Given the tremendous advances in financial risk measurement, why did risk management fail in large and complex financial institutions prior to the global financial crisis? This was one of the key organizing thoughts when the call for papers was issued for the fifth joint conference with SUERF and the Bank of Finland on “The Future of Risk Management”. To commemorate the Bank of Finland’s 200th birthday (thereby being the fourth oldest central bank in the world), the bank’s other long-time partner in cooperation, CEPR, as well as The Journal of Financial Intermediation, which is planning a special issue on the basis of the conference papers, joined the team of organizers. The financial crisis of 2007-08 has certainly taught us that the endogenous nature of risk will have to be taken more seriously in risk management. A better understanding and modelling of systemic risks have to be built.