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Risk management failures sparked financial crisis: FERMA speaker

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STOCKHOLM—Failures of risk management were at the heart of the global financial crisis, Josef Ackermann, CEO of Frankfurt, Germany-based Deutsche Bank A.G., said Monday.

As a result, many financial institutions have been forced to rethink their systems of risk management and the tools they use to control risk, he told delegates at the Federation of European Risk Management Assns.' forum in Stockholm.

Mr. Ackermann said the financial markets in developed economies are undergoing a fundamental reassessment of their business practices.

FERMA has made good progress toward many of the goals it set at its previous forum two years ago in Prague, said FERMA President Peter den Dekker.

FERMA continues to work to have the principles of the transparency protocol that it and the European Federation of Insurance Intermediaries have agreed on to be included in the European Union's insurance mediation directive, which is under review, Mr. den Dekker said.

Other priorities for the association include devising a single source of information on tax and compliance for global insurance programs and ensuring that risk managers’ interests are represented in the development of Solvency II, the upcoming risk-based regulatory regime for insurance and reinsurance companies in Europe that also will be applied to large captives.

Some 1,521 delegates have gathered at the FERMA forum, of which 436 are risk managers, Mr. den Dekker said.

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