Events in the second half of 2016
POST-BREXIT RISK MANAGEMENT FORUM IN BARCELONA
Analysis of possible new legal frameworks and relations following the referendum, the consequences of the same and its implications for business activity.
On Friday October 7, Dr. Miguel Santolino, Director of the Masters in Actuarial Sciences and Researcher at the University of Barcelona Riskcenter, welcomed the attendees as representative of the university.
Subsequently, Fernando Martínez-Cué, as the AGERS delegate in Catalonia, opened the event with a talk on AGERS’ operations in the region, discussing the need to inculcate risk management within the Catalan business world, and not only at major corporations but also at small and medium enterprises; while he also underscored the critical role that training has to play.
Next, Mr. Gonzalo Iturmendi Morales, Secretary of the Association, took charge of moderating the event and introducing the speakers. He first gave the floor to Mr. José Mª de Areilza Carvajal, Professor and holder of the Jean Monnet Chair at ESADE Law School. The following speaker was Mr. Francesc Granell Trías, Professor Emeritus of International Economic Organization at the University of Barcelona.
Closing the event, Mr. Iturmendi emphasized we are living a watershed moment, with the consequences of the Brexit set to be enshrined in agreements that will be of enormous importance for business activity going forward.
POST-BREXIT RISK MANAGEMENT FORUM IN MADRID
On Monday October 17, Mr. Gonzalo Iturmendi, Secretary General of AGERS, welcomed the attendees to this edition of the forum, following the successful event in Barcelona the previous week. He first gave the floor to Mr. Rafael Hurtado, Director of Investments at Allianz Popular (Grupo Allianz), who detailed the political, economic and financial trends that have taken shape following the Brexit referendum.
Next to take the floor was Mr. Francisco Garcimartín, Professor of International Private Law at the Autonomous University of Madrid and Consultant at Linklaters, who discussed the legal implications of the Brexit.
Following Mr. Garcimartín came Mr. Leopoldo González-Echenique, from Herbert Smith Freehills, who warned that it is still too early to be sure how events will unfold, with multiple uncertainties still to be dispelled.
Mr. Juan Arsuaga, Chairman and CEO of Lloyd’s Iberia, was the last to speak. He opened by emphasizing that Lloyd’s has been working on a contingency plan to ensure that its European operations will continue to run effectively.
Following the speeches, Mr. Iturmendi pointed out that each organization would need to consider a series of questions in order to determine the scope of the risk posed by the Brexit in any of the foreseeable scenarios.
PERSONAL RISK FORUM: MITIGATING AND MEASURING RISK IN BREAST AND OVARIAN CANCER
Coinciding with the World Day Against Breast Cancer, on October 19, AGERS presented at the CEIM headquarters its research manual on “Comprehensive Risk Management for Serious Breast and Ovarian Cancer Conditions”, the second such manual from the Association’s Bioactuarial Research Group (GBI).
The event was attended by Dr. José Miguel Rodríguez-Pardo, Professor of Actuarial and Financial Sciences at the Univ. Carlos III de Madrid and Director of the AGERS GBI, which is comprised of 16 researches, as coordinator of the speakers’ table.
Joining him in the presentation were Dr. Santiago Delgado from the Tejerina Foundation and Unidad de Medicina Legal Abascal S.L; Dr. Cristina Grávalos Castro, Coordinator of the Regional Oncology Coordination Office for the Community of Madrid; and as members of the GBI and authors of the manual, Mr. Ignacio Asiaín, Technical Director of Life and Health Insurance at Swiss Re, Actuarial and Statistics Division, who introduced the tables, certified the suitability of the study, its methodology and results; Mrs. Pilar Castillo, Head of Underwriting at Santalucía; and Mr. Fernando Ariza, Director of the Solvency Division at Mutualidad de la Abogacía, who’s speech closed the event.
During the open discussion those in attendance commended the initiative, which was motivated by a gap in insurance provisions, both on the preventative side and once the condition has been diagnosed. The various solutions offered internationally by the industry were examined, concluding that insurance firms and the sector as a whole need to include specific protection for women against this condition within risk policies.
The attendees encouraged the Association to draw up actuarial mortality tables for breast and ovarian cancer in their various stages.
MEETING BETWEEN FERMA AND AGERS
During the first week of November, the Federation of European Risk Management Associations (FERMA) visited the Spanish Association of Risk and Insurance Management (AGERS).
