FERMA responds to public consultation on sustainable corporate governance
FERMA calls upon the European Commission to consider the views of risk managers in its reflections on sustainable corporate governance. On Monday 8 February FERMA submitted its response to the European Commission’s public consultation on sustainable corporate governance. You can find our response by clicking on the thumbnail image below: As a short summary of […]
Risk managers and the SDGs: partnerships to build resilience
FERMA is a keen supporter of the Sustainable Development Goals (SDGs). This year’s European SDG Summit is called “impactful partnerships to build back better“. It takes place 26-30 October. The virtual summit is hosted by CSR Europe, a European network for corporate sustainability and responsibility. The risk and insurance management community is an important partner […]
FERMA responds to public consultation on the review of Solvency II
FERMA sees need for a review of how the Principle of Proportionality (PoP) is actually interpreted across Member States. Furthermore, FERMA also sees value in promoting a consistent approach to PoP. This consistency would help to ensure judgment from national competent authorities allows proportionality to be harmonised. FERMA would also be in favour of clear […]
Defining your risk exposure
A company needs a risk manager. That was the clear conclusion of the second day plenary session of the FERMA European Risk Management Seminar 2020, which considered the growing risks that companies are facing. Amid the ongoing pandemic, there is increased uncertainty, and insurance market conditions are tougher… Companies prioritise their risks in different ways, […]
A difficult environment makes risk management even more valuable
Laurent Nihoul, FERMA board member and chair of the Seminar committee The key message of the 2020 FERMA Risk Manager Seminar is that the hard insurance market can be a wake up call for risk and insurance managers to refocus their efforts on the basics of the profession: risks, exposures, mitigation and loss prevention. And […]
FERMA raises points for consideration in the Commission’s review of the NIS Directive
FERMA members are of the view that the NIS Directive has raised the bar on data and systems security in some EU businesses. But as this year has shown, the EU must strive to ensure a state-of-the-art response reflecting the needs for increased cybersecurity. This EU-level response should focus on increasing preparedness at national and […]
FERMA’s initial views on the Commission’s proposal for a regulation on digital operational resilience
FERMA welcomes the European Commission’s proposal for a “regulation on digital operational resilience for the Union financial sector” as part of its Digital Finance Package. This proposal is a crucial first-step in raising operational resilience in an important sector. However, the financial services sector does not exist in isolation. FERMA therefore believes that it is […]
A more ambitious EU strategy on adaptation to climate change is needed
FERMA welcomes the European Commission’s Blueprint for a new, more ambitious EU strategy on adaptation to climate change In its Blueprint document, the Commission rightly highlights that adaptation “is about understanding, planning and acting to prevent the impacts in the first place, minimise their effects, and address their consequences.” In this respect, FERMA is of […]
FERMA response to EIOPA consultation on integrating sustainability within Solvency II
FERMA supports the consideration of sustainability risks by insurers, however, there are concerns about the introduction of specific stress scenarios on sustainability for small and less complex insurers like captives, especially with regard to the ORSA. FERMA believes that any new measure should apply the principle of proportionality in order to ensure that: Solvency II […]
Next 5 priorities for the insurance community on cyber covers
FERMA participated in a cyber insurance workshop organised by EIOPA, the European insurance authority, on 1 April 2019. The workshop highlighted the following 5 priorities for the insurance industry regarding cyber insurance: Develop deeper understanding and removal of silent covers Respond to the frustrations of customers about questionnaires Act as an enabler in conjunction with […]
Rating of the environmental impact: what signal to investors?
The European Parliament adopted on 28/3 the so-called “Taxonomy regulation”, one of the three legislative initiatives to implement the Sustainable Finance Action Plan. The Sustainable Finance Action Plan, released by the European Commission in May 2018, aims to redirect capital flows towards sustainable economic activities. The taxonomy regulation sets criteria to define what economic activities […]
Building trust in AI: first European ethics guidelines
The European Union published a set of Ethics Guidelines for Trustworthy Artificial Intelligence on 8 April. These guidelines were prepared by the EU High-Level Expert Group on AI, an independent expert group set up by the European Commission in June 2018, and build on the results of a public consultation to which FERMA provided feedback. […]
European cybersecurity standards for ICT products and services
On 17 April 2019, the European Union (EU) adopted the European Cybersecurity Act which introduces a European cybersecurity certification framework for technology (ICT) products, processes and services. The EU Agency for Cybersecurity, ENISA, is now mandated to work on the development of such a framework for European cybersecurity certificates over the next 12 months. Initially […]
Encouraging figures for the involvement of risk professionals in ESG issues
On Tuesday 23 April, FERMA held its 2nd webinar: How risk management can contribute to sustainable growth? Live replay, reports and presentation available here The session (granting 2 rimap CPD points) was designed to help risk management and sustainability practitioners to apply ERM concepts and processes to environmental, social and governance-related risks (ESG). Speakers Rodney […]
Invest in cyber resilience, Telefonica Corporate Risk and Insurance Director tells conference
You cannot put all your money into cyber risk prevention but must invest in resilience, Augusto Perez Arbizu, Director of Corporate Risk and Insurance, Telefonica, and President of IGREA, told the OECD-Marsh conference on cyber insurance taking place yesterday and today in Paris.