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ARTICLE · 13 MAY 2008

In Control? Gaining Competitive Advantage Through Governance, Risk And Control Best Practice

Deloitte
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Governance, risk and control is one of the biggest issues facing financial institutions today. As the credit crunch continues to present a number of challenges, to CEOs and entire corporations, it is imperative all financial institutions reappraise their enterprise-wide control and governance systems and hierarchies.

United KingdomFinance and Banking
Deloitte Financial Services Group
Deloitte Financial Services Group
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FOREWARD

Governance, risk and control is one of the biggest issues facing financial institutions today. As the credit crunch continues to present a number of challenges, to CEOs and entire corporations, it is imperative all financial institutions reappraise their enterprise-wide control and governance systems and hierarchies.

Reactions to some of the issues emerging from the 2007/2008 credit crunch include: tightening individual controls; building liquidity risk into models and business plans; identifying where credit and market risks really originate from; more sophisticated stress testing, and scenario analysis. These are clearly necessary steps and laudable aims. However, the questions that arise are whether they will address the underlying problems that resulted in businesses expanding into riskier products and sectors, and the aggregate exposure exceeding the risk appetite of organisations.

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