The Federation of European Risk Management Associations (FERMA) welcomes a new member this week: the Luxembourg risk management association, Professionals in Risk Management (PRiM). This brings FERMA's total membership to 22 associations from 20 countries. Jorge Luzzi, the President of FERMA, said: "We are very happy to welcome Luxembourg to FERMA.

Luxembourg has an influence that far exceeds its size because of its important financial services sector, which includes a large number of Europe's captive reinsurers. PRiM will strengthen FERMA's base in this technical area."

The President of PRiM, Marco Zwick, said: "PRiM is delighted to join FERMA and to add Luxembourg to the European risk management map. We hope that being incorporated in a large and international network will help us extend our knowledge exchanges and develop more efficiently our local activities. In turn, we will do our best to share with FERMA our main features which are a deep involvement in financial risk management matters and the specific skills of a major European reinsurance captive domicile."

The Grand Duchy of Luxembourg, to give its full title, is only 2,586 sq km with a population of 516,000. However, in 2011, the country's banking sector consisted of 143 credit institutions from over 20 countries, and with over 240 licensed reinsurers, mostly captives.

PRiM started in 1997, and not surprisingly its principal focus is the financial sector. Its members come not only directly from the risk management functions in banking, insurance, audit and consulting, but also from a broad range of related roles such as compliance, internal audit, or operational and general
management.

PRiM's objectives include:
- To provide a forum for networking and exchange of information between risk management professionals
- To explore opportunities for cooperation with other Luxembourg professional associations
- To contribute actively to the institutional and regulatory world in the Luxembourg financial sector
- To share experience and lessons with risk professionals from other industries
- To provide risk management training in support of the Global Association of Risk Professionals
(GARP) Financial Risk Management Program and to broaden this educational stream of activity for Luxembourg risk professionals

New FERMA board member

The enlargement of FERMA thanks to PRiM's membership has resulted in an increase in the size of the FERMA board from 10 to 11. Alessandro De Felice, Risk Manager of Prysmian, previously a substitute, will now be a full member of the board.