Plumeri: 'Risk committees for every board'

Willis boss Joe Plumeri has backed calls by his former mentor Maurice Greenberg to have risk management committees at board level.

Former AIG chairman Greenberg told a London conference today: “There should be a risk management committee on a board and chaired by somebody who understands risk management.”

The conference heard how slack risk management and inept ratings agencies had helped precipitate the financial crisis.

He added: “That kind of structure could have alerted board of directors far earlier than took place.”

Plumeri said: “I think if we can promote that with other boards, we can provide value rather than just price. I think it is a great opportunity for this industry to step up to the plate and provide real value.”

See next week's Insurance Times for more.