Managing Risk During An Economic Downturn
Ovum Plc
June 1, 2009 16 Pages - SKU: OV2290530
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| This report looks at how the current economic climate is impacting enterprise risk management efforts, the scope of risk management and an overview of how technology plays a supporting role in developing a corporate risk management strategy.
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- Executive summary
- In a nutshell
- Key messages
- The impact of the financial crisis on risk management
- Stronger risk management practices and tighter regulatory controls are expected
- G20 are pushing for more stringent risk management standards
- Lessons learnt from the downturn
- Failure of application, not the discipline
- Companies need to rethink their approach
- Over reliance on models
- A siloed approach
- Separation of risk management and decision making processes
- Lack of strategic alignment
- Elevating the status of chief risk officer
- Adapting practices is key during a downturn
- Companies must continue to invest in risk management technology and practices
- Horizontally-focused risk management
- Cash flow risk
- Credit risk
- Fraud risk
- Legal risk
- Governance risk
- Reputation risk
- Supply chain risk
- Data risk
- Sustainability risk
- The scope of risk management
- A wider focus on internal and external risk is required
- ERM is an approach to understanding and managing risk
- The relationship between ERM and corporate governance and compliance
- ERM software support
- Business intelligence and analytic tools
- Data warehouses and data integration tools
- Specialist risk management solutions
- Governance, risk and compliance solutions providers
- List of Figures
- Figure 1: The scope of ERM
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