A forum on financial risk management is held in Lujiazui, Shanghai's financial hub, on Nov 7. [Photo/ljzfin.com]

More than 400 top managers of financial institutions, officials of supervision departments, and financial experts from China and abroad flocked to Lujiazui, Shanghai's financial hub, to attend a forum on financial risk management on Nov 7.

The one-day event, sponsored by Lujiazui Financial City, Shanghai University of Finance and Economics, the China Financial Information Center, the UK's Institute and Faculty of Actuaries, and Singapore's Nanyang Technological University (NTU), was an international platform for exchange of ideas about the latest financial risk theories and applications.

The forum was launched because a series of risks generated by the application and development of Internet technology has come to the attention of financial institutions, supervision departments, and academic circles.

Zhu Liping, a Lujiazui official, said that the event is expected to be held annually to explore financial risk regulation policies, regarded as an urgent issue in the financial sector.

Authorities announce the launch of a financial risk research and professionals training base in Lujiazui, Shanghai's financial hub, on Nov 7. [Photo/ljzfin.com]

This year, the attendees focused on topics such as network risks, and network security and supervision.

Wang Shuxun, head of the Insurance Risk and Finance Research Centre of NTU, suggested cooperation with government and IT companies to deal with cyber crime and the training of more network security professionals.

Other guests, including Sean Kanuck, a top network security expert from the US, Richard Green, executive director of Asia Marsh, a leading insurance broker and risk management firm, and Michael Sicsic, an official of the UK’s Financial Conduct Authority, introduced different cases and measures to prevent cyber risks.

A financial risk research and professionals training base was also inaugurated during the forum.