Banks Seeking to Improve

The results from a recent survey of financial institutions from across the globe indicate a urgent need to automate financial processes and integrate risk management efforts across the organization.  The survey was conducted by the Economist Intelligence Unit in the fourth quarter of 2008 during the height of the credit crisis.  Here is an excerpt from the report's conclusion.

The ravages of the credit crisis have raised serious doubts about banks’ ability to effectively manage risk. Bankers now face arduous challenges as they attempt to restore the confidence of regulators, analysts, shareholders and customers. To the extent that senior managers have focused more heavily on governance, risk and compliance over the last five years, they may be tempted to despair about the possibility of anticipating potentially devastating risk exposures. However, a sober appraisal of banks’ efforts will reveal that cost considerations have limited the extent to which manual processes have been eliminated and, far more importantly, that sophisticated GRC isolated within lines of business or internal control functions is no substitute for an integrated, enterprise-wide approach to risk management.

Wheelhouse Advisors is uniquely equipped to help companies implement an integrated, enterprise-wide approach to risk management.  Visit www.WheelhouseAdvisors.com to learn more.