Managing risk during an economic downturn

Content

• 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