The are: stick to your core business, have boards and senior management that take risks seriously and above all, maintain the trust of customers.

Mr Tharman reminded about 1,000 union leaders and NTUC Income staff about these solid home-truths when he said:

'They are very simple lessons which have been talked about before, understood before, but which were easily forgotten by many institutions during the phase of euphoria that they've been through over the last four to five years".

He was speaking at the insurance co-operative's annual dinner.

His advice came as NTUC Income chairman Ng Kee Choe vowed to stay focused on the insurance business and uphold high standards of transparency and disclosure beyond statutory requirements.

Said Mr Tharman: 'We may have passed the worst of the crisis, but we know significant risks remain, and the risks may be with us for a long while.'

It was therefore important to 'also start learning the lessons that need to be learnt, not just in Singapore, but by looking at other countries - what pitfalls need to be avoided, and what areas we can improve'.

Read the full story in Friday's edition of The Straits Times.