Source: SAS Institute

Date: July 2009

Type: White Paper

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Overview: According to findings from a recent Economist Intelligence Unit report, less than half of risk professionals in the industry believe their strategies are sound given the financial and economic shell shock of the past 18 months. The way in which financial institutions identify, assess and manage risks continues to fall under intense scrutiny. The crisis has exposed the shortcomings of a whole host of risk techniques, and major soul-searching is now under way to ensure that the risk and controls functions in financial institutions will be more robust, authoritative and accountable in the future. Regulators, too, are eyeing the risk capabilities of the industry carefully, and considering the systemic implications of certain approaches to manage risk more thoroughly. In their efforts to overhaul risk management, key areas of focus will include strengthening risk governance, developing a firmwide approach to risk, the deeper integration of risk within lines of business and improvements to data quality and availability. Read about how firms are adopting a range of new ideas and approaches while facing a number of important cultural, technological and organizational challenges.

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