FERMA Newsletter N°67
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Federation of European Risk Management Associations (FERMA)
See the Big Picture - Come to the Forum
Europe is changing before our eyes. People from troubled places are seeking sanctuary in large numbers. The climate is getting more extreme. Technology is spinning out new business ideas at an astonishing pace, and creating new threats at the same time. "Getting the big picture as well as developing technical knowledge is essential for risk leaders," says FERMA President Julia Graham. "That's why coming to the FERMA Forum 2015 is an investment for the future." Here is what risk managers will do at the Forum: Discuss the big issues of the day with colleagues from across Europe.
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François Settembrino, President of FERMA from 1984 to 1994, has died after a short illness on Friday 25 September. He was one of the founders of FERMA and responsible for starting the biannual FERMA Forum. François was named Honorary President after his retirement and retained an interest in FERMA to the end of his life, regularly attending general assemblies.
The President of FERMA, Julia Graham said: "I was saddened to learn of the passing of François Settembrino. François was the Father of FERMA and our longest serving President. We owe him a deep gratitude for his contribution to FERMA and as a visionary for our profession. My sympathies are with his family.
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Introducing FERMA's new executive
FERMA has three new vice presidents and a new secretary general who will work with Jo Willaert when he becomes president of FERMA on 7 October at the end of the 2015 Risk Management Forum. The new vice presidents are: Cristina Martínez, Dr. Mª Isabel Martínez and Dirk Wegener.
Expert Views: Siobhan Sweeney
Contrarian Directors could improve corporate risk-oversight
The function of boards to ensure a healthy balance between risk-taking and risk avoidance is critical to the success of the company and the stability of the economy. In many jurisdictions, independent directors are intended to provide objective shareholder-minded monitoring and improve firms' performances. Unfortunately, they are often not powerful enough to fulfil this role. The appointment of a 'Contrarian Director' with a formal duty to give careful consideration to the possible case, if any, against a recommended action would improve enterprise risk management.
European Affairs : Solvency II - Directive
On 4 September, the European Insurance and Occupational Pensions Authority (EIOPA) published an updated progress report regarding Bermuda's Solvency II equivalence assessment.
This report takes into account positively all the amendments to the regulations applicable to commercial [re]insurers introduced by the Bermuda Monetary Authority since EIOPA's last report was published in March 2015.
The European Commission needed this additional progress report to take fully informed equivalence decisions later this year.
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Rick Roberts, RIMS 2015 President
You can't just stay behind your desk
RIMS President Rick Roberts is one of the profession panel members at the FERMA Forum. FERMA asked him some questions ahead of the event.
The risk management profession is also under the spotlight and we are in an exciting period of new professional opportunities - opportunities that FERMA recognises and is responding to. FERMA continues to impress the risk management and insurance community with its profile, influence and actions.
How do you see the status and role of the risk management profession as the US economy recovers from the financial crisis?
"In my own job and from talking with other risk managers, I can say we are now being invited more often to the top table to talk about risk management issues, an indication that leadership recognises the value of strong risk management capabilities. Today also, risk management is not just about managing the threats and bad things that could happen. We are thinking about the good things, about the opportunities, and sometimes participating in the strategic planning of the company. Risk managers have always been forward looking. We think ahead two, three or more years, so what we do fits well into strategic planning."
FEDERATION OF EUROPEAN RISK MANAGEMENT ASSOCIATIONS - FERMA a.i.s.b.l.
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