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Newsletter 44
1. Newsletter N°44
November 2011
FERMA’s new President Jorge Luzzi spent three years in the association ABGR, and one of the founders and the first
finance department of the pharmaceutical company, Ciba president of the Latin American risk management association
Geigy, now Novartis. He observed that everything seemed to Alarys. He is now honorary president of both organisations. He
revolve around risk, but that there was little analysis of is active in the International Federation of Risk and Insurance
anything other than pure financial risk. Management Associations (IFRIMA) as its chairman, and in the
Italian risk management association ANRA.
Having worked as an account executive with Marsh for eight
years at the start of his career, however, he could also see the With this background, it is not surprising that he has more
limitations of insurance. “Soon I started to think that risk than 500 connections on LinkedIn and he received more than
wasn’t only about doing the calculation but there was a lot of 150 congratulatory emails during the first day after his election
human aspect to risk. When there is a major loss, for example, as President of FERMA was announced!
it’s not just the factory that’s affected but the workers,” he
His work and FERMA responsibilities do not leave him time to
said.
play rugby now, but he takes advantage of living in
This human aspect really came home to Jorge in the 1999 Switzerland to ski and cycle with his two daughters, aged six
earthquake in Izmit, Turkey. By this time, he had joined Pirelli, and 10. He also loves football – how could he not with growing
and the tire maker has a factory within the quake zone. The up in Brazil and Argentina – and other sports.
official figures say at the Magnitude 7.6 quake killed at least
17,000 people and half a million were homeless. Most of the
Pirelli plant stood up well, but two people died in an older
building. Others were killed elsewhere or injured when their A man of
many countries
homes collapsed. In the end, the toll was 13 dead and 14
severely injured. The impact, though, was far wider; members
of staff were homeless and had lost friends and family
members. and enthusiasms
Jorge explains that before the company could think about
restoring the factory, it established a tent city for employees
and other Izmit residents who were homeless. The workers A profile of Jorge Luzzi,
otherwise might have been forced to leave the area to stay
FERMA’s new President
with relatives. “All this really touched me. Enterprise risk
management is not limited to calculating probabilities,” he
says.
As FERMA members who attended the FERMA night party at
Today Jorge is Director of Group Risk Management for Pirelli the 2011 Forum know, Jorge enjoys singing. There he joined
worldwide with wide responsibilities in the group. He started outgoing President Peter den Dekker and fellow Italian
his career in insurance and risk management in Brazil in 1971. Alessando De Felice for FERMA’s own version of the three
The family moved there from Argentina where he spent his tenors. “I love music,” he says, “Italian music, opera, of course,
boyhood, and he is proud of honour given him by the but many other types of music, too. I couldn’t live without it.”
Parliament of the Brazilian state of São Paulo for his
contribution on the development of risk management in the Over the next two years as President, Jorge wants to open the
country. Other awards he has received include the prestigious arms of FERMA to increased involvement with member
Goodwell Award for lifetime achievement from the US Risk associations and their members. He intends to expand
and Insurance Management Society (RIMS). FERMA’s communication with members and listen to their
concerns and opinions by taking advantage of the new social
Jorge describes himself as “Italian but from an international media tools.
family,” and he has Swiss as well as Italian nationality. He lives
near Lake Lugano in Switzerland where he has an office. Jorge wants to increase the number of what he calls ‘friends of
Pirelli headquarters is only one hour away by car over the FERMA’, for example by drawing on the resource of very
Italian border in Milan, and he regularly travels over the world experienced members who are no longer working as day to
to the company’s factories, distribution centres and offices. day risk managers but who have great expertise to offer.
Another innovation is that he would like FERMA to consider
Thanks to his Latin American childhood and a career that has having individual members participate in various projects
spanned Switzerland, Spain, Argentina, Brazil, Bermuda, under the direction of board members.
Ireland and Italy, Jorge speaks Portuguese, Spanish and
English in addition to Italian, and a little German and French. As he said in his first remarks as President of FERMA at the
Forum in Stockholm, his imperatives are “communication,
Jorge was president of the Brazilian risk management interaction and innovation.”
