Financial firms have made some progress in developing risk appetite frameworks and building their information technology infrastructures in the wake of the global financial crisis, but they have “considerably more” work to do to strengthen these practices, according to a group of global financial regulators.
In particular, the aggregation of risk data remains a challenge for financial institutions, concludes the latest report by a group of 12 senior supervisors from 10 countries. The Senior Supervisors Group includes the U.S. Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, and the Office of the Comptroller of the Currency.
