Dr Josef Ackermann, Chairman of the Management Board and of the Group Executive Committee of Deutsche Bank, opened the 2011 Risk Management Forum of the Federation of European Risk Management Associations (FERMA) in Stockholm today with a keynote speech on the future of the financial industry.
Dr Ackermann concluded his remarks with these words.
“I truly believe that we are witnessing a period of transformational change, with the entire structure of the industry being redesigned. And all this is taking place while we are trying to control risks in our daily business in a highly uncertain environment.
“We should, therefore, be aware that the redesign of the financial industry is a delicate matter, not only for us, but for society as a whole, given the pivotal role that financial institutions perform in our economies. In light of the poor reputation we have at present, I believe we would be well advised to engage in a constructive dialogue with our clients and stakeholders while charting our future.”
Josef Ackermann, Chairman of the Management Board and of the Group Executive Committee of Deutsche Bank
He also told the audience of more than 1500 risk professionals from across Europe that many financial institutions had strengthened the role of risk managers following the financial crisis. He said: “As we all learned during the crisis, risk management is crucial for successful financial institutions. Deficiencies in controlling risk were at the heart of the crisis. As a result many financial institutions have strengthened the role of risk managers within their organisations, have revised their risk methodologies and revisited the instruments they use for mitigating and controlling risk.”
The FERMA Forum continues through Wednesday 5 October. It is held in alternate years, each in a different European city.