major innovation of the ESFS and replaced on 1 January 2011 the 3 former consultative committees in the field of banking, insurance and financial market.
More information and links

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EBA

European Banking Authority

EBA (ex CEBS) – Based in London, the EBA main objective is to harmonize prudential rules for every financial institution in the EU. It’s also designed to share best supervisory practices among national supervisors and detect systemic risks in the banking system.
More information and links
http://www.eba.europa.eu/about-us;jsessionid=C9395C5549FFDD539106B682E5F20193
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EIOPA

European Insurance and Occupational Pensions Authority

EIOPA (ex CEIOPS) – Established in Frankfurt, the EIOPA’s mission is to have a harmonized and coherent regulation for the insurance sector across the EU. It involves consumer protection, stability and oversight of cross-border insurance group.
More information and links
https://eiopa.europa.eu/about-eiopa/index.html
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IRSG

Insurance & Reinsurance Stakeholder Group

It’s the dialogue body of the EIOPA with representatives of the industry, consumers and academics. It has 30 members which have a consultative role for every EIOPA initiatives.
More information and links
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/index.html
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ESMA

European Securities and Markets Authority

ESMA (ex CESR) – Established in Paris, the ESMA aims to protect investors and ensure a fair competition among financial services providers across the EU financial markets. They also watch about systemic risks and threats on the stability of EU financial markets.
More information and links
http://www.esma.europa.eu/page/esma-short
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ESM

European Stability Mechanism

The ESM has been set up in 2012 after the European Council agreed to amend the Treaty on the Functioning of the European Union. It is a tool to provide a financial assistance to member states of the Eurozone experiencing difficulties financing their budget on the markets and therefore posing a threat as a whole for the euro area. It has a maximum lending capacity of 500 billion euros.
More information and links
http://www.esm.europa.eu/about/index.htm
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ESRB

European Systemic Risk Board

It’s a component of the ESFS. Its task is to measure the systemic risk and identify threats to the financial stability in the EU. It has an alert role and can issue warnings to the EU Council. The ESRB is bringing together the chairpersons of the ESAs and the President and Vice-President of the European Central Bank.
More information and links
http://www.esrb.europa.eu/home/html/index.en.html
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IED

Industrial Emissions Directive

The IED was adopted in 2010 and will gradually replacing 7 EU legal texts until 2016. It requires some listed industries (Annex 1 of the IED) to obtain a permit from their national licensing authorities. This permit is linked to the use of the Best Techniques Available (BAT) in order to achieve specific environmental indicators.
More information and links
http://ec.europa.eu/environment/air/pollutants/stationary/ied/legislation.htm http://europa.eu/legislation_summaries/environment/air_pollution/ev0027_en.htm
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IRIS

Industrial Emissions Reporting Information System

IRIS is a web-platform, part of the Eionet (European environment information and observation network). The website is collecting the data reported by the member states for the implementation and enforcement of the IPPC Directive, the Solvent and the Waste Incineration Directive. It contains the numerous reports submitted by member states regarding their permitting procedures and quantitative data about the activities of the licensed industries.
More information and links
http://www.iris.eionet.europa.eu/
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MEP

Member of the European Parliament

MEPs are elected for 5 years by direct universal suffrage. MEPs can belong to one of the 7 political groups according to their political affiliation. They are also members of one of the 20 parliamentary committees for specialized preparatory work.
More information and links
http://www.europarl.europa.eu/aboutparliament/en/0081ddfaa4/MEPs.html
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MiFID

Markets in Financial Instruments Directive

MiFID has been adopted in 2004 and is the legal framework for investments services and market instruments. The overall objective is the harmonisation and the mutual recognition of the existing national regulations by authorising investment operators to provide their services in any country of the EU on the single basis of the authorization granted by their national authorities.
More information and links
http://europa.eu/legislation_summaries/internal_market/single_market_services/financial_services_general_framework/l24036e_en.htm
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NATECH

