How enterprise risk rose to the top of the bank
Previously a support function, ERM is naturally positioned to identify strategic risks for the board
When banks first built out enterprise risk management (ERM) teams well over a decade ago, their main role was to aggregate reporting from the individual risk functions – credit, market and operational risk. ERM also played a role in ensuring consistent governance across the different risk categories. And at some banks in Europe, it acquired a particular role handling the annual Internal Capital
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