Leading risk associations to work towards mutual certification recognition

Five of the world biggest risk management associations – Ferma, Rims, Alarys, Parima and Irmsa – have signed a letter of intent to work towards mutual recognition of their respective risk management certification or designation programmes. The work will begin by seeking to ensure risk managers can secure continuous professional development (CPD) points for attending each of the association’s events. The move came as Alessandro de Felice, president of Italian risk management association Anra, told delegates at the Ferma Forum that the federation’s rimap certification is the most important undertaking by Ferma and its member associations. It is needed to help risk managers upskill and ensure they can fulfill their boards’ growing risk management requirements before others step in. Signed during an Ifrima meeting at the Ferma Forum, the letter says the associations will jointly draft a Memorandum of Understanding within the next months to establish the conditions under which a risk professionals certified by one of the five organisations will receive CPD points for attending any of their respective events. Jo Willaert, president of Ferma, said the various certification programmes take into account local specificities and should continue to do so. But he said it is “fundamental for the profession that we ensure a gradual convergence of our respective certification programmes over the coming years”. “It should start with a mutual recognition of our respective main events in terms of CPD points, and that is the important step we are now taking,” he added. Speaking during a panel debate at the forum yesterday, Mr De Felice said rimap is “the most important activity” that the federation and its member associations are delivering for the European risk management community. It is needed to help risk managers take their rightful place in the wider governance, risk and compliance framework required by large organisations today, as their boards seek support to show they are managing their risk and operating sustainably, said the Italian. “The question is who is running this within organistions? What kind of profession?” asked Mr De Felice. “Is it internal audit, the CEO or the risk manager? I think we as risk managers must take this opportunity.” Mr De Felice said the governance, risk and compliance now demanded by companies requires risk managers with professional skills and competencies. This requires skills beyond insurance, which rimap can provide. “Traditional insurance risk managers or insurance managers must understand that their base skills need to be expanded in order for them to take advantage of tremendous opportunities to be involved in governance, risk and compliance,” said Mr De Felice. “We think we must provide opportunities for members to have professional competencies to be more than insurance buyers. This is not because insurance is not important, but because insurance is more and more perceived as a commodity in large companies. So the issue is how insurance can work as part of the larger governance, risk and compliance framework,” he said. He added that when insurance is represented in the correct way it can be regarded as a strategic issue rather a commodity. To do this, risk managers need to be completely integrated within their business, understand their organisation model and have management skills, said Anra’s president. He noted that insurance risk management is an important part of enterprise risk management, which is then part of the governance, risk and compliance piece. According to Mr De Felice, risk managers need to think out of the box, talk a common language with executives and boards, and represent risks in measurable and accountable ways to get the attention of top management. For all these reason rimap is vitally important, said Mr De Felice. The 2018/2019 and fourth edition of the Ferma Lloyd’s Professional Development Programme was launched at the Ferma Forum this week. It will be licensed by the Ferma rimap certification programme and will grant CPD points to participants. The latest programmes contains updated subjects including data, AI, robotics, product recall and reputation. Lloyd’s can tailor the programme depending on the background of risk managers in attendance.

Leading risk associations to work towards mutual certification recognition

Want to read this article?

Read Next

Risk technology hampered by cost and resistance to change, finds Airmic survey

KBRA enters APAC with Tokyo office

Gard restructures across five business units

Marsh launches $1bn construction cover for data centres in UK and Europe

Air India crash will harden global aviation (re)insurance market, says GlobalData

Risk technology hampered by cost and resistance to change, finds Airmic survey

KBRA enters APAC with Tokyo office

Gard restructures across five business units

Marsh launches $1bn construction cover for data centres in UK and Europe

Air India crash will harden global aviation (re)insurance market, says GlobalData

Keep yourself informed

Sign up for Commercial Risk’s newsletters

Want to read this article?

Read Next

Risk technology hampered by cost and resistance to change, finds Airmic survey

KBRA enters APAC with Tokyo office

Gard restructures across five business units

Marsh launches $1bn construction cover for data centres in UK and Europe

Air India crash will harden global aviation (re)insurance market, says GlobalData

Related Articles

Keep yourself informed

Sign up for Commercial Risk’s newsletters