FERMA annual seminar focuses on corporate social responsibility and cyber
Airmic was well represented at the 2018 FERMA seminar in Antwerp, with CEO John Ludlow making a strong plea for risk managers with businesses operating in the UK to take more note of the Modern Slavery Act. Market development manager Georgina Oakes was among several Airmic delegates.
The seminar - the best FERMA event I have attended - was far less about insurance than in the past and more about addressing risks internally. This confirmed a trend that was clear at this year's Airmic annual conference. It looked at two key areas - corporate social responsibility and cyber.
There were no keynote speeches. Instead technical panels and risk manager roundtables focused on the value that risk managers can bring to the business in a range of areas. There were about 200 delegates in total. The sessions I attended considered Corporate Social Responsibility and cyber risk management. At least half of each workshop session was given up to allowing risk managers to talk to one another about the subjects being considered. Because of the international nature of the delegates, this provided a unique opportunity for professionals from different countries to network and share their ideas and experiences.
Businesses sometimes regard CSR as a do-gooding exercise, but it can be much more than that. It can be a valuable risk management activity that enables the organisation to stay on top of socio-economic risks such as climate change and modern slavery. Even more than that, it helps to create an ethos and culture that makes it attractive to customers, employees and other stakeholders.
The cyber roundtables looked at how this type of risk can be quantified. It considered several different aspects: business interruption, reputational impact, forensic costs, fines and customer compensation. They also considered high-profile cyber losses affecting companies like Maersk and Telefonica and how those businesses had responded. Risk managers from these companies took part, providing valuable insights for all those in the room.
Airmic CEO John Ludlow delivered a session with Professor Alexandros Parakevas on modern slavery and how these risks should be mapped within the business and then communicated externally. The report can be viewed here.
At least half of each workshop session was given up to allowing risk managers to talk to one another about the subjects being considered. Because of the international nature of the delegates, this provided a unique opportunity for professionals from different countries to network and share their ideas and experiences.
This session provided a starting point for a Travel and Leisure industry group that Airmic will be launching in 2019. If members are interested in this group, please contact Georgina.Wainwright@airmic.com