Natural Hazard Triggered Technological Disasters

A Natech is when a natural disaster is triggering a man-made disaster (atmospheric releases, spills, fires…). As an illustration, the nuclear incident of Fukushima in 2011 is a natech because it was triggered by a tsunami. Natech mostly happens when extreme natural events occur in a dense and/or complex industrial area with sensitive activities.
More information and links
http://enatech.jrc.ec.europa.eu/ http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2013:0213:FIN:EN:PDF
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NCA

National Competent Authority

In the EU vocabulary, an NCA is the public body in a member state that will be responsible for the implementation and the enforcement (licensing, monitoring, legal proceedings...) of a sector-specific EU legislation (environment, financial services…). It will be the intermediary between the EU institutions and the final subjects of an EU legislative action.
More information and links

Open acronym →
Omnibus II Directive

It’s an update of Solvency 2 to fit the Lisbon Treaty and give more binding powers the new European Supervisory Authorities.
More information and links
http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm
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REACH

Registration, Evaluation, Authorisation and Restriction of Chemicals

Since 2007, REACH is the EU legal framework for the regulation of the production and use of chemical substances. The industry has to register every chemical substance and communicate on the effects and properties of these substances.
More information and links
http://ec.europa.eu/enterprise/sectors/chemicals/reach/index_en.htm http://ec.europa.eu/environment/chemicals/reach/reach_intro.htm
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SII – S2

Solvency II

It’s the general framework Directive that will replace the 13 existing EU insurance directives to apply fully harmonized standards of regulation and supervision across Europe. It was adopted in 2009 but had to suffer delays because of the financial crisis and the complete review of the financial supervision in the EU. Solvency 2 has 3 pillars, one quantitative for capital requirements, another qualitative one about the internal control and the risk management processes in place and a final one about the reporting, where insurers must demonstrate to the supervisor that the information reported supporting the other two Pillars is reliable.
More information and links
http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
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TEU

Treaty of the European Union

The TEU is the consolidated and amended version of the Maastricht Treaty signed in 1992. The TEU is giving the legal personality to the European Union for a better action and representation on the international stage. It is also the basis for the European Monetary Union.
More information and links
http://europa.eu/about-eu/basic-information/decision-making/treaties/index_en.htm
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TFEU

Treaty on the Functioning of the European Union

Since the Lisbon Treaty in 2009, the TFEU is the official appellation for the consolidated version of the original Treaty of Rome, effective since 1958 and establishing the Europe Economic Community, it’s the base for the single market rules and all other major competences of the European Union (like the agriculture or the trade policy).
More information and links
http://europa.eu/about-eu/basic-information/decision-making/treaties/index_en.htm
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ORGANISATIONS AND INSTITUTES

AAI

International Actuarial Association

Founded in 1895, and reformed in 1998 with a new constitution, the International Actuarial Association (IAA in french) is the worldwide association of professional actuarial associations.
More information and links
http://www.actuaries.org/
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ACCA

Chartered Association of Certified Accountants

Open acronym →
AIDA

International Association of Insurance Law (Association Internationale des Droits des Assurances)

AIDA Europe was established in Rome in 2007. Its aim is to bring together the National Associations in Europe, as a regional grouping, to further the aims of AIDA on a regional basis and to generate enthusiasm and industry involvement in the work of AIDA.
More information and links
http://www.aida.org.uk/AIDAEurope.asp
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BCI

Business Continuity Institute


More information and links

Open acronym →
BIPAR

European Federation of Insurance Intermediaries

BIPAR's primary mission is to promote a European regulatory environment in which intermediaries can prosper and that, at the same time, ensures fair competition, an adequate level of consumer protection and a sound insurance market.
More information and links
http://www.bipar.eu/en
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BIS

Bank of International Settlement, Basle

The Bank for International Settlements was established in 1930. It is the world's oldest international financial institution and remains the principal centre for international central bank cooperation. The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
More information and links
http://www.bis.org/
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CEIOPS

