The Frankfurt Institute for Risk Management and Regulation (FIRM) was established in 2009 under the auspices of the Society for Risk Management and Regulation, an association of members including renowned German financial institutions, corporations, advisory firms and the State of Hessen. Among its founding members are Deutsche Bank AG, DZ BANK AG and Landesbank Hessen-Thüringen, thus representing all three pillars of the German banking sector: the privately owned banks, the publicly owned savings banks (Sparkassen), and the cooperative banks (Volksbanken and Raiffeisenbanken).
In addition to the participation of almost all major banks in Germany, FIRM also includes prominent representation from the insurance sector through Allianz SE and from the securities markets through Deutsche Börse AG. FIRM cooperates with the Frankfurt School of Finance & Management, by the House of Finance of the Goethe University of Frankfurt, and by other universities and works in teaching and research closely with these renowned institutions.
The Executive Board of the Society is comprised of 13 members under the chairmanship of Prof. Dr. Dr. h.c. Udo Steffens, former President and CEO of the Frankfurt School of Finance & Management, and deputy chairmanship of Stephan Wilken, Managing Director and Head of Enterprise Risk Management and Model Risk at Deutsche Bank, and Thomas Groß, Member of the Board of Managing Directors of Landesbank Hessen-Thüringen (Helaba). The two Presidents of FIRM also serve on the Executive Board of the Society, with Professor Wolfgang Koenig, Executive Director of the House of Finance, focusing on its research activities and Professor Udo Steffens, President and CEO of the Frankfurt School of Finance & Management, focusing on its educational programmes.
The Executive Board holds quarterly formal meetings, for which preparations are made by the Working Group. Every institutional member has the opportunity to participate through the Advisory Board, which serves as a forum to discuss current issues in risk management, to review the results of research projects, and to present new ideas. The Executive Board and Advisory Board, in addition, hold a joint two-day offsite each year in order to discuss important issues in risk management and regulation in greater depth.
In both its research and educational activities, FIRM strives to help the financial industry advance the state of best practice, thus improving its international competitiveness. It is not a lobbying organisation. The FIRM Risk Roundtable has set itself the goal – building upon the collective expertise of risk managers from major financial institutions – aims to develop, and to foster the adoption of, effective standards for risk modelling and quantitative approaches to deal with current issues in risk management and regulation. Four times a year the Compliance Risk Roundtable meets. An open exchange of views on the further development and value-added implementation of a compliance risk management are here in the foreground.
FIRM works closely with Frankfurt Main Finance, the association committed to advancing Frankfurt’s position as a global financial centre. Our goals and principles will guide us as we strive to continuously broaden our range of activities in the years ahead.