The Economist Intelligence Unit recently conducted a survey sponsored by Protiviti that reveals some interesting findings regarding the state of risk management within financial institutions.
The global financial crisis exposed major weaknesses in these organizations – in their capital reserves, liquidity risk management and business operations. We found financial institutions have made substantial strides to rebuild these areas, but much work remains.
According to our survey, increasing regulatory scrutiny will continue to place a significant burden on financial institutions and demand from them stronger risk management controls and functions. They also must do more to integrate risk awareness into their corporate cultures. And, in their efforts to achieve these standards, lack of resources and inadequate funding and IT capacity will be major obstacles.
To learn more, read our research report, available here.