The crisis has produced evidence that risk management frameworks of even sophisticated institutions were not enough to control the business activities properly and to prevent the incurrence of out of proportion losses. Why were so many companies so vulnerable? What can we learn from these events? What can we do differently in getting ready for e.g. Solvency II? Prepare for a significant step up of regulatory scrutiny in several markets and countries. Detailed, comprehensive requirements will remain; uncertainty about upcoming new regulations will require effective management of regulatory risk.