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Convergence is hot topic for risk managers

NEW YORK – Convergence of risk, compliance and audit functions has been an area of rapt attention for risk professionals so far in 2007.

That was the overwhelming feedback the OpRisk&Compliance team received last month on a whistle-stop tour of the big investment banks and finance houses of New York. Across almost all the top-tier banks on Wall Street, risk managers repeatedly reported ongoing efforts to bring risk functions, internal audit and regulatory compliance departments under a single-umbrella operation.

Many risk managers

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