Non-Financial Risk Convergence And Integration: Breaking Down Silos

This industry whitepaper was authored by Ramy Farha - Partner Allen Meyer - Partner, Evan Sekeris, Partner, and Elena Belov - Principal at Oliver Wyman and published in March 2018.

Inside the paper will:

• Discuss the limitations of non-financial risk management approaches currently used by many financial institutions.

• Propose strategies and actions financial institutions need to consider and implement to create a more coherent non-financial risk management approach, and improve the effectiveness and efficiency across, primarily, oversight teams responsible for non-financial risk management.

• Suggest adjustments to key processes and tools used for non-financial risk identification, assessment, and reporting.
• Address related talent management and teaming issues, and offer solutions to broaden non‑financial risk staff skillset and build effective non-financial risk management teams.