Risk management jumps up enterprise agenda

Financial services organisations are putting an increasing focus on enterprise-wide risk management strategies, but many are still finding practical implementation a challenge, according to new research released today by reporting and analytics firm SAS.

The report, carried out by the Economist Intelligence Unit, surveyed over 300 senior financial services executives and found that 59 per cent had been forced to re-examine their risk management practices in light of the current credit crisis.

However, respondents also indicated that organisational culture, and a lack of confidence in the tools to provide access to relevant data, have proved significant barriers to achieving comprehensive risk management.

IT has a major part to play in working with the business to ensure an holistic approach to risk management built on a single platform, according to Alastair Sim, global director for risk at SAS.

"This survey is evidence that the risk management needs of financial institutions are evolving beyond regulatory risk, and must break down traditional risk silos to drive towards a firm-wide risk view," he added.

See also:

SAS gets fresh IDeaS

BI vendor looking to compete more effectively with Oracle, IBM, SAP with revenue management acquisition  06 Aug 2008

SAS sales up 15 per cent

Business intelligence applications accounted for 29 per cent of 2007 sales  06 Feb 2008

SAS seeks to 'dominate' as IT budgets increase

Computing reports from software supplier SAS's annual user conference in Denmark  23 Jun 2004

NHS spends in SAS software to identify fraud hotspots

Data analysis package aims to reduce fraud  26 Feb 2003

Falling euro dents SAS profits

US software supplier SAS Institute said it will lose $100m off its profits this year due to the weakness of the euro.  30 Nov 2000

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