Committee of European Insurance and Occupational Pensions Supervisors

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) was replaced by the European Insurance and Occupational Pensions Authority (EIOPA) from January 1, 2011.
More information and links
https://eiopa.europa.eu/
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CEN

European Committee for Standardization

The European Committee for Standardization (CEN) was officially created as an international non-profit association based in Brussels on 30 October 1975
More information and links
http://www.cen.eu/cen/pages/default.aspx
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CJEU

Court of Justice of the European Union

Since the establishment of the Court of Justice of the European Union in 1952, its mission has been to ensure that "the law is observed" "in the interpretation and application" of the Treaties.
More information and links
http://curia.europa.eu/jcms/jcms/j_6/
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EACG

European Actuarial Consultative Group

European Actuarial Consultative Group was established in 1978 to bring together the actuarial associations in the European Union to represent the actuarial profession in discussion with the EU institutions on existing and proposed EU legislation which has an impact on the profession. The Groupe also now provides a forum for discussion amongst all actuarial associations throughout Europe.
More information and links
http://www.gcactuaries.org/index.html
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EC3

European Cybercrime Centre

The European Commission decided to establish a European Cybercrime Centre (EC3) at Europol. EC3 officially started its activities on 1 January 2013. It aims to become the focal point in the EU’s fight against cybercrime, through building operational and analytical capacity for investigations and cooperation with international partners in the pursuit of an EU free from cybercrime.
More information and links
https://www.europol.europa.eu/ec3
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ECB

European Central Bank

The ECB is the central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area.
More information and links
http://www.ecb.int/home/html/index.en.html
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ECGI

European Corporate Governance Institute

The European Corporate Governance Institute (ECGI) was founded in 2002. It has been established to improve corporate governance through fostering independent scientific research and related activities.
More information and links
http://www.ecgi.org/
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ECIIA

European Confederation of Institutes of Internal Auditing

ECIIA's objective is to support the position of internal control professionals in the EU.
More information and links
http://www.eciia.eu/
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ECIROA

European Captive Insurance and Reinsurance Owners’ Association

ECIROA was formed on 19 August 2008. The association has as object the protection and support of the captive industry as well as representation of its members in discussions with official, regulatory bodies. The Association is aimed at being a forum for captive owners where these can exchange experience across border, business sector or line of insurance business.
More information and links
http://www.eciroa.org/wp/
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ECJ

European Court of Justice

Please refer to CJEU
More information and links
http://curia.europa.eu/jcms/jcms/j_6/
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ecoDa

European Confederation of Directors' Associations

The European Confederation of Directors' Associations (ecoDa) is a not-for-profit association founded in December 2004.
More information and links
http://www.ecoda.org/
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ECOSOC

United Nations Economic and Social Council

A founding UN Charter body established in 1946, the Council is the place where the world’s economic, social and environmental challenges are discussed and debated, and policy recommendations issued.
More information and links
http://www.un.org/en/ecosoc/
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ECSA

European Corporate Security Association

ECSA was founded in 2005. ECSA aims to provide its members a trusted forum to share common issues and experiences; information and education; networking with co-members and third parties.
More information and links
http://www.ecsa-eu.org/
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EDPS

European Data Protection Supervisor

The position of European Data Protection Supervisor (EDPS) was created in 2001. The responsibility of the EDPS is to make sure that all EU institutions and bodies respect people’s right to privacy when processing their personal data.
More information and links
http://europa.eu/about-eu/institutions-bodies/edps/
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EFSA

European Food Safety Authority

The European Food Safety Authority (EFSA) is an independent European agency funded by the EU budget that operates separately from the European Commission, European Parliament and EU Member States.
More information and links
http://www.efsa.europa.eu/
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EIA

Environmental Impact Assessment

Environmental assessment is a procedure that ensures that the environmental implications of decisions are taken into account before the decisions are made.
More information and links
http://ec.europa.eu/environment/eia/
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EIOPA

