Luxembourg joins Ferma

The Luxembourg risk management association, Professionals in Risk Management (PRiM) joined the Federation of European Risk Management Associations (Ferma) this week.

With Luxembourg as a new member Ferma now counts 22 associations from 20 countries.

Ferma’s president Jorge Luzzi said: “We are very happy to welcome Luxembourg to Ferma. Luxembourg has an influence that far exceeds its size because of its important financial services sector, which includes a large number of Europe’s captive reinsurers. PRiM will strengthen Ferma’s base in this technical area.”

Luxembourg is only 2,586 sq km big with a population of 516,000. However, in 2011, the country’s banking sector consisted of 143 credit institutions from over 20 countries, and with over 240 licensed reinsurers, mostly captives.

PRiM started in 1997, and not surprisingly its principal focus is the financial sector. Its  members come not only directly from the risk management functions in banking, insurance, audit and consulting, but also from a broad range of related roles such as compliance, internal audit, or operational and general management.

PRiM announced its objectives for the Ferma membership to be to share experience and lessons with risk professionals from other industries and to provide risk management training in support of the Global Association of Risk Professionals (Garp) Financial Risk Management Program and to broaden this educational stream of activity for Luxembourg risk professionals

“PRiM is delighted to join Ferma and to add Luxembourg to the European risk management map. We hope that being incorporated in a large and international network will help us extend our knowledge exchanges and develop more efficiently our local activities,” said president of PRiM, Marco Zwick.

“In turn, we will do our best to share with Ferma our main features which are a deep involvement in financial risk management matters and the specific skills of a major European reinsurance captive domicile.”