2. Letter EC considers regulation Launch of further
from of loss adjusters guidance on 8th
Brussels How do FERMA members feel about Directive
loss adjusters? Would they like to see
Florence Bindelle, some form of registration or regulation? On 14 December, FERMA will
Executive Manager This issue, which has been discussed in formally launch its joint
FERMA a number of times in the past, publication with the European
October was an exceptionally busy has again become topical as part of Confederation of Institutes of
month for FERMA with the successful Internal Auditing (ECIIA) of
European Commission discussions on
conference in Stockholm, the launch of guidance for senior executives on
the prevention and insurance of natural
the new logo and the new website. the risk management provisions
catastrophes.
Thank you to all of you who joined us in of the EU 8th Company Law
Stockholm. I hope you enjoyed the FERMA plans to circulate association Directive.
event as much as we did. presidents to ask their views, ahead of a This important work follows the
possible meeting with the European FERMA-ECIIA guidance on the
Now back in the office, we are working
Federation of Loss Adjusting Experts 8th Directive for boards and audit
on the next stage of the guidance on the
(FUEDI). Executive Manager Florence committees published in
8th Company Law Directive with the
European Confederation of Institutes of Bindelle, who attended a Commission September 2010. Former FERMA
International Auditing (ECIIA). We seminar on natural catastrophes on 18 President Marie-Gemma Dequae
intend to release it and present it to the October, reported that the Commission and current Vice President Michel
press on December 14 in Brussels. is to carry out an in-depth examination Dennery are leading the
of insurance schemes within the EU for continuing work for FERMA.
We are planning our 2012 projects, natural catastrophes.
among them the seminar and the Commented Michel, “This work
benchmarking survey. A working group The next step will be the release of a will be valuable not just for senior
is already gathering. Paris and London survey by the EC Joint Research Centre executives in large companies,
are the two locations being explored as as the basis for discussion of future but also for directors and audit
the venue for the seminar. The committees of smaller
initiatives to promote an appropriate
benchmarking survey, which will take companies, as we are including
market for natural catastrophe
place online in the spring of next year, practical advice on application of
insurance products and improve the the rules.”
has become the most authoritative view efficiency of existing market. A draft
on the state of European risk version should be available for A press conference and
management, so please do add your presentation of the new guidance
stakeholder comments by the end of
opinions when it is released. will take place in Brussels from
November, with a final version in
In terms of representing the interests of December. A green paper is expected to 9.00 to 10.00 am with breakfast
our members, I took part in a European from 8.30. The venue will be
follow to consider whether there is a
Commission conference on the confirmed closer to the time.
need to add to current European
prevention and insurance of natural regulation or create new measures for
catastrophes on 18 October, and on 8 managing catastrophe risks.
November Pierre Sonigo and I will
attend the stakeholder and practitioner EU Commissioner for internal market
workshop on implementation of the and services Michel Barnier, who spoke
environmental liability directive. Please at the conference, included among his
let me know if you would like more angles for action the question of some
information on either of these events. formal European registration of loss
FERMA will be promoting more adjusters. FERMA understands that
education in risk management. As FUEDI would like to see recognition of
FERMA expands, it’s clear to us this is the profession of loss adjuster but not
something members really welcome. regulation, and will consider the
possibility of future discussions with
In terms of communication, we are FUEDI after getting the presidents’
currently looking at the strengthening views.
our social media presence. Please
include the #fermarisk hashtag in your More information and the conference
own tweets, join the FERMA Risk Talk presentations will be available at:
group at LinkedIn and check the website
regularly. We are adding new content all http://ec.europa.eu/internal_market/ins
the time. urance/index_en.htm
Page 2 FERMA Newsletter N°44 ● November 2011
3. Cyber risk survey results
Social media are a great means of
communicating and building communities. At
the same time, their implications for company
reputation are a real concern for risk
managers. This is the finding of an online
survey on cyber risks conducted by FERMA
and the Institute of Risk Management (IRM).
Forum Panel “Global Compliant Programmes”: Forum Panel “ Risks of the Virtual World”:
Yves DE MESTIER, Martin STRNAD, Julia Luc VIGNANCOUR, Laurent DELHALLE, The survey, which took place just ahead of the
GRAHAM, Praveen SHARMA, Helen HAYDEN Michel DENNERY, Christian AGHROUM Forum, received a total of 186 replies from
members of the two organisations. They were
asked which three cyber risks they regarded as
Towards global compliance the greatest threats to business in general and
to their own organisation and then how these
FERMA and member association FERMA and Airmic are also hopeful risks were managed.