European Insurance and Occupational Pensions Authority

EIOPA (ex CEIOPS) – EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities and the European Systemic Risk Board. It is an independent advisory body to the European Parliament and the Council of the European Union. EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries. EIOPA is based in Frankfurt am Main, Germany
More information and links
https://eiopa.europa.eu/
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ENISA

European Network and Information Security Agency

ENISA was set up to enhance the capability of the European Union, the EU Member States and the business community to prevent, address and respond to network and information security problems. In order to achieve this goal, ENISA is a Centre of Expertise in Network and Information Security and is stimulating the cooperation between the public and private sectors.
More information and links
http://www.enisa.europa.eu/
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ERMA

Enterprise Risk Management Association

ERMA is established as a global learning centre for professionals in Enterprise Risk Management.
More information and links
http://www.erm-academy.org/erma/profile
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ESMA

European Security and Markets Authority


More information and links
http://www.esma.europa.eu/
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EU- OSHA

Europe Agency for Safety and Health at Work

European Agency which promotes health and safety at work though campaings, prevention, partnership and research.
More information and links
https://osha.europa.eu/en
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FASB

Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities.
More information and links
http://www.fasb.org/home
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FUEDI

The European Federation of Loss Adjusting Experts

Founded in 1968, FUEDI aims to promote the independent / impartial profession of loss adjusting for the insurance industry and other areas of commerce.
More information and links
http://www.fuedi.eu/
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IASB

International Accounting Standards Board

IASB (ex IASC) - IASB is the international body responsible for the development of international accounting standards IAS / IFRS.
More information and links

Open acronym →
ICC

International Chamber of Commerce

ICC’s purpose is to deepen the development of an open world economy.
More information and links
http://www.iccwbo.org/
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IFRIC

International Financial Reporting Interpretations Committee

IFRIC are standards interpretations issued by the International Financial Reporting Interpretations Committee.
More information and links
http://ec.europa.eu/internal_market/accounting/ias/index_en.htm
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IIA

Institute of Internal Auditors

Established in 1941, the Institute of Internal Auditors (IIA) is an international association which represents the internal audit profession.
More information and links
https://na.theiia.org/Pages/IIAHome.aspx
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INSURANCE EUROPE

(CEA : Comité Européen des Assurances) - European Insurance and Reinsurance Federation

Insurance Europe is the European (re)insurance federation which gathers national insurance associations.
More information and links
http://www.insuranceeurope.eu/
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IRM

The Institute of Risk Management

IRM is the Risk Management Institute in United Kindgom and a member of IFRIMA.
More information and links
www.theirm.org
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ISO

International Organization for Standardization

Founded in 1947, ISO is composed of national bodies which develop and publish International Standards through consensus. Its head office is in Geneva Switzerland.
More information and links
http://www.iso.org/iso/home.htm
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JRC

European Commission’s Joint Research Centre

The Joint Research Centre was established under the Euratom treaty in 1957 to promote nuclear safety and security in Europe.
More information and links
http://ec.europa.eu/dgs/jrc/index.cfm
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LMA

Lloyd’s Market Association

Founded in 2001, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community.
More information and links
http://www.lmalloyds.com/
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UNECE

United Nations Economic Commission for Europe

The United Nations Economic Commission for Europe (UNECE) was set up in 1947 by ECOSOC. It is one of five regional commissions of the United Nations.
More information and links
http://www.unece.org/
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YEI

Young European Insurers

Founded in November 2011 in Milan, YEI is a pan European initiative, aimed at supporting the young, talented and value driven insurers in the industry.
More information and links

Open acronym →

RISK MANAGEMENT ASSOCIATIONS

ABGR

Associação Brasileira de Gerência de Riscos

Founded in 1983, ABGR is the Risk Management Associations in Brazil and a member of IFRIMA.
More information and links
www.abgr.com.br
Open acronym →
ADARA

Asociacion Argentina de Administradores de Riesgos

Founded in late 1985, ADARA is the Risk Management Associations in Argentina and a member of IFRIMA.
More information and links
www.adara.org.ar
Open acronym →
AGERS

