Lloyd’s and Ferma joint effort could form part of certification

Speaking to CRE ahead of this year’s Ferma Forum, Mr Reischel said that Lloyd’s was in talks with Ferma over the possible inclusion of the Lloyd’s Professional Development Programme in the certification scheme. The certification process was unveiled at this year’s Ferma Forum in Venice. “It has been suggested that the Lloyd’s Professional Development Programme could form a valuable part of Ferma’s certification, and this is what is currently under discussion,” Mr Reischel said. The joint initiative between Lloyd’s and Ferma is currently aimed at European risk managers, but Lloyd’s is open to ‘reaching out’ to other risk management associations, according to Mr Reischel. The London market is interested in boosting risk management, especially in emerging markets, as well as supporting the profession, he explained.hide“Lloyd’s is looking to help risk management associations and risk managers worldwide to enhance risk management activities,” said Mr Reischel. Lloyd’s established the Development Programme with Ferma in 2012 to give risk managers first-hand experience of the workings of the London market. “Lloyd’s is focusing on innovation and professionalism, so we wanted to make sure that risk managers can access underwriters and brokers who are able to support them in their jobs,” said Mr Reischel. Lloyd’s Professional Development Programme has already seen 40 risk managers from 16 countries complete the six-day course, which is spread across three sessions over a year. Delegates visit the London market, receive briefings from senior figures and shadow brokers and underwriters to learn how the market works. “It is important that insurers and risk managers exchange information and experiences. The Development Programme is a great opportunity for risk managers to meet people in the London market and share knowledge. We are helping create networks between risk managers and the insurance market,” said Mr Reischel. Lloyd’s is also establishing an alumni to help delegates stay in contact and create a discussion platform. The alumni held its first meeting at a lunch event hosted by Lloyd’s in Venice yesterday. Cooperation and exchange of knowledge will increasingly be needed, given globalisation and trends in emerging and interconnected risks, according to Mr Reischel. “It is of upmost importance that the insurance industry and risk management community consider emerging risks closely and exchange knowledge and information,” he said. He said the Ferma Forum is a platform for risk managers to discuss emerging risks. Speaking to CRE in Monte Carlo in September, Lloyd’s chief executive Inga Beale said that Ferma’s certification initiative was ‘good news’ for the insurance and risk management industry. “Lloyd’s has been working with Ferma on an education project and to assist with certification, working with Julia Graham to design elements of the course. We want risk managers to have formal recognition,” she said. Ms Beale said that Lloyd’s is trying to create more awareness of cyber risk, in particular the systemic threat it poses. “Not enough has been invested in understanding cyber risk. It touches on many lines of business and is very complex. So we want to get people thinking,” said Ms Beale. “The last thing we want to see is the market being taken by surprise and have to ask whether it is covered, as it was with 9/11 (the terrorist attacks against the US in 2001). We want to be more prepared for a 9/11 situation in the cyber world,” said Ms Beale.

Lloyd’s and Ferma joint effort could form part of certification

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