Atlas Insurance PCC in Malta gives foreign promoters the opportunity to own their own EU insurance or risk financing captive vehicle avoiding fronting requirements. Protected cells typically require less capital & cost than standalone companies.
Venice was announced as the venue for Ferma’s next forum in 2015. The federation’s outgoing president, Jorge Luzzi, also said Ferma will hold a beefed up version of its biennial seminar in Malta the following year. He explained that because its seminars have grown over recent years, future versions might well more closely resemble the size and scope of forum meetings.
While early astronomers ﬁrst focused on what they could see, their modern counterparts develop insights on the universe well beyond what is visible with telescopes. A similar transition is unfolding in the area of strategic risk management, where executives are actively seeking new ways to understand and respond to the entire universe of risks—those that are familiar, and others that may have been off the radar. Business executives around the world say their understanding of the universe of strategic risk is changing. Here’s how according to Deloitte research. You can also take the quiz and see how your organisations stacks up against your peers.
FERMA is concerned that a trend towards stricter liability regimes in Europe and the potential introduction of mandatory financial guarantees will hamper the competitiveness of European companies. In a bid to protect society from a myriad of threats, European authorities are increasingly placing liabilities on companies requiring financial guarantees. With 2014 set to see an acceleration of such moves, FERMA is urging the EC to shy away from the introduction of mandatory coverages, arguing they will be to the detriment of European businesses and are not the best way to cover risk.
Today, cyber risks are high on the list of the most significant risks that organisations say they face, but FERMA board member Julia Graham believes that many risk managers are not yet playing a full part in their management.
“There is a tendency in my experience for risk managers to step away from this subject, ceding it to the domain of the chief information officer or his or her equivalent. Yet, this is not only an IT risk. It is an enterprise risk, and risk managers must step up and be stakeholders in its management,” she says.
Interview with Carl Leeman, President of the International Federation of Risk and Insurance Management Association (IFRIMA) and FERMA Board member on the nature of IFRIMA and how he sees the future of the Risk Management function.
The Federation of European Risk Management Associations (FERMA) warned the European Commission that any restriction to the operation of the subscription insurance market could work to the disadvantage of business by reducing market capacity or making access to that capacity more difficult.
FERMA has expressed these concerns in position paper commenting on the findings of a 2013 study by Ernst & Young on co(re)insurance practices. The Commission had asked E&Y to undertake the study ahead of the next review of the Insurance Block Exemption Regulation. In its current form, the Block Exemption will expire on 31 March 2017.
The target computer is picked. The order to strike has been given. All it takes is a finger swipe and a few taps of the touchscreen, and the cyberattack is prepped to begin. For the last year, the Pentagon’s top technologists have been working on a program that will make cyberwarfare relatively easy. It’s called Plan X. And if this demo looks like a videogame or sci-fi movie or a sleek Silicon Valley production, that’s no accident. It was built by the designers behind some of Apple’s most famous computers.
Aon has published a new guide on Risk Management Information Systems (RMIS) to help risk managers identify and address key issues when deciding whether to invest in such a tool. The educational guide aims to help risk managers evaluate the value and potential return from particular RMIS
The catchline of this year's Institute of Risk Management (IRM) Forum was 'Mind the Brand' so it was no surprise that one of the keynote speakers was Rita Clifton, the 'doyenne of branding' and former chairman of Interbrand, who wasted no time in explaining the link between brand and risk.
Ageing infrastructure and budget constraints threaten the global supply of water services, according to a report from Marsh. Asset upgrades are required around the world to replace ageing systems and to manage the risks associated with extreme weather events. However, challenging economic conditions are continuing to constrain the ability of water companies to fund infrastructure projects.
In a new survey of global executives, KPMG says “Risk Management” is at the top of the agenda. Risks are vast and ever-present, and companies that fail to manage them imperil their future. When asked to rank the top three threats facing their industry, nearly half of respondents included regulatory risk, followed by reputational risk, financial risks, supply chain and three risks associate with information technology and data risks. Expectations of Risk Management are outpacing capabilities. Follow link for vide and visit KPMG website for a more in-depth look at the findings.
Insurance Europe’s 6th International Conference will be held in Malta on 12 June 2014. The full-day conference will have speeches and debates featuring the industry’s top executives and policymakers.
Insurance Europe is the European insurance and reinsurance federation. Its members are the European national insurance associations and it represents all types of insurance and reinsurance undertakings, accounting for around 95% of total European premium income.
