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Five years after the 2008 financial crisis, financial institutions around the world indicate that while progress has been made in improving risk management capabilities, many are still struggling with foundational elements.
According to new research conducted by The Economist Intelligence Unit and sponsored by Protiviti, multiple challenges are faced, including lack of resources, regulatory uncertainty and need for better risk information.
More than 350 senior-level executives at financial institutions across the globe were surveyed earlier this year about the state of risk management following the financial crisis. Key findings relate to:
• Regulatory pressures will continue to be a significant burden for financial institutions, but also lead to beneficial outcomes for clients.
• Need for focus on the more granular details in the areas of culture, accountability, team- and skill-building, and communication.
• Main obstacles relate to lack of resources, inadequate funding and improving IT capacity.