|Eversheds comment: Majority of 2011 FSA fines due to weak risk management|
|Monday, 05 March 2012|
Sixty percent of the fines handed down by the FSA in 2011 were a result of weak risk management systems, totalling £38.5 million. Lee O’Connell, Group Risk Manager at Eversheds Consulting, a division of international law firm Eversheds, comments:
“The problems associated with poor risk management are cause for much concern, and these figures are only the tip of the iceberg. Working with our financial institution clients, we have also identified issues with the operational effectiveness of the 1st and 2nd lines of defence models. In particular, it is evident that the attitude to risk tolerance is unclear and there is a disconnect between the theoretical aspects of risk, board perception and the practical application of operational risk tools and techniques.
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