The economic crisis has exposed inherent weaknesses in the risk management practices of banks, but few have a well-defined vision of how to tackle the problems, according to a study by Ernst & Young.
Excellent news that the industry views "greater transparency, faster delivery and better synthesis of data" are the top priorities but we must not allow clever data analytics to mask the underlying ownership and accountability
It seems that the banks want to continue relying on technology. Governance, compliance and risk management is far more about attitudes and careful thought about risks.
See the introduction to ISO standard 27002 on Information Governance, section 0 for the emphasis on careful, context based consideration of risk and compare with the bureaucratic, "apply the rules" "do not think" approach of CoBiT to see the contrast between
the two approaches. The UK Combined Code and the Turnbull Report clearly support the thinking approach, rather than a bureaucratic, technocratic approach.
Technology should about supporting thoughtful analysis of risks.
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© Finextra Research 2013