An article relating to this blog post on Finextra:
Crisis exposes banks' weak risk management practices - Ernst & Young
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.
Comparing Ernst & Young figures against PRMIA Global Risk Survey results (http://www.prmia.org/globaleventseries/news/20080618.html)
Ernst & Young
Enterprise-wide risk-reporting process is in place
9% - nearly completed
67% - midway
24% - early stages
Benchmarks the Role of Enterprise Risk Management in Current and Future Business Processes
41% - have well define ERM program is in place
49% - various stages of development
10% - no ERM
Enterprise Management Systems completeness felt 4.5 times within half a year. Looks like executives do feel guilty for the risk exposure of their banks and are less confident in the state of their systems.
Now they are more vulnerable to risk management systems vendors and analytical tools providers