Time to take stock
Plenty of pressure will be put on financial institutions to strengthen risk management processes in the wake of the financial crisis. However, firms might be better served focusing on getting the basics right, rather than necessarily doing more, argues Carl Hanssens
In these days of market turmoil and heightened risk, financial institutions could react in two ways. Some will latch on to the various three-letter acronyms being bandied around - GRC (governance risk compliance), ERM (enterprise risk management) or CRM (convergent risk management) - hoping to appease regulators pushing for improved risk management frameworks. Others, weighed down by a succession of poor financial results, will emphasise the high cost of risk management and ask for a more
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