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(From Post Magazine)
In today's regulated environment, businesses - including insurers and their customers - have to ask themselves how they can control risk and manage it effectively to drive performance and inspire stakeholder confidence. The recent litany of high-profile risk management failures, from the sub-prime lending debacle to runaway trading losses at leading institutions, is fuelling calls for tighter regulation. In turn, these regulations are beginning to require defined risk management strategies, prompting many businesses to combine their risk and compliance functions.
Faced with a complex and fast-changing business climate, an increasing number of organisations in all industries are taking a broader, more integrated approach to managing governance, risk and compliance than in the past. Moving away from the traditional method of addressing specific regulatory mandates and silos of risk independently, they are striving for sustainability, consistency, efficiency and transparency across all the GRC …