Cristina Leon Vera | 31/10/2023
More than 35 senior managers and experts took the stage at the Pablo VI Foundation of Madrid, which welcomed the event par excellence of Risk Management. Academic degrees were also handed out and two books were presented.
The image of an AGERS (Asociación Española de Gerencia de Riesgos y Seguros [Spanish Association of Risk Management and Insurance]) rocket taking off was the focus of the poster for the 34th Conference, and along the same lines, Alicia Soler, AGERS Director, and Mario Ramírez, Global Risk, Assets & Audit Lead at EXOLUM, welcomed attendees as captains of the flight that was beginning.
Keynote speeches
From the beginning, it was announced that galaxies of ideas, proposals, experiences and reflections would be explored, and so it was thanks to a program full of wisdom that began with the keynote speech from Jorge Lanza Peral, Group Chief Executive Officer of EXOLUM. He analyzed the challenges of Net Zero to achieve the objectives set before 2050: biofuels, energy storage, regulations, etc. “Exolum is a fundamental player in this transition, so I ask insurers and the finance sector to help drive the energy transition.”
Another exceptional presentation was “Diagnosis of the insurance market,” by Pablo Trueba, CEO of Marsh. One of his points was that we are living in a “polycrisis world” because the risks are strongly interconnected. He also indicated the impact of global risks on the insurance market:
- “Increase in claims and severity of damage;
- need for new products and solutions; and
- increased price and coverage restrictions.”
He concluded, “We are experiencing a period of instability and will need to know how to manage it. We have a great opportunity to practice Risk Management.”
Among the panels, two were different from the others. On the one hand, the academic achievements of students in the university program promoted by AGERS were recognized. Among the names mentioned was María Teresa Queralt, from the Engineering Area of MAPFRE Global Risks. On the other hand, two books were presented: Cómo generar valor en las empresas mediante la gestión de riesgos, Administradores y Directivos: Responsabilidad y Seguro de D&O. Both are available in the AGERS library for associated companies.
Knowledge Panels
There were also themed roundtables that were all very enlightening. Some interacted significantly with the audience.
1. Questions a director should ask about the business risk function
Indra, ASE, Unicredit, Credicorp and CUNEF discussed the Board’s role in the future of business risks. One of the participants, Jose J. Massa, a finance professor at CUNEF, claimed: “Boards of directors must realize that if nothing happens, it’s because things are being done right.”
2. Risk management in different roles: Internal Audit, CRO, Insurance Director and Risk Manager
In this panel, attendees participated in a simple survey about the role of each of the figures regarding Risk Management that served as context for subsequent reflection. Amazon, Archroma, Santander Group and Atlantica Sustainable Infrastructure led this panel where a key idea was agreed upon: “It’s not so important where we place Risk Management, but how.”
3. “Charting the Course: Navigating the Risks of Artificial Intelligence with ChatGPT”
This was another panel that engaged the audience to demonstrate how ChatGPT works and the security gaps that open when using it. It was made up by: El Corte Inglés Insurance, Howden Iberia, EYSA Group, DSG Abogados and MAPFRE, along with Elena Mora González, Manager of Privacy and Data Protection. Among the reflections, the following stood out: “Control of the information and data entered is lost. The security gaps created with ChatGPT should be kept in mind.”
4. “Water Management Challenges, Excess or Shortage: Risks and Opportunities for Industry”
Noatum, MITECO (Ministerio para la Transición Ecológica y el Reto Demográfico [Ministry for the Ecological Transition and the Demographic Challenge]), Swiss Re, AGBAR and the Insurance Compensation Consortium were part of this roundtable discussion exploring water risks, both in excess and in extreme shortages. The instability that characterizes our Mediterranean climate was mentioned and, after interesting speeches, it was concluded, among other aspects, that what differentiates us from the international insurance market is public-private interaction: “The Consortium may be the key between Spain’s insurance industry and the rest because public-private collaboration makes us better.”
5. “Risk taxonomy, non-financial information directive”
Sanitas and the Insurance Compensation Consortium analyzed the taxonomy of non-financial risks and assessed the importance of the existence of the standard. However, they also detected some buts. “The rules tell us what we have to do, but not how.”
6. International Perspectives on Captive Management: Dialogue between Italy, France, Luxembourg and Spain
International panel, in English, with great professionals representing APOGERIS, FERMA and ANRA, moderated by Juan Carlos López Porcel, Chairman of AGERS. The different positions intertwined to conclude that captives are not for small companies, but they are for medium and, of course, large companies.
Concluding practical workshops
The afternoon session was spent in four simultaneous practical workshops that highlighted the figures of the Customer, Insurers, Brokers, Appraisers, Attorneys, Underwriters, etc. in different areas:
- Risk Management in SMEs, in which the aforementioned María Teresa Queralt participated;
- Bank Guarantee and Surety Bond Insurance;
- Property Damage in the Food Industry; and
- Renewable Energy.
In short, once again, AGERS affirmed itself as one of the essential and unmissable events for Risk Management professionals.
Julia Gómez de Ávila Segade – MAPFRE Global Risks Communications.
