Ferma has called on the EC’s new expert group looking into the role of artificial intelligence (AI) to consider the future insurability of commercial organisations if underwriting is left to AI technology and, more broadly, to define ethics surrounding its use in the corporate world. Late last week, the EC appointed 52 experts to its new High Level Group on…
Head of car manufacturer Audi, part of the Volkswagen group, has been arrested in Germany as part of investigations into diesel emissions testing. Rupert Stadler, chief executive of Audi, is the highest-ranking VW executive to be held for questioning in Europe since it was first revealed that the car manufacturer cheated diesel emissions checks in test vehicles three years ago.…
The British Virgin Islands (BVI) is preparing a legal challenge to an amendment to the Sanctions and Anti-Money Laundering Bill, recently passed by the House of Commons, which will force British Overseas Territories – including the Cayman Islands, the British Virgin Islands, Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. International law firm…
UK telecommunications retailer Dixons Carphone has reported the first significant data breach since the introduction of the General Data Protection Regulation (GDPR). The case could put the UK’s new GDPR regime to the test, although the first hurdle will be to establish whether the breach will fall under the updated law or be dealt with under the old 1998 Data…
Ferma has issued new advice to European risk managers following the US’s decision to reintroduce sanctions against Iran, urging companies to take action now and warning that insurers will be wary of covering business risks in the country. The sanctions will affect non-US firms that continue to trade with Iran from 6 August, by threatening to cut off their access…
The collapse of Carillion earlier this year has shed light on how directors are increasingly being found culpable when a company goes under, adding further problems for risk managers to think about and clear implications for D&O insurance. The UK’s second-largest construction company Carillion went into administration in January, owing £2bn to its 30,000 suppliers, sub-contractors and other short-term creditors.…
UK law should be amended to force large companies and asset holder to report on climate change risks exposures by 2022, according to report and recommendations by a committee of MPs. The report concludes that this would make it clear that businesses and asset owners, including pension funds, have a duty to consider environmental risks in their investments. The Environmental…
High-profile social media companies Facebook, WhatsApp and Instagram, as well as search engine Google, were all hit with complaints to regulators within hours of the General Data Protection Regulation (GDPR) going live. They face total fines as high as €9.1bn if found guilty, but the actual punishment is predicted to fall short of that figure. Privacy group noyb.eu, run by…
As the General Data Protection Regulation (GDPR) comes into force tomorrow, research continues to suggest that many companies are not compliant with the new rules, with some insurers also struggling to shape up. Ferma has taken the opportunity to remind members that the risk is an enterprise-wide, strategic issue that demands board involvement and strong governance. The seemingly endless build…
The collapse of UK construction company Carillion in January highlights the need for the UK governance code to be more explicit on risk management, according to Airmic. In January 2018, Carillion entered insolvency owing about £2bn to its 30,000 suppliers, subcontractors and other short-term creditors. It also left a £2.6bn hole in the company pension scheme. Last week, a House…