https://www.ferma.eu/app/uploads/2024/07/FERMA-EU-Presidency-Contribution.pdf
In a recent document, FERMA underscored the crucial role that the EU Presidency must assume in enhancing the global competitiveness of European industries. They stressed that this effort demands “a comprehensive strategy” and emphasized the necessity of “streamlining the complex regulatory framework to maintain the competitive edge of European businesses.”
Advancing Regulatory Efficiency
FERMA has urged the Hungarian Presidency to concentrate on facilitating the effective execution of recently passed regulations related to the green and digital transformation. This includes key directives such as the EU AI Act, the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), and Solvency II.
The Federation expressed its support for the Antwerp Declaration’s call for “a new spirit in legislation,” urging the Hungarian Presidency to uphold this ethos in its initiatives aimed at enhancing Europe’s competitiveness.
Emphasizing AI and Risk Management
On the topic of AI and the EU AI Act, FERMA highlighted the critical role that risk professionals play. They pointed out: “Risk managers are essential in harnessing the potential of AI while ensuring its safe, ethical, and equitable use,” and stressed the importance of their involvement in shaping AI-related policies, particularly regarding the liability framework for AI.
Strengthening Cybersecurity Measures
Acknowledging the Hungarian Presidency’s dedication to cybersecurity, FERMA advocated for a shift in focus from managing cyber crises to prioritizing preparedness. They hope this shift will be reflected in the EU’s cybersecurity discussions.
FERMA also reiterated its call for the establishment of a cyber reinsurance pool or a financial safety net to enhance resilience against severe cyber incidents. They support a collaborative approach involving the European Commission, EIOPA, and ENISA to develop such a system.
The Federation urged the Presidency to adopt a risk-based strategy for addressing Europe’s growing vulnerability to crises, to ensure operational continuity and mitigate disruptions. They suggested that the EU provide resources such as funding and guidance to help businesses navigate supply chain shocks during emergencies.
Charlotte Hedemark, President of FERMA, commented: “The Hungarian Presidency has set bold objectives, and FERMA is dedicated to supporting these goals. While the focus is often on the EU’s challenges, it’s crucial to also acknowledge the substantial opportunities for progress. The risk management community is vital in seizing these opportunities, and FERMA will actively engage with the Hungarian Presidency to drive this dialogue forward.”
