Managing Risk During An Economic Downturn

Published by: Ovum Plc

Published: Jun. 1, 2009 - 16 Pages

Table of Contents

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

Abstract

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