A report conducted by the Economist Intelligence Unit and released this week by SAS, the big business analytics software firm, warns that financial institutions, particularly in the U.S., are “feeling too comfortable” about their risk management systems and suggests they may be unprepared for the next crisis.
The study, which was based upon a survey of 315 financial services executives at banks, capital markets firms and insurers ranging in size from $100 million to $1 trillion in assets, found that as these companies have moved away from a focus on risk management, in favor of growth and profitability, corporate “risk cultures” are becoming “ill-prepared for current demands.”
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