Asociación Española de Gerencia de Riesgos y Seguros

AGERS is the Risk Management Associations in Spain and a member of FERMA.
More information and links
www.agers.es
Open acronym →
AIRMIC

The Association of Insurance and Risk Managers

Airmic is the association for everyone who has a responsibility for risk management and insurance for their organisation in the United Kingdom. Airmic is a member of FERMA.
More information and links
www.airmic.com
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ALARYS

Asociacion Latinoamericana de Administradores de Riesgos y Seguros

Founded in 1993, ALARYS is the Risk Management Associations in Latin America and a member of IFRIMA.
More information and links
www.alarys.org
Open acronym →
ALRIM

Luxembourg Association for Risk Management Professionals

ALRIM (ex PRIM) - Founded on July 1, 1997, ALRIM is the Risk Management Associations in Luxembourg and a member of FERMA.
More information and links
www.alrim.lu
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AMRAE

Association pour le Management des Risques et des Assurances de l'Entreprise

Founded in 1993, AMRAE is the Risk Management Associations in France and a member of FERMA
More information and links
www.amrae.fr
Open acronym →
ANRA

Associazione Nazionale dei Risk Manager e Responsabili Assicurazioni Aziendali

Founded in 1972, ANRA is the Risk Management Association in Italy and a member of FERMA.
More information and links
www.anra.it
Open acronym →
APOGERIS

Associação Portuguesa de Gestão de Riscos e Seguros

APOGERIS is the Risk Management Association in Portugal and a member of FERMA.
More information and links
www.apogeris.pt
Open acronym →
ARM

Association of Risk Management

ARM is is the Risk Management Association in Japan and a member of IFRIMA.
More information and links
www.arm.gr.jp
Open acronym →
ASPAR CZ

Asociace specialistů pojištění a řízení rizik České republiky o.s

ASPAR CZ is the Risk Management Association in Czech Republic and a member of FERMA.
More information and links
http://www.asparcz.com/
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BELRIM

Belgian Risk Management Association

BELRIM is the Risk Management Association in Belgium and a member of FERMA.
More information and links
http://www.belrim.com/
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Bfv

Bundesverband firmenverbundener Versicherungsvermittler und -gesellschaften e.V.

Bfv is the Risk Management Association in Germany and a member of FERMA
More information and links
http://www.bfv-fvv.de/
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DARIM

DI's Risk Management Forening

DARIM is the Risk Management Association in Denmark.
More information and links
www.di.dk
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DVS

Deutscher Versicherungs-Schutzverband e.V.

DVS is the Risk Management Association in Germany and a member of FERMA.
More information and links
http://www.dvs-schutzverband.de/
Open acronym →
FAPARMO

Federation of Asian, Pacific & African Risk Management Organisations Limited

FAPARMO is the Risk Management Association in Asia and a member of IFRIMA. Its location and address is PO Box 226, Nundah Qld 4012, AUSTRALIA
More information and links

Open acronym →
FERMA

Federation of European Risk Management Associations

FERMA is the Risk Management Association in Europe and a member of IFRIMA.
More information and links

Open acronym →
FINNRIMA

Finnish Risk Management Association

FINNRIMA is the Risk Management Association in Finland and a member of FERMA.
More information and links
http://www.srhy.fi/
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IFRIMA

International Federation of Risk and Insurance Management Associations

The International Federation of Risk and Insurance Management Associations (IFRIMA) is the international umbrella organization for risk management associations. With its roots going back to the 1930s and its development through the discipline of insurance and risk management, IFRIMA is uniquely positioned as a leader in risk management and its application. As an "association of associations", IFRIMA's primary objective is to provide a forum for interaction and communications among risk management associations and their members.
More information and links
http://www.ifrima.org/
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IGREA

Iniciativa Gerentes de Riesgos Españoles Asociados

IGREA is the Risk Management Association in Spain and a member of FERMA.
More information and links
http://www.igrea.es/
Open acronym →
IRMSA

