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Senior Supervisors Group Issues Report on Risk Appetite Frameworks and IT Infrastructure

Federal Reserve Bank of New York: “Senior financial supervisors from ten countries — collectively, the Senior Supervisors Group (SSG) — issued a report on December 23, 2010 that evaluates how financial institutions have progressed in developing formal risk appetite frameworks and in building out highly developed IT infrastructures and firm wide data aggregation capabilities. The report — Observations on Developments in Risk Appetite Frameworks and IT Infrastructures — concludes that while firms have made progress in developing risk appetite frameworks and have begun multiyear projects to improve IT infrastructure, considerably more work must be done to strengthen these practices. In particular, the aggregation of risk data remains a challenge, despite its criticality to strategic planning, decision making and risk management.”

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