NEW YORK and PHILADELPHIA, Nov. 8, 2018 /PRNewswire/ — Aligning operational risk management (ORM) with strategy could enable strategic change, improve business performance and enhance customers’ experience for financial institutions. However, only half of firms surveyed with less than $250 billion in assets leverage ORM to challenge business models, according to a report by KPMG LLP and The Risk Management Association (RMA).
According to the Operational Risk Management Excellence Survey, larger institutions appear more advanced in aligning ORM with strategy, with 90 percent at or above $250 billion in assets leveraging ORM to challenge business models. For more, please click here.
“Aligning ORM with business strategy enables financial institutions to identify, assess and mitigate risks, while adding business value,” said Phillip Bray, Principal in KPMG LLP’s Operations and Compliance Risk services. “We’ve observed that, for many institutions, the first priority is to resolve regulatory issues and then take a broader look at how ORM is integrated into strategy.”
“While prioritizing compliance is understandable in this challenging regulatory landscape, institutions that cannot…