José Manuel González-Páramo, a member of the executive board at the European Central Bank, on Friday said central banks must re-think their risk management frameworks in light of the financial crisis and be prepared to take a more active role as risk managers.

At the Risk and Return conference in Cape Town, South Africa, González-Páramo said: "It is crucial for central banks to continuously re-think their risk management framework to stand ready, even in the good times, to switch to the crisis