Whilst many banks have embedded management of traditional financial risks such as credit and market, CROs and CCOs are under increasing pressure to address known and emerging non-financial risks. Pressure is further exacerbated by shrinking budgets and increasing costs of managing expanding control stacks, as well as remediation programmes driven by risk and control self-assessment (RCSA) blind spots for non-financial risks.
Some banks are reimagining the way they treat NFRs, focussing on:
- Embedding proactive identification: regulatory scanning and RCSA and taxonomy
- Continuous monitoring to achieve compliance: measures and reporting
- Embedding end to end strategies: people and culture and risk technology
How Protiviti can help?
We work with 92% of Fortune 100 Financial Service Clients and 80% of the world's largest banks. We have delivered a number of non-financial risk management engagements. Our accelerator frameworks support non-financial risk management.
To get started, we can help you conduct a rapid assessment to discover high level pain points related to the management of non-financial risk. We can then conduct a hypothesis led design thinking workshop to support identification of data driven solution. Using insights gathered, we can curate a proposal outlining issues identified, and a proposed book of work to support your NFRM journey.
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