Risk Strategies for Market Survival

October 3rd, 2008 |
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Join BearingPoint managing director Sandeep Vishnu as he explores risk strategies for market survival. With all the turmoil in the financial services space in recent weeks, everyone is wondering how we got into such a mess. What began as a contained subprime crisis has spilled over into all segments of the financial services industry, in what seems like a domino effect. In this podcast, we discuss the fundamental lack of risk transparency and risk governance as the two most important factors that led to this crisis and how companies can better prepare themselves for the future.

There are multiple lessons that can be learned from our current financial situation. Companies need to focus on transparency within their organization and develop a culture that is more risk sensitive so that risk governance takes on a more important role than it has in the past. We are learning that had senior management been aware of their data and level of risk, they might have seen what was emerging within their organization. To ensure we don’t ever see another crisis at this magnitude, companies need to instill a risk base culture that has a set shared of values among its employees. This doesn’t happen overnight, but there are steps that can be taken to head in that direction.

First and foremost, the data challenge needs to be made head on. If we’re going to eliminate this challenge in the future, we need to conquer this challenge now. The governance challenge needs to also be met. This is where BearingPoint can assist. We have developed numerous solutions to assist our clients with their current situations. We are putting a focus on what can be changed within a current organization. There are certain elements that if put into place now, can help institutions with their future struggles.

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Posted in: BearingPoint, Corporate