The second was a show of deference to Hiroshi Okuda, Toyota's chairman, who heads the Keidanren, a powerful business federation, which stands for company management and is a vocal advocate of both lower labour costs and wage-bargaining reform.

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How, given this loose federation of businesses, could NatWest ensure that it had adequate management controls at the centre to assess and police the sorts of risks that its traders were taking?

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"The Federation Internationale de l'Automobile (FIA) and Formula One Management (FOM) wish to jointly confirm their belief that the Bahrain GP should go ahead this weekend, " the two bodies said in a statement.

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Mr. Jung, who attended the Korean federation's Stanford program, says he wanted to learn about risk management and creating brand value through cases studies of business successes and failures.

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There's also the International Tennis Federation, which governs the Grand Slam events, and dozens of other federations and management companies that both represent players and manage tournaments.

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