Presentation is loading. Please wait.

Presentation is loading. Please wait.

Risk Management by Businesses Seminar on Financial Services Florence Bindelle Executive Manager of Ferma September 16,2005.

Similar presentations


Presentation on theme: "Risk Management by Businesses Seminar on Financial Services Florence Bindelle Executive Manager of Ferma September 16,2005."— Presentation transcript:

1 Risk Management by Businesses Seminar on Financial Services Florence Bindelle Executive Manager of Ferma September 16,2005

2 Seminar on Financial Services, Sofia, September 16th, 2005 Ferma a quick presentation…  Federation of European Risk management Associations  13 associations, 12 countries,, 4800 members  Belgium - BELRIM  Denmark - DARIM  France -AMRAE  Germany - BfV & DVS  Italy - ANRA  The Netherlands - NARIM  Portugal -APOGERIS  Russia - RusRisk  Spain - AGERS  Sweden - SWERMA  Switzerland - SIRM  UK - AIRMIC  Individual Members – Poland, Canada, US, Monaco, Czech Republic, Turkey, India, Bulgaria

3 Seminar on Financial Services, Sofia, September 16th, 2005 Objectives  Widen and raise the culture of Risk Management throughout Europe, by information sharing & educational and research projects  Represent the interests of European industry with respect to Risk management issues and be part of the decision making process at the European level  Develop and maintain contacts with other European Business Associations such as:  CEA (European insurers association)  BIPAR (European brokers association)  UNICE (European industry representatives)

4 Seminar on Financial Services, Sofia, September 16th, 2005 Recent achievements  Environmental Directive –Avoidance of mandatory insurance –Participation in experts group  Reinsurance Directive –Specific status for Reinsurance captives has been negotiated  Brokers remuneration –Discussions for recommendations with CEA and BIPAR  Development of a European course in Risk Management - Prorim qualification (Professional in Risk Management )

5 Seminar on Financial Services, Sofia, September 16th, 2005 Why there is a need for risk management?  Impact of risks is greater than ever  New regulations apply  Legal implications for executives  Stakeholders want to know –Shareholders –Clients –Public –Employees –Administrations –NGO’s –…–…

6 Seminar on Financial Services, Sofia, September 16th, 2005 What has changed in Risk management  Much higher visibility with direct involvement of Executive committee and Board of Directors  Scope of Risk has considerably widen  New structures where risks are being analyzed : Risk committees, CRO, audit committee, Disclosure committee  Disclosure, Reporting, Communication

7 Seminar on Financial Services, Sofia, September 16th, 2005 How should a company proceed to develop a risk management approach?  The Risk Management Standard

8 Seminar on Financial Services, Sofia, September 16th, 2005 How should a company proceed to develop a risk management approach?  Risk Assessment  Risk Analysis (Internal & External) –Risk identification –Risk Description –Risk Estimation –Risk Profile

9 Seminar on Financial Services, Sofia, September 16th, 2005 How should a company proceed to develop a risk management approach?  Risk Evaluation  Risk Treatment  Risk Reporting and Communication  Monitoring and review of the risk management process

10 Seminar on Financial Services, Sofia, September 16th, 2005 Predictions for the future  A separation between RM and Insurance purchasing  Director of Insurance will report to Procurement Director  Risk managers are cooperating with Internal auditors and other corporate functions  Companies will have to cope with new uninsurable risks  Internal reporting on risk issues will become more sophisticated  New communication tools will be developed

11 Seminar on Financial Services, Sofia, September 16th, 2005 RM opinions on insurance practices and offers  Risk transfer to the traditional insurance market seems the preferred way for traditional risks  This vision has remained relatively stable  New risks create some expectations from the insurance industry  Claims management is considered as the heart of the insurers services, brokers being preferred partners for most of other services  International and good rated insurance companies have a key role to develop towards the well risk managed corporate clients  A significant part of the risk managers are still looking for advices to optimize their insurance programs  Contract certainty

12 Seminar on Financial Services, Sofia, September 16th, 2005 Come to the FERMA RISK MANAGEMENT FORUM 2005! Lisbon 2-5 October Contact in Bulgaria: Mr Stoian Lilov (BTC):

13 Seminar on Financial Services, Sofia, September 16th, 2005 Thank you for your attention!


Download ppt "Risk Management by Businesses Seminar on Financial Services Florence Bindelle Executive Manager of Ferma September 16,2005."

Similar presentations


Ads by Google