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Global RiskManagement Survey:Sixth EditionRisk managementin the spotlight
Financial Services
Contents
Foreword iExecutive summary 1Introduction 3Risk governance 6Enterprise risk management 9Basel II 13Management o key risks 19Credit risk 21
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Market risk 24
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Liquidity risk 27
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Operational risk 29
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Risk management systems and technology inrastructure 30Conclusion 32
Dear Colleague,We are pleased to present the sixth edition o Deloitte’s
Global Risk Management Survey
.This edition is titled
Risk management in the spotlight
because the current turbulentconditions—including business volatility, a lack o liquidity in many nancial markets, anda worldwide economic downturn—are bringing the importance o risk management rontand center, perhaps as never beore.The systemic risk to the global nancial system posed by these and other recentdevelopments have substantially raised the demands placed on both regulators andrisk managers. Today, many institutions have a Chie Risk Ocer or similar senior-levelexecutive responsible or assessing and managing risk across their institution. Boards odirectors at many rms have properly assumed overall responsibility or the oversight orisk management. In the banking sector, preparations or compliance with the Basel IIrequirements are nearing completion, while in the insurance industry similar preparationsare being made or Solvency II.Yet, much work remains to be done. Many boards o directors and senior managementteams will likely seek additional education and training on risk management. Institutionsmay need to create a more risk-aware culture, urther inusing risk management intoperormance objectives and business decisions. Many institutions still may need toimplement enterprise risk management programs to gain a more comprehensive viewo the risks they ace. More sophisticated methodologies will likely be adopted by manyinstitutions to manage the risks in today’s more complex environment, such as “tail risks”rom unlikely events and the risks rom a lack o liquidity.Deloitte’s survey provides an assessment o how nancial services companies around theworld are responding to these realities and the key risk management challenges they ace.The survey includes responses rom 111 nancial institutions worldwide with more than $19trillion in total assets, and we would like to express our appreciation to all that participated.We hope that the survey results presented in this report will provide you with useulinormation on how nancial institutions are meeting the challenges acing riskmanagement today and will acilitate a broader dialogue on the steps that may be neededto enhance risk management in the uture.Sincerely,
Edward T. Hida II, CFA
Global Leader - Risk & Capital ManagementGlobal Financial Services Industry PracticeDeloitte Touche Tohmatsu
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/aboutor a detailed description o the legal structure o Deloitte LLP and its subsidiaries.
Foreword
Global Risk Management Survey: Sixth Edition
Risk management in the spotlight i
of 00
Management of key risks for Deloitte Risk Management Survey
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| Upload Date: | 06/09/2009 |
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