2. Regulations to change management in financial institutions

To comply with the new regulatory requirements, it's not risk management as such that will have to evolve, but rather overall strategic and operational management.

The LP-HC phenomena, seen earlier in a summary course, required the intervention of the banking regulator to modify management practices in the bank in view of the results observed. This was the Basel process.

For the insurance markets, it's more a question of harmonizing supervision at European level and converging the application of international accounting standards. This is the Solvency process.