Russian Risk Management Society

RusRisk — moving forward!

The primary mission of the Russian Risk Management Society (RusRisk) is to develop risk management in Russia as a crucial element of corporate governance and as a tool for enhancing business efficiency and stability.

This year, the risk management society celebrated its 20th anniversary. Over this time, we have achieved concrete results, including:

  • The “RusRisk Certification Center” has been established, where the certification program “Professional in Risk Management — CPRM. RR” is conducted within RusRisk’s voluntary certification system in risk management, approved by Rosstandart on May 22, 2013 (NoРОСС U.И1059.04ЖЖЭ0). Over the years, about 500 managers have successfully passed the certification exam.
  • National risk management standards have been developed and implemented: GOST R ISO 31000:2019, standards on risk appetite and risk indicators, on investment project risks, on assessing risk quality, and others. Since 2018, by order of Rosstandart, the ARM “RusRisk” has led the work of the national Technical Committee T010 “Risk Management” on standardization in the field of risk management.
  • A professional standard “Risk Management Specialist” has been developed and approved by the Order of the Ministry of Labor and Social Protection of the Russian Federation dated August 30, 2018 No. 564n.
  • Since 2003, annual professional forums on the development of risk management in Russia and the CIS have been held, and since 2006 — the contests “Best Risk Management in Russia,” among many other initiatives.

You can find detailed information about our achievements on our website https://www.rrms.ru.

Insurance is one of the most important tools of risk management; therefore, we pay great attention to the issues of insurance protection for high‑risk assets. It is natural to share RusRisk’s results in this area in the pages of “Insurance Gazette new.” Our forums traditionally include a section dedicated to insurance protection. RusRisk members regularly participate in professional events with an insurance agenda.

This year, for the first time, the organizing committee of the conference organized by the All‑Russian Insurance Association together with the Faculty of Economics at Lomonosov Moscow State University (in 2023, the XXIV International Conference was held) invited RusRisk to participate in organizing and conducting a dedicated section. The theme of this year’s conference is: “The role of risk management and insurance in ensuring the resilience of society and the economy,” and the section organized by RusRisk is titled “Insurance protection as an integral element of ensuring the sustainable development of an industrial company.”

Perhaps the main event with an insurance agenda is our ongoing seminar “Topical Issues in Organizing Insurance Protection for Large Industrial Companies.” From the beginning, we conceived a university as the venue, which gives the seminar a “live” atmosphere.

A bit of history. I graduated from the Department of Operations Research and Game Theory at the Faculty of Computational Mathematics and Cybernetics, Lomonosov Moscow State University. The training seminars at our faculty were structured so that they were engaging for all potential participants — both students and academics. This was achieved by devoting a significant part of the time to solving problems in a relatively specialized (narrow) area. Often, students or postgraduates were immersed in the problem much more deeply than a distinguished scholar. As a result, the discussion of approaches to solving the problem took place at a comparable level.

Of course, the seminar “Topical Issues in Organizing Insurance Protection for Large Industrial Companies” is not academic in nature; it is practical. But we wanted students to be able, if not to participate, then at least to consciously follow the discussion. We always ask speakers to clearly highlight an introductory (academic) part on the subject so that students understand what will be discussed. After that, professionals join the discussion. This is extremely important for students: they see not only an important but bounded part of the problem and the ways to solve it; they observe the speakers’ competence, the sharp questions, assess potential employers, and so on.

The first seminar was held in November 2021 at MGIMO University, at the Department of Risk Management and Insurance of the Ministry of Foreign Affairs of Russia. In the person of the Head of Department, Prof. K. E. Turbina, we found a like‑minded partner providing comprehensive support for the seminar.

An equally enthusiastic partner is the Head of the Department of Risk Management and Insurance at the Faculty of Economics of Lomonosov Moscow State University, PhD (Econ.), Associate Professor I. B. Kotlobovsky. RusRisk has been holding the seminar “Topical Issues in Organizing Insurance Protection for Large Industrial Companies” at Moscow State University since December 2022, and in a number of cases the seminar is conducted in a master‑class format.

As noted earlier, we consider the seminar not so much an event for students as for representatives of large industrial companies (who are invited not only by RusRisk but also by the speakers), as well as for brokers and other participants in the insurance market (surveyors, underwriters, insurance companies).

A mandatory condition for holding the seminar is the possibility of online participation. Our (RusRisk or professional) audience will not attend a student seminar in person. But allocating 2–2.5 hours to participate online in an agenda that goes beyond the student level is quite feasible. Regular participants include representatives of Russian industry (“Norilsk Nickel,” LUKOIL, SIBUR, RUSAL, Metalloinvest, Severstal, and others), brokers, insurance organizations (“Ingosstrakh,” “AlfaStrakhovanie,” etc.), and service companies (Mensor, MatthewsDaniel, etc.). The total number of participants (including online) can exceed 100.

We strive to invite the best market professionals on the topic under discussion as speakers. For example, when discussing “Comprehensive Environmental Insurance: Issues and Prospects,” the following program was offered (positions at the time of the presentation):

  • Environmental strategy of PJSC “MMC Norilsk Nickel” (Vice President for Ecology and Industrial Safety at PJSC “MMC Norilsk Nickel” S. S. Seleznev; Director of the Department of Insurance and Financial Risks at PJSC “MMC Norilsk Nickel” A. Yu. Prudnikov).
  • Legislative and legal aspects of comprehensive environmental insurance (Senior Partner at CMS Russia L. Zubarev).
  • Features of insurance coverage, including risks and exclusions (Senior Underwriter in the Liability Insurance Department at AIG JSC G. Enyaeva; Business Development Director at AIG JSC A. Misyurev).
  • Existing problems, constraints, and prospects for the development of environmental insurance as a separate class of insurance (Senior Broker in the Energy Risks Department at Willis CIS Insurance Broker LLC G. Pugachenko).
  • Practical examples of claims handling in comprehensive environmental insurance (Head of the Claims Department at AIG JSC E. Belousova).
  • Risk management to prevent environmental damage (Managing Partner at ERM Eurasia S. Burtsev). The seminar is held four times a year.

This year, the following topics were discussed at our seminar:

  • Current issues in settling insurance claims in the corporate sector.
  • Organizing effective insurance protection for a large industrial company (master‑class format).
  • The role of surveys in organizing insurance protection for high‑risk assets.
  • Directors’ and Officers’ Liability Insurance (D&O).

The seminars are also practically beneficial for students in that some speakers may invite them for internships at their companies. In particular, several students of the Faculty of Economics of Lomonosov Moscow State University completed internships in 2023 at the AlfaStrakhovanie Group. The following discussions are planned for the first half of 2024:

  • Problems and experience of creating mutual insurance societies in Russia.
  • Transformation of the insurance broker’s functions in today’s environment.

We will be glad to see readers of “Insurance Gazette new” at our seminar “Topical Issues in Organizing Insurance Protection for Large Industrial Companies”; information is posted on our website in advance.

Taking this opportunity, I would like to wish everyone a Happy New Year! May it be peaceful and bring good luck, joy, and peace of mind! And to all policyholders and insurers, I especially wish you a loss‑free year ahead! Happy New Year!

A. N. Elokhin, First Vice President of the Russian Risk Management Society, Doctor of Technical Sciences, Corresponding Member of the Russian Academy of Natural Sciences

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