Brokerslink will once again be present at the FERMA Forum, this year in Madrid.
We have built a strong relationship with FERMA since Brokerslink was founded twenty years ago. For us it’s vital to be aligned with the risk management community, they are after all, our biggest clients and we need to understand the challenges they face each day to be able to support them with expert insurance and risk management advice.
This year, FERMA will open its doors to risk managers from Latin America for the first time and we wanted to find out more about the special connection between Europe and Lat-Am.
Javier Mirabel is Director North America at our Partner RCG (Risk Consulting Group). He has a unique view of the risk management landscape in Latin America so we caught up with him to find out more.
Why are good relationships between Europe and Latin America so crucial?
Risk management has a strong relationship with cultural elements. Most of the countries in LATAM have strong European roots that are the foundation of the culture in the society of LATAM countries, particularly in the LATAM corporate culture. These cultural roots are the basis of the good relationship between these two regions, which is important as it forms the basis of essential knowledge-sharing and risk management best practices that can be beneficial to both.
What are some of the biggest concerns facing risk managers in the Lat-Am region?
Currently, LATAM only represents 7.3% of the global GDP and 8.1% of the global population.
Though many risks in this region are similar to those elsewhere in the world, risk managers in LatAm are notably more concerned about political risk and the regulatory environment.
Societal, technological, economic (inflation, etc.) and financial risks (credit, market, liquidity, etc.) are also of great concern to businesses in this region.
How is RCG supporting risk managers in both regions to become more risk-resilient?
RCG is a global independent risk management consulting firm that distinguishes itself through a unique "culture-based" model. Our approach integrates cultural elements such as social and economic environments, legal frameworks, and compliance into our services, providing an offering that benefits risk managers operating across diverse markets in Europe and Latin America (and beyond!). Our team’s focus extends beyond the "what" to encompass the "how," recognising that while multinational enterprises may share common strategic objectives globally, the tactical initiatives to achieve these goals can vary significantly based on regional cultural nuances
This cultural sensitivity allows us to add substantial value to our consulting services, particularly for multinational enterprises with headquarters in Europe and operations in Latin America, or vice versa. By leveraging our deep understanding of both regions' cultural landscapes, we can provide reasonable assurance that our clients' risk management objectives are achieved effectively. This approach enables the implementation of tailored strategic initiatives in each region while maintaining alignment with overarching corporate goals.
What is your key message to risk managers at FERMA?
My most important message to risk managers attending the FERMA Forum 2024 is education, education, and more education.
The global risk landscape is moving very fast and is constantly changing. For this reason, risk managers must embrace continuous education to stay up-to-date and enable them to effectively manage the risks in their organisations.
