E&Y finds op risk culture making progress at asset managers
NEW YORK – A new survey from business services firm Ernst & Young shows that asset management firms may be further ahead in developing an operational risk culture than many observers of the financial services industry had initially thought.
According to the results of the survey, 74% of respondent firms either have an enterprise-wide operational risk framework or are implementing one. Some 89% of the firms use risk and control assessments as the primary tool to measure and manage operational risk. Meanwhile, loss events are tracked at 66% of respondents and key risk indicators at 62% of the firms. About 28% of the responding firms
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