Delegates in Versailles hear results of Benchmarking Survey along with plans for formal risk management recognition

Compliance and certification dominate FERMA Seminar

Key issues facing risk managers both now and in the future were debated in detail at this year’s Federation of European Risk Management Associations (FERMA) Seminar.

Results of the FERMA Risk Management Benchmarking Survey 2012 provided the framework for the event - held at Versailles, France - which attracted leading industry figures in record numbers.

Business compliance and legal requirements once again were the key external factors triggering risk management in companies, the third time in a row this has been the case.

In particular, the implications of the European 8th Company Law Directive remain a primary consideration both in terms of action required and general understanding.

Market competition and business regulation emerged as the two main risk priorities.

From an insurance perspective, the majority of survey respondents are planning to strengthen loss prevention activity rather than buy more insurance.

But insurers remain relevant as most risk managers are also seeking long-term relationships with robust industry partners.

The implications of Solvency II and the rising number of captives also featured strongly in the discussions.

Aside from the survey results, the FERMA 2012 Seminar also saw the organisation announce its plans for risk management certification.

These will be revealed in full at next year’s FERMA Forum and FERMA recognises much work needs to be done in the meantime to achieve a practical and acceptable solution to an issue which has been beset by problems in the past.

However, the commitment shown by FERMA at the Versailles Seminar indicated that the willingness is there and the organisation is seeking to establish a number of strategic partnerships that will help achieve its stated ambition.

FERMA director Julia Graham told delegates that while the organisation was looking for a pan-European cerification there was also an appetite for this project at a global level.

“We have had a number of interesting responses from other organisations, for example RIMS in the States and RMA in Australia , where they are saying ‘please come and talk to us because we are interested in this too’.” 

Exactly how this develops will be revealed next year when all eyes turn to Maastricht, The Netherlands, to see the certification announced in full at the 2013 Forum.