Risk management professionals from across Europe participated in the three-day FERMA Risk Management Forum in Maastricht, Netherlands. At the meeting, Julia Graham, Director of Risk Management and Insurance at the global law firm of DLA Piper, was introduced as the new President of FERMA, taking over for Jorge Luzzi. In this video, outgoing FERMA president Jorge Luzzi and new president Julia Graham discuss emerging risks faced by European risk managers, including cyber, terror, climate change, supply change and more. Julia Graham discusses how risk managers approach a riskier world and her objectives as FERMA president, including the risk management profession, unique opportunities from the center of Europe, and thought leadership in the insurance industry.
In this video interview, Carl Leeman, President of the International Federation of Risk and Insurance Management Associations (IFRIMA), outlines the work on creating global certification for Risk Managers and on enabling regions to better exchange crucial urgent risk information.
Analysing and mitigating the effects of climate change, such as floods and windstorms, have become pressing issues for risk managers, according to Gaëtan Lefèvre, chairman of the Belgian risk management association BELRIM.Gaëtan is the moderator of a workshop on climate change at the Risk Management Forum of the Federation of European Risk Management Associations (FERMA), which will begin on 29 September in Maastricht.
“We see how natural catastrophes are changing, becoming more severe. The problem is moving from the scientific understanding of what is happening to the climate and translating it into a risk management application in business. But it is a pressing issue for risk managers to analyse their company’s exposures and what mitigation measures are possible.”
Organisations risk creating a dysfunctional patchwork of risk and control functions unless they have an integrated approach to risk management and assurance with a clear definition of responsibilities and coordination by the governing body. An accumulation of separate functions can lead to a patchwork organisation, to the risk of thinking in silos and poor integration of the various actors.This is why the Institute of Internal Auditors (IIA) recommends that the governing body, whether it is the board or audit committee, should be responsible for monitoring the effectiveness of the company’s internal control, risk management and audit systems. The governing body must coordinate and align the organisation’s different assurance activities (internal and external) to optimise the level of governance, risk and control oversight.
The Federation of European Risk Management Associations (FERMA) has told the European Commission that any new insurance solutions for catastrophe risks should be market based and respect freedom of choice for company insurance buyers. FERMA has made this comment in its response to the European Commission Green Paper on natural and man-made disasters.
Former Airmic chair and current chair of the Federation of European Risk Management Associations (FERMA) committee planning the programme for the 2013 FERMA Risk Management Forum, Julia Graham, says that the programme for this year’s Forum has been designed to equip the risk and insurance manager in order to fulfil the opportunity to grow their stature.
"For years as risk managers, we have talked about influencing the organisations we work for. Now if we seize the opportunity, we will find that more top management than ever before is willing to listen to their risk and insurance managers as trusted advisors.”
The Forum will take place in Maastricht from 29 September to 2 October.
Cybercrime is one of the fastest growing and innovative areas of crime. More and more criminals are exploiting the speed, convenience and anonymity that modern technologies offer for committing a diverse range of criminal activities. The Malta Association of Risk Management will be holding a half-day seminar addressing cybercrime on the 24th June at the Dolmen Hotel, Qawra, Malta. The seminar will be opened by the Hon. Dr. Manuel Mallia, Malta Minister for Home Affairs and National Security. The line-up of speakers will include Prof. Wouter Stol from the Open University of the Netherlands and NHL University of Applied Sciences; Dr. Antonio Ghio, Head of the ICT Law Department of Fenech & Fenech Advocates; Inspector Timothy Zammit from the Cybercrime Unit of the Malta Police; Daniel Gambin-Head of Risk and Fraud with the Unibet group; Dr. Donald Tabone-Associate Director KPMG Information Protection and Business Resilience Services. For further information and registration contact firstname.lastname@example.org
Organisations' enterprise risk management (ERM) would benefit from a central function, staffed by risk management professionals, according to Christoph Schwager, Chief Risk Officer at European aerospace group EADS.
The Swiss government has launched a national strategy to fight back against cyber risks with a focus on prevention and the integration of critical information systems in crisis management plans. It aims to use the expertise accumulated by the Swiss army in the field of cyber risks to strengthen the ability of other sectors to cope with their threat.
Risk managers aren’t known for their ability to captivate a crowd. They shine behind closed doors, running the numbers on countless scenarios and planning for the unforeseen. But when it comes time to communicate the upside and downside of any decision, their message can fall on deaf ears. Authors Amy Su Jen and Mariel Maignan Wilkins teach risk managers that even introverts can captivate a crowd.
With social media’s rising influence, a crisis can do irreparable harm to a company’s brand. While companies cannot predict when or where a catastrophe will happen, they can prepare for such a scenario ahead of time. Should a disaster occur, a proactive company can put a crisis management plan into action to handle the incident and manage the media coverage. The basics are easy: monitor trends, develop protocols and practice, practice, practice. Here are key steps steps that will further help any company weather a catastrophe with its reputation intact.