On the May 19-20, 2010 the forum “Managing Risks in Russia and CIS: new challenges and opportunities” took place in the Moscow business centre. Leading companies and financial institutes gave close attention to the forum that was organized by the Russian Risk management society (RusRisk) with the support of RSPP and NFA.

     Several sponsors supported the conference and competition “The best risk manager of the year”:  Willis, “Ingosstrakh”, “Marsh Insurance brokers”, “Sibur holding”, ZAO “PMSoft”, ZAO “Allianze”, ZAO “Chartis”.
In his speech Mr. Igor Yurgens, vice-president of RSPP and chairman of the RusRisk Supervisory board, expressed his confidence that under new economic conditions managing risks would become an essential part of the successful business. He said “our task is to increase awareness of Russian entrepreneurs and create an information field for sharing the best practice of risk management, for developing the culture of risk management in Russia and for implementing risk management in everyday practice of Russian business.”

     The participants of the first forum day devoted to industrial, financial, and insurance risks emphasized an increasing role of risk management in leading Russian companies, especially during the international financial crisis. Nowadays it is hard to find a big Russian company that doesn’t take risk management seriously. This was a red line in all the speeches during the Forum.

     Many participants paid much attention to the correlation between risk management, internal control, audit, business continuity management (ВСМ), integration of risk management systems with strategic planning and development of relations with public authorities.

     Hence one of the main tasks for RusRisk is an integration of experience and expertise of professional risk managers from industrial, financial, and insurance sectors, their education and certification.

     The forum participants supported the recent actions of RusRisk on creation of a self-regulating organization of risk managers, approval of professional standards and “risk manager” specialization, its enrolment into the Uniform tariff qualification book. These goals are also pursued by lately signed agreements with the Financial academy under the government of Russia, Institute of stock exchange and management as well as departments of RSPP.

     Much attention was paid to the deputy CEO of “Ingosstrakh” Mr. N. Galushin, who said he was worried about the influence of the crisis on the insurance market and the potential of risk management as well as to Mr. Frank Schaaf, CEO of the European Business Association in Russia, who spoke about ambiguous risk valuations by international investors in Russia.  
Mr. Sergey Dubinin, VTB Capital, Member of the Board of Directors, together with Mr. Oleg Ivanov, the Association of Regional Banks of Russia, spoke about real risks and threats to the Russian financial and especially banking system. They were concerned about the passive attitude of the Russian government in regard to activities of major banking and financial institutions.

     The special guest of the forum, Mr. Ralph Muserino, COO of the leading insurance broker “Chartis International”, USA, presented new trends and instruments in the insurance risk management. 

     Forum participants also discussed some other topics: Russian and international risk management standards, including new ISO 31000, advantages and disadvantages of the risk management system, project and investment risks in the energy sector, the practice of organizing insurance protection for an industrial company, managing financial risks in Russia and CIS, collaboration between banks and companies and new circumstances, education for risk managers, new investment banking solutions for industrial companies, etc. Besides, the results of the RusRisk survey among risk managers were presented.
The results of the Forum should help RusRisk to formulate its position at the coming FERMA seminar in London, September 2010, and to prepare for the next FERMA forum in Stockholm, October 2011.

     At the end of the forum the winners of the competition “The Best risk management 2010” were awarded in the following nominations: developing a complex risk management protection in industrial companies, financial and investment organizations, best student work. The winner of the main nomination “The best risk manager of the year” was Igor Mikhailov, MTS.

     The Forum results showed the growing interest of Russian and CIS companies in the practical usage of international risk management experience in their activities aimed at developing new ways and instruments for overcoming the international financial crisis.
   
President of RusRisk
Mr. V. Vereshchagin