A global banking and insurance conglomerate faced problems in managing risk due to having three risk officers - credit risk, market risk and insurance risk - each with their own separate data bases. To compound the problem the risk officers and the finance unit used incompatible product names. The risk officers each transferred data reports to the department responsible for external regulatory reporting which had to combine the data on spreadsheets for the regulatory authorities - a time-consumi...

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2.5.4 Identify and manage risks

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