The Institute of Risk Management South Africa

IRMSA is the Risk Management Association in South Africa and is a member of IFRIMA.
More information and links
http://www.irmsa.org.za/
Open acronym →
MARIM

Malaysian Association of Risk and Insurance Management

MARIM is the Risk Management Association in Malaysia and is a member of IFRIMA.
More information and links
www.marim.org
Open acronym →
MARM

Malta Association of Risk Management

MARM is the Risk Management Association in Malta and a member of FERMA.
More information and links
http://marm.org.mt
Open acronym →
NARIM

Nederlandse Associatie van Risk en Insurance Managers

NARIM is the Risk Management Association in The Netherlands
More information and links
http://www.narim.com/
Open acronym →
NORIMA

Norwegian Risk Management Association

NORIMA is the Risk Management Association in Norway and a member of FERMA.
More information and links
www.norima.no
Open acronym →
POLRISK

Stowarzyszenie Zarządzania Ryzykiem

POLRISK is the Risk Management Association in Poland and a member of FERMA.
More information and links
www.polrisk.pl
Open acronym →
PRIM

Luxembourg association for Risk Management Professionals

PRIM was the name of the Risk Management association in Luxembourg until 2012 and was replaced by the name of ALRIM.
More information and links

Open acronym →
PRIMA

Public Risk Management Association

PRIMA's Core Competencies were developed in 2004 as a roadmap for the public risk profession.
More information and links
www.primacentral.org
Open acronym →
RIMAS

Risk and Insurance Management Association of Singapore

RIMAS is the Risk Management Association in Singapore and a member of IFRIMA.
More information and links
www.rimas.org.sg
Open acronym →
RIMS

Risk and Insurance Management Society

RIMS is the Risk Management Association in United States.
More information and links
www.rims.org
Open acronym →
RMCA

Risk Managers and Consultants Association of Japan

RMCA is the Risk Management Association in Japan and a member of IFRIMA.
More information and links
www.rmcaj.com
Open acronym →
RMIA

Risk Management Institution of Australia

RMIA is the Risk Management Association in Australia.
More information and links
www.rmia.org.au
Open acronym →
RMST

Risk Management Society of Taiwan, R.O.C.

RMST is the Risk Management Association in Taiwan and a member of IFRIMA.
More information and links
www.rmst.org.tw
Open acronym →
RUSRISK

Russian Risk Management Society

RusRisk is the Risk Management Association in Russia and a member of FERMA.
More information and links
http://www.rrms.ru/
Open acronym →
SI.RISK

Slovenian Association of Risk and Insurance Management

SI.RISK is the Risk Management Association in Slovenia and a member of FERMA.
More information and links

Open acronym →
SIRM

Swiss Association of Insurance and Risk Managers

Founded on October 4, 1973 in Berne, SIRM is the Risk Management Association in Switzerland and a member of FERMA.
More information and links
www.sirm.ch
Open acronym →
SWERMA

Swedish Risk Management Association

SWERMA is the Risk Management Association in Sweden and a member of FERMA.
More information and links
http://www.swerma.se/
Open acronym →

