Operational Risk & Regulation - July issue 2011
An Operational Risk & Regulation panel, sponsored by MEGA, recently discussed the benefits of implementing governance, risk and compliance systems, and how to spread this good news to the rest of the company.
With the worst of the financial crisis now past, banks are again turning their attention to governance, risk and compliance (GRC) frameworks. A survey published in the June 2011 issue of Operational Risk & Regulation found that 50% of financial institutions either had a GRC system in place (38%), were installing one (7%) or were planning to buy one within the next year (5%). Many companies say the ever-growing regulatory reporting requirements are pushing them to rebuild their GRC functions and centralise risk and compliance reporting. But, implementing a GRC system can be a major undertaking and can bring its own operational risks, and it is often difficult to persuade the rest of the company that the expense and upheaval are necessary. [...]
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