Mr. Juan Carlos López Porcel, President of AGERS, and Mr. Jo Willaert, his European counterpart, held a working meeting in which they discussed issues such as conclusions drawn from the survey conducted by FERMA among European risk managers, the recent seminar organized by FERMA during October in Malta, the forthcoming European forum that will take place in Monaco in 2017, the Risk Management Awards organized by FERMA in partnership with Commercial Risk Europe, with three Spaniards haviing been shortlisted for the final and the winners set to be announced on December 6, the European Risk Management Certification, Rimap; the benefits of working together and the future of the Federation and the Association, among other topics.
Also at the meeting were Mrs. Typhaine Beaupérin, Chief Executive Officer of FERMA, Mrs. Alicia Soler, Head of the Association, Mrs. Marisa Martínez Torre-Enciso, member of the AGERS Board of Directors and Vice-President of the European Federation, and Mr. Mario Ramírez Ortúzar, Vice-President I of the Association and member of the FERMA Scientific Committee.
AGERS SECURES AN AGREEMENT WITH AXCO
AGERS has signed an agreement with Axco under which all associate risk managers will have access to the Insight Risk Manager website, which features full up-to-date information on insurance program legislation in each country, as well as large volumes of documentation.
Said information is enormously useful to risk managers at companies with operations or trade relations in third countries, providing them with much-needed information when designing local or international insurance programs.
This is a new service available exclusively to AGERS members.
FORUM ON THE UTILITY OF THE RISK MAP IN THE CONTEXT OF THE ERM; STAGES, PLAYERS, KEY ASPECTS AND OBSTACLES
On November 17, Mrs. Isabel Martínez Torre-Enciso, member of the AGERS Board of Directors and Vice-President of FERMA, opened the event by welcoming the attendees and introducing her colleagues on the table, with whom she took a practical approach to evaluating the risk map over the course of the event.
Fernando Redondo, Director of Risk Management at Willis Towers Watson, began his speech by explaining the importance of being available when needed, as now happens in Risk Management, pointing out that “Risk management is a must for all kinds of businesses, regardless of their size and according to their possibilities” (Standard ISO 31000).
Mr. Antonio García, Head of Upstream and Markets Insurance at Repsol, examined risk management from the business perspective. In his speech he detailed the methodology and scope of the Repsol Integrated Risk Management System, in which there are up to eight differentiated processes in three risk management stages:
- Risk Evaluation
- Risk Processing.
Mr. Fernando Aldana, Head of Risks at Grupo Villar Mir, also offered his view of risk management and processes at a business, demonstrating how both the ERM and the Risks Map are responsible for integrating the risks culture at organizations.
Mr. Miguel Ángel Zarandona, Senior Client Manager at Swiss Re International SE, Spanish Branch, focused his talk on risks that are traditionally not transferred to the insurance market, seeking to evaluate whether such risks really are not insurable, or whether there may be potential options to allow coverage of the same.
Before closing the event, Mrs. María Isabel Martínez Torre-Enciso, acting as moderator, outlined the conclusions that she had drawn from the day, including:
- Risk management is a critical activity that must be enshrined in operations at all organizations.
- It needs to be embraced by the most senior body at each company, the Board of Directors.
- There are a number of different organizational approaches to managing the model within companies.
- The Chief Risk Officer (CRO) is the central figure overseeing risk control and management at companies.
- Based on the need to model probabilities and calculate exposure on an actuarial basis, she discussed the need to define, together with the pure expression of risk (e.g. a reduction in sales due to a lack of clients), the inherent risks that act to create said impact (e.g. catastrophic risks, terrorist threat or the impossibility of accessing or traveling to locations). Considered jointly or individually, a study of these must form the foundation of any solution.
- There are sufficient consulting and technology resources available to perform this activity, and to manage the same on an ongoing basis.
- The insurance market must play a leading role in managing the transfer of risks and proposing solutions for new risks detected as part of risk analysis, assuming that not all risks at organizations are transferrable.
THE BARCELONA COLLEGE OF BROKERS HONORS AGERS
AGERS was awarded the Barcelona College of Brokers Special Award at its 42nd Global Insurance Agent and Broker Week. The award was accepted by Mr. Juan Carlos López Porcel, President of AGERS and Director of Risks and Insurance at ARCELORMITTAL ESPAÑA, who attended the event accompanied by the Head of the Association, Mrs. Alicia Soler.
The award recognizes the efforts of the Spanish Association of Risk and Insurance Management, AGERS, to develop, promote and deploy risk and insurance management in Spain, and for its close relations with insurance brokers. The award also recognizes the recent inauguration of the AGERS delegation in Catalonia.
There were more than 900 in attendance at the event, including brokers and representatives from insurance firms, public sector figures, and other players in the sector both in the Catalan capital and elsewhere in Spain.
The event ended with a cocktail at the Palacio de Congresos conference center.