Airmic with the London and that as they progress, the very large Nearly half of the respondents put reputation
International Insurance Brokers’ US Risk and Insurance Management risk from social media among the top three for
Association will in November Society (RIMS) will become part of business generally, with a further 20 percent
approach interested parties in the the project. Global compliance is a including loss of confidential information
insurance market with a request for major concern for its members as it is through social media as a material exposure.
proposals to set up a global insurance for European risk managers.
regulation and tax database. When it came to their own organisations,
Airmic member Helen Hayden, group more respondents named non-malicious
The issue of global compliance was insurance risk manager of Prudential, operational IT risks among the top three,
one of the most debated topics at the has specialised in the issue, and she followed by theft of customer information and
FERMA Forum in Stockholm, both in was one of the panel members at the then social media reputation risks.
a workshop devoted to the subject FERMA workshop. She told the
and in the questions to insurance session that regulatory authorities The risks are real. Of 98 FERMA members who
industry leaders in the final panel. were closely monitoring large responded to the question, 28 said that their
Immediate past President Peter den international businesses following company had suffered an attack on
Dekker, who remains on the board of the credit crunch and economic confidential information and 12 out of 36
FERMA, and Vice President Julia responses said they had been concerned by a
downturn and were prepared to take
Graham, who chaired the Forum denigration attack.
act against them, including levying
workshop, are driving the financial penalties for non- In terms of managing the risks, risk
contribution from FERMA. compliance. management is the only corporate function
regularly involved in addition to IT security
There is no schedule established for Praveen Sharma, Consulting Practice
with over 80 percent saying it participates,
the project but the partners want to Leader for Marsh on global insurance compared to just under 20 percent for the next
gauge the response to the call for regulation and tax, was also a panel highest which is legal or company secretary.
proposals early next year and perhaps member. He was blunt about what
start with some implementation in he believes are the current barriers to FERMA Vice-President Michel Dennery who
the second half of the year. Graham a global database. “In my personal conducted a workshop on the risks of the
said: “We are quite positive that the view, at the moment it’s ego virtual world at the 2011 FERMA Risk Forum
work we are doing with Airmic will standing in the way. The only people said: “The Web 2.0 tools expose us to a lot of
produce useful results for other making money from a database are risk. We have to take care of the really
FERMA members.” software companies, lawyers and valuable information, the information that we
accountants. We spend the money use to make money, the information that
She explains that concentrating on gives us competitive advantage. It needs much
London makes the project more and try to use it as a differentiator.
It’s wrong when we make compliance more protection today because the
practical in a short timeframe than environment is much more open.
aiming for global participation, as a differentiator, when the
because only a fairly small group is fundamental difference should be “At the same time, the new tools also offer a
involved in the discussion. She the way of doing insurance business.” lot of opportunities in greater sharing of
believes that because so many information. We can use them communicate
Said Hayden, “At a time when the
London market insurers are part of with suppliers, shareholders and other
insurance policy is called upon to
big international companies and stakeholders. They can also help us break
perform, and to respond to and pay a
London is involved in so many global down internal silos.”
claim, it must be able to do so
programmes, the data that they can without fear that it or any For more details:
provide will cover many jurisdictions, subsequent payment will attract http://www.ferma.eu/2011/10/social-media-
enough to be valuable for corporate unwarranted scrutiny from regulators reputation-damage-high-on-risk-managers-
insurance buyers. or tax authorities.” list-of-concerns/
FERMA Newsletter N°44 ● November 2011 Page 3
4. Young risk professionals Education initiatives
The young risk managers’ network is now looking to build a Nineteen candidates from 11 countries have been selected for
continuing virtual meeting place, following its successful the first FERMA-Lloyd’s professional development initiative
launch at the Forum in Stockholm. The next planning meeting for risk managers, which will begin in 2012.
is expected to take place in Brussels in December. The selected candidates are:
The network is a joint programme between FERMA and Lloyd’s • Austria: Hannes Überbacher, Red Bull
Register Quality Assurance (LRQA). LRQA Senior Marketing • Belgium: Lena Bogaerts, Recticel
and Communications Manager Alex Briggs was delighted with
• Belgium: Sabine Desantoine, ING Belgium
the response in Stockholm and with the participation of then
• Denmark, Christian Julin, Falck
President of FERMA Peter den Dekker and his successor Jorge
• Denmark: Kim Sørensen, Carlsberg Breweries
Luzzi who talked about their own careers.
