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posted on 01 November 2015

Deepening The Foundations Of Risk Management

from the Chicago Fed

-- this post authored by by Marshall Eckblad, senior risk management specialist, Supervision and Regulation, Lamont Black, assistant professor, DePaul University, and Esther Ogunro, assistant supervision analyst, Supervision and Regulation

The ongoing recovery from the Great Recession has been accompanied by changes in the types of risks that financial institutions face and the ways in which they manage them. Even as improving labor markets and modest economic growth have strengthened balance sheets and stabilized most businesses, financial services firms remain under considerable pressure.

In this context, the Federal Reserve Bank of Chicago and DePaul University hosted their eighth annual risk conference on March 31 - April 1, 2015.

The conference, Reaffirming Our Foundations: Risk and Regulation, Culture and Governance, highlighted the growing need for financial institutions to develop internal risk cultures - specifically workplace environments that do more than encourage compliance with formal rules, including incentives for employees to proactively identify and address risks that threaten the firm's welfare. Conference speakers and panelists also emphasized the need for strong boards of directors to provide credible risk review and oversight while incorporating supervisory requirements and expectations, such as stress testing, within their strategic planning. A number of macroeconomic risks are on the horizon, such as possible domestic interest rate increases and instability in the eurozone and China. In addition, technological security remains a priority as firms seek to defend themselves against increasingly sophisticated cyberattacks.

During two days of panels and keynote speakers, there was a broad consensus that the stability and long-term viability of financial institutions rest on their having a top-to-bottom ability to identify and manage risks. In this Chicago Fed Letter, we summarize discussions by attending industry executives, academics, and supervisory staff, who emphasized some key common characteristics they have observed at well-run financial institutions.

[click on image below to continue reading]

Source: http://app.frbcommunications.org/e/er?s=1064 &lid=3646 &elq=641de5cdb2f54eb7a66d3de4f5d7f54d &elqaid=9475 &elqat=1 &elqTrackId=cc9f83afb558475bb9bc0dfc559d824f

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