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Integration is a hot topic this year for risk professionals. In PRMIA’s 2013 survey of buy-side risk management trends, a lack of front-to-back integration of systems emerged as the second biggest technology challenge, pipped only by the need to create a complete view of risk from multiple risk systems.

Poor integration compromises risk management quality

Why the need for front-to-back integration? The financial and Eurozone crises have highlighted the need to manage risk more proactively and in a

As financial institutions have become more complex, so have their risk management systems – and that’s a problem.

Organisations that have grown through acquisition and diversification typically find themselves running a huge number of different systems: whether for different asset classes, different types of risk and/or for different operating entities.

That complexity is causing major issues. Research carried out by the Professional Risk Managers International Association (PRMIA) in March 2013 re

The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a Risk Appetite and Tolerance Statement. This step is meant to sets boundaries on how much risk your organization is prepared to accept in the pursuit of its strategic objectives.

An organization-wide risk appetite statement provides direction for your organization and is a mandatory part of your assessment. As defined by COSO (one of the risk management standards measured in the