As FERMA celebrates its 50th birthday, StrategicRISK Magazine spoke to its board members and risk leaders about how the risk landscape is changing and the priorities for the future. Here Typhaine Beaupérin, CEO of FERMA shares her insights

This is the third in a series of interviews.

The first was with Annemarie Schouw, risk and insurance manager at Tata Steel Europe, FERMA board member, and co-chair of the Rimap steering committee. You can read it here.

The second was with Charlotte Hedemark, risk management expert, field risk management, SAP and can be found here.

Typhaine index 2

How has FERMA and its role changed in the past 50 years?

Over the past 50 years, FERMA has undergone significant operational and managerial transformations that have enabled it to better serve its members.

The FERMA team has grown from a single person to a team of seven staff members, each with their specific expertise:

  • Advocacy
  • Events
  • Communications
  • Certification

This has significantly enhanced the federation’s capabilities, enabling FERMA to operate more effectively, launching new projects and scaling-up existing ones.

For instance, the FERMA Forum, innovating on multiple fronts, or the launch of FERMA Talks in 2021, and providing better support to our members through measures such as making our seminar and Forum clearly distinct events, with a conference dedicated to risk managers to exchange best practices and experiences.

A turning point was in 2016 with the adoption of a new strategic vision centred on advocacy as the main mission of FERMA. Since then, the federation has deepened its influence at the EU level by professionalising its advocacy efforts and becoming a trusted partner for European institutions.

We have also strengthened our relationship with our members, which have increased from 6 to now 23. To foster interaction with them, we attend their major events and have meetings with their Boards. We also have regular calls and presidents’ summits with national associations.

“FERMA has benefited from the flexibility this enables to try new things, test them out and, if they work, adopt them or alternatively drop them if they are not successful.”

At the same time, we have adapted our communications so that they are tailored to the specificities of individual member associations, which range from large associations with a dedicated team to small associations functioning with volunteers only. The tailored, one-tone approach is crucial to engage with our members, give them the opportunity to contribute and benefit from FERMA’s work. It is part of our day-to-day work.

The federation also strengthened its business model by successfully launching the RIMAP certification and shifting from a reliance on sponsorships to establishing long-term strategic partnerships, ensuring financial stability and fostering stronger and trusted relationships with key industry stakeholders.

These operational changes and managerial developments have collectively enabled FERMA to enhance its service to members, strengthen its financial foundation, and solidify its role as a key player in the risk management community.

I would add that as a small organisation, FERMA has benefited from the flexibility this enables to try new things, test them out and, if they work, adopt them or alternatively drop them if they are not successful.

I have always encouraged our team to be creative so that FERMA can continue to inspire and lead. Examples of this have included bringing together a group of experts back in 2018 to examine the application of AI to risk management, as well as the launch of the Leadership Pitch which has now become a signature component of the FERMA Forum. It is that flexibility and creativity that helps drive our momentum.

A diversified team

FERMA’s executive team has significantly diversified its expertise to better serve its members and address emerging challenges.

While the board structure has remained consistent, board members have taken on more active roles, each chairing committees or leading projects directly addressing the needs of risk managers. This shift has fostered a spirit of collaboration, rooted in a unified Board culture.

To position FERMA as a catalyst for new trends and forward-thinking, the federation established a Foresight Committee, comprising high-level experts from outside the traditional risk management industry. This committee is instrumental in guiding our strategic direction on emerging global risks and trends.

Additionally, more risk managers from member associations participate in our committees. This increased direct engagement strengthens FERMA’s advocacy efforts, ensuring that the federation represents a truly pan-European perspective.

“As the role of risk managers continues to expand from a focus on insurance to encompass more comprehensive ERM responsibilities, FERMA’s work has evolved accordingly”

Our collaborative approach with traditional partners from the insurance industry has deepened over the past years, exemplified by joint initiatives such as the publication of the ‘Cyber Insurance Dialogue’ report, which sets the agenda on cyber risk in Europe.

In parallel, FERMA is extending its network, exploring new partnerships with other European professional and trade associations, with universities, start-ups, etc… to embrace the whole risk management ecosystem and align with the evolving role of the risk manager. It ensures that we remain at the forefront of global risk management trends.

As the role of risk managers continues to expand from a focus on insurance to encompass more comprehensive ERM responsibilities, FERMA’s work has evolved accordingly, with committees often covering both areas and recently with the creation of an ERM Committee. 

Reaching new heights

FERMA is not merely focused on maintaining its momentum but is committed to reaching new heights in serving the European risk management profession. With a solid foundation of engaged members, active working groups, industry collaborations, and a dedicated team, FERMA is well-equipped to enhance its value and optimise its business model.

Leveraging its unique strengths, FERMA aims to solidify its position as the leading voice of the European risk management profession at both EU and international levels. By acting as a strategic radar for global and emerging risks and legislative developments, FERMA ensures that its members are always informed and prepared.

By launching and contributing to global initiatives such as the FERMA Global Risk Manager survey, we ensure that our members benefit from a truly international perspective.

“By acting as a strategic radar for global and emerging risks and legislative developments, FERMA ensures that its members are always informed and prepared.”

The organisation continues to develop thought leadership by drawing on the expertise of risk managers within its network, its Foresight Committee and forming strategic partnerships with international stakeholders. FERMA is also setting the standard for professionalism in risk management through its European risk management certification, which helps elevate the profession.

FERMA provides a unique platform for risk professionals to connect, to discuss issues and find solutions, fostering a strong and collaborative community.

We need to facilitate continued dialogue within our network and throughout the insurance industry and beyond to ensure the role of the risk manager continues to evolve. We must continue to foster new skills and capabilities that meet the evolving demands of the risk landscape.

As the risk landscape shifts, FERMA is seizing unprecedented opportunities to become a forward-thinking organisation, helping to inspire the next generation of risk managers and secure the future of the profession.