WEF and Swiss Re: Defining the role of financial services in society

Swiss Re lends its expertise to "The Role of Financial Services in Society - A Multistakeholder Compact," a WEF initiative to highlight the important part the industry plays in building resilience.

What is the role of financial institutions in society? To answer this broad question across a variety of stakeholders, the World Economic Forum (WEF) launched in 2012 a multistakeholder initiative to complement the ongoing regulatory reform process. Swiss Re supports this process - together with various institutions across the financial system ranging from companies to financial policymakers and consumer advocates/ unions – to define a common vision and restore trust and public confidence in the financial system after the financial crisis.

The Compact: a "first step"

The importance of this topic for Swiss Re is underlined by the engagement of the Group CEO Michel M. Liès as a member of the initiative's Steering Committee. Swiss Re's Chief Economist Kurt Karl contributed to the working group, which summarised the first results of this dialogue in the brochure "The Role of Financial Services in Society -  A Multistakeholder Compact." (PDF, 938 KB)

"Financial institutions promote growth and job creation by enabling saving and investment and by providing protection from risks, such as hurricanes and the loss of a family breadwinner," says Karl, "This is why we believe our sector and Swiss Re should operate in a way that we can provide financial services for society in a stable and sustainable manner. The Multistakeholder Compact is a first step to agreeing on the functions that the financial sector should perform in the interest of all stakeholders, including adequate risk management, product design, conduct standards, ethics and common values."

Building resilience in the financial sector

The launch of the brochure marks the start of this multi-year effort by financial institutions, policymakers and other stakeholders to make the financial system more resilient so it can bolster its contribution to economic growth and prosperity.

Download "The Role of the Financial Services in Society - A Multistakeholder Compact" from the WEF website.

Published 29 August 2013

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