Ferma background

Track: Communication

Day 1 3 October 2016

Sessions

10:30 — 12:30 Communication

President Summit - National President Only

Session dedicated to FERMA's National President Only
14:30 — 16:00

Risk Manager Only Round Table Discussion

Closed Session for Risk Managers Only from 14:30 to 15:15 - Round table Discussions from 15:15 to 16:00 - Reporting
Resilience and Business Continuity Communication
Risk Management in SME Communication
ERM and Leadership Communication
Digital Risks Communication
Financial Transparency Initiatives Communication
14:30 — 16:00 Communication

Resilience and Business Continuity

  • Resilience : what’s your definition ; “Bounce back or is it more”
  • Contribute to your organisation’s resilience: Where to start, adapt and enhance
  • Enough is enough, but when do you know you have reached your goal on resilience
  • Where does Business Continuity come in to play and the integration into governance arrangements
14:30 — 16:00 Communication

Risk Management in SME

SME suppliers should not be treated like lemons – squeezed until they run out of juice and then replaced with some other lemons. This approach just discourages them from investing time and money in risk management. Those of us in large corporations know that we have SME suppliers and customers, and this relationship means that how they manage their risks can have consequences for us. Business continuity is the most obvious exposure, but we also need to think about quality and reputation, cyber security and liability, among other risks. With this in mind, FERMA organised a workshop on SMEs at the Forum in Venice in October 2015, and people who took part wanted to elaborate on this subject. Therefore, on 3 October during the coming FERMA Seminar in Malta, we will have a roundtable discussion on how SMEs can deal with risk. We know that often liabilities and insurance issues are, among others, not managed to the benefit of an equitable partnership between the large corporation and its smaller suppliers and customers.  The SME’s first line of contact is often the purchasing department which has no awareness of risk or insurance management. Academic research has shown that many SMEs do not – or do not adequately- apply risk management practices because of lack of financial resources and knowledge. In our session, we will consider how to deal with our SME suppliers in a sustainable way.
  • What risks to the SME should we be aware of? Are they the same as a large corporation faces?
  • How do SMEs deal with these risks, and how could they impact us?
  • How can SMEs and their large corporate customers find a common risk language to understand each other better in day to day business cooperation?
The focus should be on discussion and negotiation, educating the SME supplier instead of squeezing them
14:30 — 16:00 Communication

Digital Risks

Digital Risks Digital risks are among the most rapidly evolving of all organisational risks. The opportunities for growth and efficiency are well known, however such risks also present threats, in terms of the financial loss, disruption or damage to the reputation of an organisation from failure of its information technology systems. The increasing speed of innovation is a challenge for long established organisations as it reduces barriers to entry for new disruptive tech companies that are not plagued by complex legacy systems or rigid governance. We are increasingly reliant on technology as we become more aware of the potential of being better connected and making more use of data. As our operations become more sophisticated, so too do our vulnerabilities. Increased technology reliance leads to increased business interruption potential following a cyber-incident, including incidents occurring at third-party suppliers. These round tables will discuss items from the below following the interests of the participants:
  • What are the top impact threats now and in the next 5 years? Can we quantify the cyber threat exposures relative to our specific organisations?
  • Does the CIO have it all covered? What are the roles in this arena for the Board, Risk Professionals, IT, Marketing and other functions?
  • How can an organisation develop effective digital risk management and resilience strategies?
  • How can various cyber risk events be effectively managed considering detection, response and recovery?
  • Do we need dedicated cyber insurance or do we rely on tweaks or potential silent cover within traditional policies? What coverage and services would we like from cyber insurance? Why are so few decision makers buying cyber insurance?
  • What influence are the new EU General Data Protection Regulations (GDPR) having on the management or risk financing of digital risks?
14:30 — 16:00 Communication

Financial Transparency Initiatives

The Round Tables are supposed to discuss the impact on Risk Management of financial transparency initiatives BEPS (Base Erosion and Profit Shifting) and EU Anti-Tax Avoidance as well as the already established initiatives FATCA and Transfer Pricing Principles. The discussions at the table will focus on the following aspects and questions: o   What are the European companies already doing to manage these initiatives in a complaint way? o   How do these initiatives impact your day to day work, i. e. have changed your workflows and/or are expected to do so going forward? o   Will the Country-by-Country Reporting requirements intensify Transfer Pricing documentation and validation? o   Will these initiatives make the risk manager role internally more complex, e. g. coordinating with other departments? o   What should brokers and insurers do vs. what they are already doing in supporting the Risk Managers with these initiatives?

Day 2 4 October 2016

Sessions

16:15 — 16:45 Communication

Closing

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