Since the last global financial crisis, financial institutions have been forced by regulators to make substantial improvements to their risk management strategies. While most have strong and mature frameworks in place for financial risk management, there is a pressing need to enhance strategies for non-financial risk (NFR) management.
According to a recent Deloitte survey on global risk, 79% of Chief Risk Officers (or their equivalents) stated that “enhancing the quality, availability, and timeliness of risk data” is an extremely or very high priority for their organization’s risk management.
The Challenges of Non-Financial Risk Management
Many of the most impactful risk events of the past few years have resulted from NFR, costing financial institutions hundreds of billions of dollars. While it has often been in the spotlight, it has been somewhat hard to tackle.
Our Whitepaper focuses on the challenges of managing these risk events, from automating the process, freeing up valuable resources to making better-informed decisions with available data.