Pub. 2 2014 Issue 4

www.uba.org 10 Forward-thinking financial institutions are investing in more consolidated, real-time risk reporting. Some have invested in internal tools, while others have taken advantage of the increasingly sophisticated risk technology offered by third parties. In either case, their goals are the same: Developing an enterprise-wide view of data— to overcome fragmented technology, inadequate risk reporting, and long-standing silos. Building greater access to infor- mation— to improve management’s ability to proactively identify, escalate, and track potential risks. For example, instant queries and customizable reports have helped management keep pace with business changes. Improving communication chan- nels— to help risk information get to the right people, when and where it’s needed. Develop a consistent global approach to risk management across regions. Just over one-fifth of survey respondents said that risk triggered in one location is analyzed consistently for global implica- tions. The potential impact is disturbing, since it only takes one rogue trader in a distant region to wreak havoc across an established global bank. Global banks need to remember that it’s not enough to create a global policy and mandate its adoption. Banks also need to gain perspective about the local markets they do business in, and adapt their risk initiatives to those markets. Leading banks know that risk culture is a complicated thing that needs to be sup- ported by a combination of people skills, policies, protocols, and tools. It’s hard to rally an organization to think about changing the risk culture—after all, the mark of a strong risk culture is a compa- ny that doesn’t make headlines. n For more information on how to build a healthy risk culture, visit www.pwc.com/fsi Ryan Dent is a Banking and Capital Markets Partner in PwC’s Assurance practice, based in Salt Lake City. © 2014 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may some- times refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc. com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.  Common Culture — continued from page 9 Teach Children to Save (TCTS) is a national program that organizes banker volunteers to help young people develop a savings habit early in life. The 2015 Teach Children to Save Day is Friday, April 24. For more information please contact Lindsay Scott, Director of Member Services, (801)364-4303 lindsay@uba.org Teach Children to Save