Moving to convergence
Some financial institutions are integrating the risk and control processes within their firms to create a common framework for monitoring risks, with the aim of eliminating duplication of effort between risk groups. Dan McKinney and Chris Richardson outline the steps required to achieve a common risk reporting framework
The working day has barely begun when the equity division business unit manager at a global bank discovers that a spike in trading volumes has caused problems in the firm's trading platform, resulting in a multitude of trade breaks and delayed executions.
As the manager checks his email, he is dismayed to discover a barrage of requests to provide risk information to various departments. The first, from internal audit, asks that he review the risk assessment of the business and agree that the
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