Risk Management for Banks

A variety of new regulations was issued in the wake of the global financial crisis, which greatly increase the risk of compliance for the financial services industry. Regulators are demanding more transparency, improved risk management, prevention of financial crime, management processes for regulatory changes and more robust audit of all compliance and risk processes.

The Board of Directors and the executive management therefore appreciate the strategic value of an integrated approach to their different needs regarding governance, risk and compliance (GRC). However, for a bank, it is difficult to keep pace with the speed of changes in the law and to effectively implement these changes in a timely manner. And, experience has shown that in day-to-day operations the focus on relevant operational, legal and regulatory exposures can get lost.