Source: Diamond Management & Technology Consultants

Date: February 2008

Type: White Paper

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Overview: Developing an effective firmwide risk management strategy requires a shift in mindset on several fronts. First and foremost, it requires an immediate and enduring shift in corporate culture to enforce accountability at the highest levels for understanding and managing firm exposures. Second, effective firmwide risk management requires executive-level willingness and commitment to invest in the requisite infrastructure to accurately measure firm exposures, including how the firmwide portfolio will react to a variety of potential changes to the current environment. It should consider everything from the people and information architecture to the data collection and management strategies, all of which are required to reach a comprehensive understanding of a firm’s risk profile. Firms should adopt a long-term and iterative view of infrastructure improvements that address not only the consistency and timeliness of risk data, but the breadth and comprehensiveness of this data as well. Crisis brings opportunity to innovate. It is our belief that the critical difference between winners and losers—both today and in the future—lies in the consistent investment in risk assessment infrastructure, enabling the winning firms to act quickly and decisively during times of market upheaval to solidify their gains.

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