RISK AND INSURANCE TERMS

ADR

Alternative Dispute Resolution


More information and links

Open acronym →
ALM

Asset Liability Management


More information and links

Open acronym →
BCM

Business Continuity Management


More information and links

Open acronym →
BCMS

Business Continuity Management System


More information and links

Open acronym →
BCP

Business Continuity Plan


More information and links

Open acronym →
BI

Bodily Injury or Business Interruption


More information and links

Open acronym →
C-Suite

Corporate Suite


More information and links

Open acronym →
CAATs

Computer-assisted audit tools


More information and links

Open acronym →
CAE

Chief Audit Executive


More information and links

Open acronym →
Cat Bond

Catastrophe Bond


More information and links

Open acronym →
CCO

Chief Compliance Officer


More information and links

Open acronym →
CERT

Computer Emergency Response Team


More information and links

Open acronym →
CFROI

Cash Flow Return on Investments


More information and links

Open acronym →
COSO

Committee Of Sponsoring Organizations of the Treadway Commission


More information and links

Open acronym →
CPB

Captive Performance Bond


More information and links

Open acronym →
CRO

Chief Risk Officer


More information and links

Open acronym →
CSO

Chief Security Officer


More information and links

Open acronym →
D&O

Directors and Officers


More information and links

Open acronym →
DRP

Disaster Recovery Plan


More information and links

Open acronym →
EBITDA

Earnings before Interest, Taxes, Depreciation, and Amortization


More information and links

Open acronym →
EHS

Environmental, Health and Safety (HSE - SHE)


More information and links

Open acronym →
ERM

Enterprise Risk Management


More information and links

Open acronym →
FINC

Financial Interest Clause


More information and links

Open acronym →
FMEA

Failure Mode and Effects Analysis


More information and links

Open acronym →
FRM

Financial Risk Management


More information and links

Open acronym →
GRC

Governance Risk & Compliance


More information and links

Open acronym →
GRM

Group Risk Manager


More information and links

Open acronym →
IAS

International Accounting Standards


More information and links

Open acronym →
IBNER

Incurred but not enough reported


More information and links

Open acronym →
IBNR

Incurred But Not Reported


More information and links

Open acronym →
ICT

Information & Communication Technology


More information and links

Open acronym →
ID

Identification


More information and links

Open acronym →
IFRS

International Financial Reporting Standards


More information and links

Open acronym →
ILS

Insurance Linked Securities


More information and links

Open acronym →
IP

Intellectual Property or Internet Protocol


More information and links

Open acronym →
IPT

Insurance Tax Premium


More information and links

Open acronym →
IS

Information Security


More information and links

Open acronym →
ISO

International Standards Organization


More information and links

Open acronym →
ISO 22301

Societal Security — Business Continuity Management Systems — Requirements


More information and links

Open acronym →
ISO 31000

Risk Management – Principle and Guidelines


More information and links

Open acronym →
ISO 31004

Risk Management Guidance for the implementation of ISO 31000


More information and links

Open acronym →
IT

Information Technology


More information and links

Open acronym →
KPI

Key Performance Indicator


More information and links

Open acronym →
KRI

Key Risk Indicator


More information and links

Open acronym →
LoB

Line of Business


More information and links

Open acronym →
M&A

Mergers and Acquisition


More information and links

Open acronym →
MCR

Minimum Capital Requirement


More information and links

Open acronym →
Nat Cat

Natural Catastrophes


More information and links

Open acronym →
NIS

Network and Information Security


More information and links

Open acronym →
ORM

Operational Risk Management


More information and links

Open acronym →
ORSA

Own Risks and Solvency Assessment


More information and links

Open acronym →
PCC

Protected Cell Company


More information and links

Open acronym →
PD

Property Damage


More information and links

Open acronym →
PDCA

Plan Do Check Act


More information and links

Open acronym →
QRT

Quantitative Reporting Template


More information and links

Open acronym →
QS

Quota Share


More information and links

Open acronym →
RAROC

Risk Adjusted Return on Capital


More information and links

Open acronym →
RM

Risk Manager or Risk Management


More information and links

Open acronym →
RMIS

Risk Management Information System


More information and links

Open acronym →
ROC

Return on Capital


More information and links

Open acronym →
ROI

Return on Investment


More information and links

Open acronym →
RSR

Regular Supervisory Report


More information and links

Open acronym →
S/I

Self Insurance / Self Retention


More information and links

Open acronym →
SCR

Solvency Capital Requirement


More information and links

Open acronym →
SFCR

Solvency and Financial Condition Report


More information and links

Open acronym →
SL

Stop Loss


More information and links

Open acronym →
SOP

Standard Operating Procedures


More information and links

Open acronym →
SWOT

Strengths, Weaknesses, Opportunities and Threats


More information and links

Open acronym →
TCOR

Total Cost of Risk


More information and links

Open acronym →
XL

Excess of Loss


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