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DUNAV OSIGURANJE

WIENER STADTISCHE

1-2009

Transparency in crisis

 

Was missing transparancy one of the reasons for the financial crisis and the decline of the old economy? Is more transparency economically a threat or a chance?

 

The worldwide financial crisis has initiated a global discussion on fundamentals.

 

In these times the responsibility of governemental and public decisionmakers and supervisors plays a mayor role.

 

Since the dropdown of Lehman Brothers the world has changed. Free markets and regulations are not controverse furthermore. A basis for a new way of cooperation in future under consideration of interests of all „stakeholders“ and the public community should be built.

 

Without transnational interventions it will not happen. The European Community and others  are  expected to be initiative.

 

„Managing regulation in an new era“ is the headline of an article published in „McKinsey Quarterly/December 2008“. How to reach the optimum of success in cooperation between companies and regulators? How to gain the optimum in communication?

 

A new dimension in marketing takes place. In the financial industry, in banking and insurance „trust“ is the decision maker in competition. Trust not only in persons but primarily in seriousity, sustainability know how and quality. (Re)Building up trust is a long term investment with absolute return in customer and partner relationship.

 

Shared profits and the security that promises are held on both sides - even decades later – are the parameters for a new quality in relationship between customers and companies.

 

Legislative and executive authorities, shareholders and owners are in the position to implement the basic framework. It ist he purpose of the management to proceed and to stimulate that process.

 

Manfred H. Hasenohrl

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