Willis Group Chairman and CEO Joe Plumeri has vowed his global company won’t go back to the “old ways” of doing business by accepting contingent commissions.

Speaking at a Chicago seminar last week, he urged business leaders to improve risk management standards and reject the opaque transactions and “lip service” transparency of the past.

Mr Plumeri called on firms to adopt “a far broader and more comprehensive view of risk” and elevate risk management to senior executive and board levels.

An ardent critic of contingent commissions granted to brokers based on factors such as volume of business, renewals and profitability, Mr Plumeri didn’t disappoint with his condemnation of the practice.

“Many in our industry believe that simply telling clients that they are taking contingents makes it okay,” he said. “I disagree. Telling your clients you take them does not resolve the conflict.”

Willis placed a voluntary ban on contingent commissions in 2004, with rivals Marsh and Aon entering a mutual arrangement a year later.