EIOPA recommendations in order to address the vulnerabilities identified in a consistent way throughout the EU

02 December 2014

Knowledge Base

The European Insurance and Occupational Pensions Authority (EIOPA) recently (30 November 2014) announced the results of its EU – wide Insurance Stress Test. The exercise aimed to test the overall resilience of the insurance sector and to identify its major vulnerabilities. Continue reading…

EPC publishes updated versions of the SEPA Credit Transfer and SEPA Direct Debit Rulebooks

01 December 2014

The European Payments Council (EPC), representing the European banking industry in relation to payments, today published updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0 and associated implementation guidelines will take effect on 22 November 2015. In accordance with industry best practice, payment service providers (PSPs) and their suppliers have a one-year lead time to address rulebook updates prior to them taking effect.

European organisations need to improve management of top risks

20 November 2014

Risk management is developing into a strategic function within European organisations. At the same time, risk management can contribute much more as its strategic role grows. Currently, risk managers are not satisfied with the level of mitigation for six of the top 10 risks “that keep their CEO awake at night”.
These are key findings from the 2014 Risk Management Benchmarking Survey conducted earlier this year by the Federation of European Risk Management Associations (FERMA). Now its 7th edition, the FERMA Benchmarking Survey this year received a record number of 850 responses from 21 European countries.

Bruno Colmant

Head of Macro Research Bank Degroof Petercam

Thomas Piketty and the money illusion

18 November 2014

In his book “Capital in the Twenty-First Century”, the French economist Thomas Piketty gives a stunning demonstration of how capital has become concentrated in the hands of a few and grown faster than the economy, except during the 30 years of post-war growth. This trend has inevitably made the rich even richer and caused the inequality gap to widen. Labour has thus become a casualty of capital. Piketty is fascinating. I had the occasion to be a modest participant at his side in a discussion at the University of Brussels. Ever since, the conviction that I had met one of the most brilliant political economists of our time has never left me.

Coverage of the largest and exceptional risks still needs an exemption from EU competition rules

10 November 2014

In a response submitted to the European Commission on Tuesday 4 November, the Federation of European Risk Management Associations (FERMA) has called for renewal of the Insurance Block Exemption Regulation (IBER) for (re)insurance pools.

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Paul Westcott

Senior Product Manager Compliance at Dun & Bradstreet Ltd.

Why BCBS 239 matters to everybody – not just Financial Services

07 November 2014

In my role as Product Manager in the compliance space, I am very fortunate to have a number of colleagues in different disciplines that I regularly have ‘water cooler’ conversations with (or more often on the comfy chairs in the coffee break out area as I am a sucker for good coffee). One such person I regularly touch base with is data governance expert Malcom Chisolm. Malcom is well known as an independent consultant with over 25 years of experience in data-related disciplines, and has worked in a variety of sectors including finance, manufacturing, government, pharmaceuticals, telecoms. He asked me a simple question, “What are you doing around BCBS 239”? Continue reading…

Understand clients’ business models to stay relevant

03 November 2014

Insurers who adapt to the changing needs of their business clients will succeed in future over those who stick to traditional insurance approaches, Airmic has told underwriters. Paul Hopkin, the association’s technical director, challenged the market to innovate to restore relevance – but stressed that new products must address the needs of 21st century business models. Continue reading…

New compliance database a big hit with insurance buyers

03 November 2014

Knowledge Base

The new Airmic-Axco database of international insurance regulations, Insight Risk Manager, has already proved very popular with the risk management industry. Just weeks after its launch in June, more than 100 Airmic members have registered and are actively using it, and the number of users continues to rise at a steady pace. Continue reading…

What about the Auditing Right of Employers?

30 October 2014

by Melvyn Morrison

Frank Staelens is the President of European Institute of Fraud Auditors. This new Institute develops best practices for professional forensic practitioners in the public and private sectors. We recently spoke to Frank Staelens about the forensic auditing community. Continue reading…

Bruno Colmant

Head of Macro Research Bank Degroof Petercam

The real crisis is about the role of government

30 October 2014

Knowledge Base

Various labels – subprime, bank lending, sovereign debt and monetary – have been used since 2008 to describe the economic crisis. Yet its scope doubtlessly extends far beyond these spheres. The crisis poses a fundamental question for society about the role of government, squeezed between unpredictable global corporations and public debt that requires refinancing to guarantee social order. Gorged on debt, governments are hostages to banking sectors, themselves prisoners of central banks that need to support private enterprise by constantly providing liquidity. Continue reading…

EIOPA recommendations in order to address the vulnerabilities identified in a consistent way throughout the EU

EPC publishes updated versions of the SEPA Credit Transfer and SEPA Direct Debit Rulebooks

European organisations need to improve management of top risks

Bruno Colmant

Thomas Piketty and the money illusion

Coverage of the largest and exceptional risks still needs an exemption from EU competition rules

Paul Westcott

Why BCBS 239 matters to everybody – not just Financial Services

Understand clients’ business models to stay relevant

New compliance database a big hit with insurance buyers

What about the Auditing Right of Employers?

Bruno Colmant

The real crisis is about the role of government

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