Banks must boost risk controls by IT innovations, according to an international lobby group comprising of banks, investment managers and other financial institutions.

June 19, 2011

Banks must boost risk controls by IT innovations, according to an international lobby group comprising of banks, investment managers and other financial institutions, Reuters reports. The Institute of International Finance (IIF) believes banks should focus on collection and monitoring of data.

IT system must be improved to monitor risk, such as creating common data models and setting up teams to manage risk-data quality. Stronger guidance from senior management will help shift away from a culture of risk.

Click here for the story from Reuters.

Click here for the additional coverage from VRL Financial News.

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Institute Of International Finance

Lobby: Banks Must Enhance Risk Controls

Banks must boost risk controls by IT innovations, according to an international lobby group comprising of banks, investment managers and other financial institutions.

Banks must boost risk controls by IT innovations, according to an international lobby group comprising of banks, investment managers and other financial institutions, Reuters reports. The Institute of International Finance (IIF) believes banks should focus on collection and monitoring of data.

IT system must be improved to monitor risk, such as creating common data models and setting up teams to manage risk-data quality. Stronger guidance from senior management will help shift away from a culture of risk.