Global Risk Management Survey 2016
The Basel Committee on Banking Supervision (BCBS) along with financial regulatory bodies in the world are working to ensure that any financial crisis similar to 2008-09 is prevented in the future. This has led to a stringent and more dynamic regulatory environment. The implementation of ever changing regulatory requirements is a challenging task for the banks because of high cost, talent constraint and time limit. As a result, risk management and regulatory reporting has emerged as a critical function across all the banks. Though there is an improvement in risk management in banks, they still need support in terms of coordination across teams, IT infrastructure development and correct skill sets & knowledge.
In this survey report we analyze the major challenges faced by banks in risk management and regulatory reporting and provide suggestions on the challenges and the steps ahead.
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