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CRO RISK FORUM: Risk managing the future
28 July 2009
Swiss Re’s chief risk officer Raj Singh and Zurich’s chief risk officer Axel Lehmann suggest what risk managers and (re)insurers can do to ensure they are better prepared for the next financial crisis
The financial crisis has demonstrated the need to strengthen risk management practices in international financial services organisations. It also showed up the limitations of a patchwork system of supervision that no longer reflects the reality of cross-border businesses. Although the crisis is by no means over and despite the fact that the (re)insurance industry was far less affected than the banking industry, the (re)insurance industry is already in a position to draw some lessons learned from the turmoil.
The financial crisis has made clear the importance for (re)insurance companies of pre-emptive and independent risk management. The increasingly complex and globalised nature of the (re)insurance business means we need a more international approach to regulation and one that brings greater transparency to the activities we undertake. By supporting efforts to create a new regulatory framework that takes these developments into account, we can help restore confidence to the industry and make...
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