What is the interplay between the intrinsic qualities of the risks that financial firms take? How can risks be properly identified, assessed and monitored so managers can take pragmatic and meaningful decisions that mitigate these risks and thus enable business viability and indeed growth? What should be done to make changes that target and address risk effectively? How should the change be managed?
In order to analyze the relevance of these questions within ICMIF membership, Risk Dynamics undertook a risk management survey to measure the risk management maturity of ICMIF members. The study was conducted online during August and September 2011. More in-depth interviews have also been conducted with some respondents to refine the survey results and their interpretation. Additional insights for this report were derived from Risk Dynamics’ experience working with leading financial institutions around the world.
The results were presented by Dr Dominique Bourrat in Risk Dynamics Supporting Member Workshop on Thursday 27 October 2011 during ICMIF’s conference in Manchester UK. They allowed each member to benchmark itself versus others and provide a reality check as to where the sector stands in terms of risk management practice.