In financial services, independent yet overlapping functions hinder a comprehensive understanding of risk
Jul 1st, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
In most financial institutions, governance, risk and compliance activities are spread across several overlapping and related functions. Each function, such as audit, compliance, finance and legal, operates independently, leading to inconsistent and inefficient processes. According to a new report,Governance, risk and compliance in financial services: Learning from the present to prosper in the future, published by the Economist Intelligence Unit and sponsored by Oracle, the bigger problem is that each silo reports separately to senior management, which hinders a comprehensive understanding of risk.