- Enterprise Risk Management. Arguably the largest evolutionary change in risk management for financial institutions has been the elevation of the risk management function to a key role in firm management. Risk is truly an overriding firmwide concern
in modern financial institutions and a centralized oversight group is needed to provide governance and coordination over risk management activities throughout the firm. Traditional basic roles of the risk organization include setting and monitoring risk limits
for each area of the firm and oversight of risk reporting. In addition, functions requiring firmwide governance and coordination are also needed in an effective risk management structure. These include:
- Integration of Risk Calculations and Data Management. Systems that…