• France: Leopold Larius, Edenred
Briggs said: “We are now looking to build the community so • Germany: Ruben Müller, Voith Assekuranz Ermittlung
that young risk professionals can share ideas and best practices • Germany: Jiri Tripsovsky, Volkswagen Financial Services
through a virtual meeting place. Our aim is to have it well
• Lithuania: Kristina Bernotaite, INVEGA
established by the next FERMA Forum in Maastricht in 2012.”
• Netherlands: Denise Ozmis, AkzoNobel
http://www.ferma.eu/risk-management/young-risk- • Netherlands: Bernard van den Berg, Ballast Nedam
professionals/ • Poland: Martyna Butryn, Telekumunikacja Polska
• Russia: Igor Mikhailov, Mobile TeleSystems
• Russia: Artem Voronchikhin, Severstal
• Sweden: Malin Bernsten, SNDO
• Sweden: Fredrik Finnman, ASSA ALBOY
• Sweden: Claude Zambeaux, Electrolux
• Switzerland: Sabrina Hartusch, Triumph International
• Switzerland: Alexandre Voisin, METALOR
Tweet for FERMA: FERMA requests Around the associations
#fermarisk ISO liaison
member status
Social media allow risk professionals
from across FERMA’s now widely AGERS (Spain)
spread membership to build a lively Vice President Julia Graham has
community. FERMA can communicate nominated FERMA to act as a AGERS held a workshop with the
quickly with its members and the liaison member of ISO/PC Asociación de Empresarios de
members can communicate among technical committee 262, which Alcobendas during which a panel of
themselves. Please join us if you is working on ISO31004, a experts analysed, from a legal,
haven’t already done so: companion guide to ISO 31000. business and insurance perspective,
Julia was closely involved with the implications of the timetable for
FERMA has a new hashtag: the development of ISO 31000 the establishment of obligatory
#fermarisk. Use it on your and she is the nominated UK financial security against
own tweets for anything that expert on the new ISO working environmental impairment set out
you think would interest group for ISO31004. under Ministerial Order ARM
other members.
In September, Graham spoke at 1783/2011.
Join the discussion at FERMA the annual conference of the UK Directors and officers and their
Risk Talk at Chartered Institute of Internal liabilities will be the subject of a
http://www.linkedin.com/gro Auditors on the subject of a course on 30 November and 1
ups/FERMA-Risk-Talk- changed landscape for risk December. With many insurance
3720602 management. She covered issues programme renewals coming up at
such as systemic risk, corporate the end of the year, AGERS will hold
FERMA’s Twitter and Ferma Risk Talk governance, the current risk a seminar to consider the issues on
will also give access to videos and environment and the impact of 16 November in Madrid with a risk
presentations on YouTube and the recession.
SlideShare. managers’ session in the evening.
Page 4 FERMA Newsletter N°44 ● November 2011
5. Around the associations
Airmic (United Kingdom) BELRIM (Belgium)
Airmic is working on a number of projects and has this On 2 October, BELRIM held its traditional Belgian evening
year produced several reports. The one that was most during the FERMA Forum in Stockholm. In the impressive atrium
extensively reported in the UK media was Roads to of the National Museum of Sweden, 144 key members of the
Ruin, which was produced for Airmic by the Cass Belgian risk management and insurance community gathered
Business School. It looks at 23 high-profile corporate for a most enjoyable evening.
crises, the circumstances leading up to them and the
The Chairman of BELRIM, Gaëtan Lefèvre, welcomed members
‘risk blindness’ that contributed to them.
and sponsors and pointed out the challenges that lie ahead in
The association also produced a guide to the mitigating the impact of Solvency II on commercial customers
compliance of global insurance programmes and and the need for partnership as the only way to develop
another on disclosure requirements under UK balanced relationships between customers, brokers, insurers and
insurance law. also loss adjusters.
