There is a clear recognition across banks of the need for Risk functions to evolve with changing Risk and business environment. We have observed increased focus across banks on three key topics.
For many banks, the answer to all of the above questions is a No; for most banks, significant operating model changes are needed to positively respond to these questions in future. In our global study of Risk functions in H1 2017, we focussed on eight topics which, we believe, provide a comprehensive view of the Risk change agenda and its interaction with wider organisation issues.
Based on key observations from our recent study, in this report we set out the case for radical change in the future of the Risk function and key initiatives that need to be prioritised now to deliver the required change.