Firms 'need to improve risk management'

01/07/2009 Firms 'need to improve risk management'

Many corporations will have to improve their risk management following the credit crisis, a new study has revealed.

According to a report titled Thriving, Not Just Surviving, forecasting, planning, investor relations and budgeting will all have to addressed, something that may benefit those in risk jobs.

Compiled by CFO Research Services on behalf of KPMG, the survey found that the majority (83 per cent) of the 516 respondents will have to improve their board-level operations.

The survey was first conducted three years ago and, according to head of financial management at KPMG Rodger Hill, sentiment then was that finance functions "should be more forward-looking".

"We're now seeing an even greater conviction that things need to improve," he remarked, adding that it is a "shame" that more changes had not been made before the onset of the financial crisis.

A recent survey by PricewaterhouseCoopers found that those operating in the wealth management sector are beginning to make similar changes, with transparency being improved so as to win back the trust of clients.

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