The government of Belgium has appointed Marie Gemma Dequae, scientific adviser to the Federation of European Risk Management Associations (FERMA) and a past president of the federation, as an independent director of Dexia Bank Belgium and its subsidiary Dexia Insurance Belgium.

The Belgian government bought Dexia Bank Belgium in October 2011 as a result of the serious financial difficulties affecting its parent company Dexia Group.

Dequae is one of nine independent directors on the new board of the company. She will focus particularly on the three lines of defence aspect of the bank's governance, covering operational management through risk management and internal audit to external audit.

"My main focus will be on the three lines of defence as set out in banking and insurance directives," says Dequae. "Although financial techniques and insurance contracts and wordings are important, these activities all need to come under the overall risk management process. This is something I can contribute to the board, together with an ability to give a client's perspective, since Dexia Belgium is a retail bank."

Since retiring as risk manager for the Belgium-based global technological and market leader in advanced solutions based on metal transformation and coatings, Bekaert, Dequae has been active as a director and risk management advisor in the country's public and social profit sectors.

She was president of FERMA between 2005 and 2009 and has now become its technical advisor providing support on issues such as corporate governance. Her work with FERMA includes the preparation of two guides on the risk management and internal audit provisions of the 8th European Company Law Directive in collaboration with FERMA vice-president Michel Dennery.

Dequae received a master's degree in insurance law and economics and a PhD in applied economics (finance) from the Catholic University of Leuven in Belgium.

Share Story: