New findings from the Economist Intelligence Unit (EIU) show
that only one-third of risk professionals in the financial services
industry believe that the outlook is positive for their business in
terms of revenue growth and profitability – leading to a “dramatic
impact” on what business financial institutions are willing to
carry out.
The EIU added that less than half of risk professionals in the
financial services industry said they believed that the principles
of risk management remained sound, following the global financial
crisis.
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In a report entitled After the Storm: A new era for risk
management in financial services, the EIU revealed that 53
percent of senior risk professionals say they have conducted, or
plan to conduct, a major overhaul of their risk management in
response to the crisis.
The survey, which canvassed 334 senior risk professionals across
the financial services industry – including senior managers in the
leasing industry – also highlighted that only 40 percent
believed that the importance of effective risk management was
widely understood throughout the business.
“The financial crisis has prompted a wholesale reassessment of
risk management in many financial institutions as they come to
terms with a dramatically changed environment,” said Rob Mitchell,
editor of the report.
“Firms are adopting a range of new ideas and approaches, but
face a number of important cultural, technological and
organisational challenges before they can successfully recalibrate
their risk management.”
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