Excerpted from Insurance Insight |  April 25, 2012

Marc Paasch, head of financial institutions in Marsh Risk Consulting, added: "The financial crisis highlighted fundamental weaknesses in risk management and controls at financial institutions.

"As the industry strives to repair its battered reputation and restore shareholder confidence, the role of the risk manager cannot be underestimated.

"Acting as an economic and regulatory monitoring system, risk managers can ‘listen' to the environment and help the boards of financial institutions identify emerging risks, reduce uncertainty, and therefore optimise their performance."

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