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Top 12 actions for better risk management - Ernst & Young - Global

Top 12 actions for better risk management

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The role of risk management should dovetail more closely with legal, compliance and internal audit, particularly with regard to the possible outcomes under consumer protection.

Our Risk Management for Asset Management 2011 Survey offers insights into the unique set of challenges currently confronting risk management professionals.

In comparing the views of more than 30 Heads of Risk and Chief Risk Officers at many of the most recognized traditional and alternative asset managers in the UK and continental Europe, the survey highlights the continued evolution and strategic importance of the risk function for asset management firms.

Our top 12 actions on improving risk management include:


1 Create a strategic risk PMO
2 Adjust your risk appetite periodically
3 Set appropriate governance for investment risk
4 Use ICAAP procedures to optimize capital uplift
5 Be prepared for additional data and reporting requests
6 Upgrade your counterparty risk management programs
7 Monitor and manage operational risk
8 Consider regulatory convergence when compiling SRRIs
9 Be prepared to adapt your business model
10 Understand and control tax risks
11 Invest in people who can manage regulatory policies
12 Develop systems that support risk management


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