Financial services companies take a more practical and holistic approach to risk management, according to a new study by PricewaterhouseCoopers (PwC) and the Economist Intelligence Unit.
The study - Taming Uncertainty: Risk Management for the Entire Enterprise - highlights the range of risks facing financial institutions.
The study also provides an insight into what industry leaders are doing to ensure they understand the risks they face, and to align their risk management strategy with their corporate objectives.
PwC partner Hans-Kristian Bryn said: "There can be a tendency for risk to be concentrated into stand-alone silos. Many banks split risk into three deceptively neat areas of credit, market and operational risk, for example, and set up departments to deal with each, rather than accepting that many of these risks are interlinked.
"A comprehensive and integrated view of risk, and a dynamic process for managing risk are essential components of a leading-edge risk management capability."
PwC global head of financial services Jeremy Scott added: "The prize that awaits leading risk managers is not simply an avoidance of losses but more importantly, increased shareholder value.
"Chief executives who understand risk when making strategic decisions and who clearly communicate their risk appetite inside and outside the company have the best chance of striking the right balance between risk and reward which is fundamental to value creation and profitable growth."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
