NEWS
8 – 14 AUGUST 2013
DATA
Published by Pageant Media London Thavies Inn House London EC1N 2HA T +44 (0) 20 7832 6500 F +44 (0) 20 7832 6501 EDITORIAL Jeanene Timberlake Managing editor +1 212 268 4910 [email protected] Sean Creamer Reporter +1 212 268 4900 [email protected] Gwyn Roberts Group head of content +44 (0) 20 7832 6623 [email protected] Indira Peters-DiDio Data manager +1 212 268 4919 [email protected] PRODUCTION Claudia Honerjager Head of production c.honerjager@ pageantmedia.com New York 1441 Broadway Suite 3024, NY 10018 T +1 212 268 4919 F +1 212 268 4999 COMMERCIAL Lucy Churchill Group commercial manager +44 (0) 20 7832 6615 [email protected] Stefano Giacoia Content Sales Manager +44 (0) 20 7832 6587 [email protected] EVENTS Beth Hall Head of events +44 (0) 20 7832 6576 [email protected] DISTRIBUTION Fay Muddle Circulation manager +44 (0) 20 7832 6524 [email protected] PAGEANT MEDIA Charlie Kerr Chief executive Printed by The Manson Group
Data management a major risk challenge, Deloitte says
Data management issues were among top of mind risk challenges for financial institutions in the last few years, according to the results of Deloitte’s biennial global risk management survey, released last week. A total of 80% of respondents identified data management and availability as challenging, according to the results. Among those firms, 35% said data management is extremely or very challenging while 45% said the issue is only somewhat challenging. The category was eclipsed only by respondents identifying IT applications and systems as challenging (84%). In the report, Deloitte noted data management issues present particular challenges related to quality and consistency when dealing with different risk systems. “There is a trend to adopt uniform data standards, but institutions can find this to be difficult to achieve when they are pursuing a global strategy to capture market share,” the report noted. The issue is also the source of the most concern for financial institutions when considering information technology systems, stated the report.
Sub-editor Eleanor Stanley Sub-editor Luke Tuchscherer Sub-editor
Approximately 79% of respondents listed risk data quality and management as the issue they are most concerned about, with 40% of those respondents saying they are extremely or very concerned about it. A close second (at 78%) is the concern that risk technology may not be as adaptable as needed for changing regulatory requirements. A wide variety of financial institutions – including asset managers, investment banks, insurance companies and others – were surveyed from September to December 2012. A total of 74% of respondents represented Europe and Asia. Just 19% of respondents hailed from the US and Canada, with the rest representing Latin America, the Middle East and Africa. In spite of concerns, Deloitte noted 72% of institutions said they are extremely or very effective at risk management, an increase since 2010 when that figure was just 66%. Liquidity risk (85%), credit risk (83%) and counterparty risk (83%) were among the types of risk institutions noted they manage well. Systemic risk came in at 48%, and operational risk was second to last a ?????L???????????????????????????????????????????????????????????????????5??????????????????????????????????????????????????????????????????????????????????????????????????????((??()%MM8???????????
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