Current research projects include cyber risks and an Sarah Adam received her prize as the laureate student from the
evaluation of the terms of service level agreements FERMA Director of Education, Edouard Thys. Her research
with brokers. Airmic is also in discussion with leading covered risk management in small and medium sized
insurers about a model contract wording to reduce the companies.
impact of what members regard as the excessive
BELRIM is organising numerous activities in the coming months,
disclosure obligations placed on buyers under UK law.
including a seminar on risks linked to travel on 16 November and
For more information on Airmic’s role in the creation a cocktail for members on 2 February 2012.
of a shared insurance compliance database, see
page 3.
Airmic will host its annual dinner on 30 November in DARIM (Denmark)
London. DARIM will celebrate its 25th anniversary on 2 February 2012. It
will announce plans for an event later. In the meantime, the
association will hold a Christmas meeting on 6 December.
AMRAE (France)
The 20th Rencontres, AMRAE’s annual forum, will
take place from 8-10 February 2012 in Deauville. IGREA (Spain)
Registration is open on the AMRAE website. and APOGERIS (Portugal)
These two associations have collaborated with Commercial Risk
ANRA (Italy) Europe to organise a conference on risk frontiers in Latin
America on 8 November in Madrid. The half day seminar will
Economist Nassim Taleb, author of the Black Swan discuss how risk managers can achieve cost effective and
and Fooled by Randomness, will participate by video compliant coverage in such fast changing markets as Brazil and
link in the ANRA annual conference on 9 November in Argentina. FERMA President Jorge Luzzi, who has long
Milan. The subject of the conference will be ‘Back to experience of risk management in Latin America, will be a
Insurance – which solutions in a less secure world’. speaker.
Other speakers include Axel Theis, CEO of Allianz
Global Corporate & Specialty; Paolo Vagnone,
Country Manager of Assicurazioni Generali;
prominent Italian sociologist Enrico Finzi and the
NARIM (Netherlands)
CEOs of three brokers and three insurers. NARIM celebrates its 15th anniversary on 3 November by getting
During the conference ANRA will announce the together at the general assembly that will be held at Tata Steel
publication of a position paper on ISO 31000 and the in Ijmuiden. Arnout van der Veer, a member of NARIM and board
risk management process. member of FERMA, will deliver a lecture on enterprise risk
management, and there will be an excursion by bus at the Tata
Steel site.
ASPAR CZ (Czech Republic)
A one day seminar on practical examples of claims SIRM (Switzerland)
handling to be held at SKO-ENERGO Mlada Boleslav
on 10 November is the next event for ASPAR CZ. SIRM’s annual forum will take place on 8- 9 November at
There will be a members‘ meeting on 6 December. Pfäffikon. The subject will be cyber crime and cyber security.
FERMA Newsletter N°44 ● November 2011 Page 5
6. Shaping up for tomorrow in Stockholm - What’s happening
The 2011 FERMA Risk Forum Something which has happened
and will continue to do so is that
As he took over as President of FERMA, economies towards emerging markets, business has become much more
Jorge Luzzi defined his imperatives over and financial services were facing interdependent and complex.
the next two years in three words: stringent new regulations. Ackermann Natural catastrophes in the two
“communication, inter-action and argued that although changes to the years since the previous Forum
innovation.” His remarks closed the most regulatory framework were necessary, he had revealed this clearly, said
successful FERMA Forum so far with more warned that governments “should not FERMA President Peter den
than 1,500 risk professionals taking part. cause additional harm” when putting Dekker in his opening remarks.
them into effect.
