Risk governance biggest area of change for firms, says E&Y report

Risk governance is the most significant area of change in global firms' approach to risk management, according to a report published by Ernst & Young. The report, entitled Making strides in financial services and risk management, was conducted on behalf of the Institute of International Finance (IFF) and finds firms need to strengthen risk culture and transparency.

The two key messages from the report, according to Patricia Jackson, Ernst & Young's head of regulatory financial advice for Europe,