With FERMA's growing membership, now “Our businesses are so complex
21 associations in 19 European countries There was, however, some that we cannot control every
and likely to expand further, Luzzi encouragement for FERMA members in aspect of our supply chains when
commented on the diversity of the his remarks. Ackermann said that many there is a catastrophe.” stated den
members of these groups. And he said: financial institutions had strengthened the Dekker. He called on the insurers
“FERMA should represent all of them and role of risk managers following the and reinsurers to understand their
be an instrument to elevate their status.” financial crisis. He commented: clients’ new business models and
“Deficiencies in controlling risk were at the support them by finding ways of
Luzzi, who has been Vice President of heart of the crisis. As a result many
FERMA for the previous two years, paid providing contingent business
financial institutions have strengthened interruption insurance. Risk
tribute to outgoing President Peter den the role of risk managers within their
Dekker. He would not behave like a managers should work with their
organisations, have revised their risk underwriters to make them
politician and claim that everything that methodologies and revisited the
had gone before was wrong and that great confident that they understood
instruments they use for mitigating and the risks.
reforms were needed. Instead, he said, his controlling risk.”
predecessor had done “a great job” and “To get the sort of financial
FERMA was in good health. The second keynote speaker, Magnus protection that we need in the
Lindkvist, however, was able to see face of catastrophes – and to
The formal proceedings of the 2011 Forum uncertainty about the future in a more
had begun in a serious way with the make it a worthwhile business for
positive light and he urged risk managers the insurers and reinsurers – is an
keynote address by the CEO of Deutsche to do so, too. Styling himself as a
Bank, Josef Ackermann. He told the issue for us working together,” he
trendspotter and futurologist, Lindkvist said.
audience that they were witnessing “a said: “You are all trend spotters. That’s
tectonic shift” in the outlook for the what risk management is all about. What The Forum concluded with the
financial services industry, especially in is happening and in which direction is it panel discussion among leaders of
banking. The whole structure of the pointing.” the insurance industry – What
industry was changing fundamentally. keeps you awake at night.
You should, he told the audience, make Journalists Adrian Ladbury of
Growth prospects for the financial industry ideas join up, experiment and use failures
in the West were limited, along with a shift Commercial Risk Europe and
to create success. Become, he urged Nathan Skinner of Strategic Risk
in economic power from Western them, “chief imaginary officers.” challenged the participants with
questions about whether the soft
market was turning, how they
were going to help risk managers
make their global programmes
compliant and finally what did
keep them awake at night.
Then it was time for the closing
ceremony with thanks to all those
who contributed, for a new
President to take over and a
farewell lunch in the magnificent
surroundings of Stockholm City
Hall.
Page 6 FERMA Newsletter N°44 ● November 2011
7. Buzz at the Forum Innovation pitches
Not all the excitement took place in the meeting rooms. The
European marketplace in the exhibition hall was the focus of
events away from the sessions during the day. Knowing that
risk managers are keen on new ideas, FERMA offered service
suppliers the chance to promote their innovations - with just
three minutes each to convince the risk managers to vote for
them.
Social media
Around 800 tweets, or twitter messages were posted either
direct to FERMA or using the #fermaforum tag during the
event.
Regular blog entries on the new FERMA website updated
members and linked to films and presentations almost as Swiss Re Corporate Solutions received the first ever product
soon as events happened. innovation award for its non-damage business interruption
cover that allows the aviation industry to mitigate risks
New FERMA President Jorge Luzzi highlighted FERMA's
associated with unexpected natural events, such as volcanic
commitment to social networking and called for active
ash cloud.
participation from member associations. “We want to have
real time communication, and real time is real.”
Young risk managers Best exhibitor award
The award for the
More than 90 young risk managers
best exhibition stand
attended an 8 am breakfast to
went to IF P&C
launch FERMA’s young risk
Insurance Company.
professionals’ network and hear
The visuals of their
both Jorge Luzzi and Peter den
booth as well as its
Dekker talk about their own
communication
careers. The chance to win an iPad
impact have
may also have been an inducement
convinced the FERMA
to make the early start.
jury.
Compete in risk management
Ladies lunch
Max Friberg and Mikael Nyström from the Stockholm School
Vice President Julia Graham looked of Economics of the University of Stockholm won the €1000
with pleasure at more than 100 compete in risk
women gathered for the first ever management award
FERMA ladies lunch and remarked organised by FERMA
that perhaps by the time of the next and platinum sponsor
FERMA Forum in 2013, it would be ACE. Their prize also
the men who were lunching on the included free
gallery. attendance at the
Forum.
FERMA Newsletter N°44 ● November 2011 Page 7
