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Practice paper

How risky is your risk information?

Robert M. Mark and Dilip Krishna
Journal of Risk Management in Financial Institutions, 1 (4), 439-451 (2008)
https://doi.org/10.69554/FZZS6983

Abstract

A well-designed approach to managing risk information is a critical component of a superior risk management programme. A high-quality risk information management programme continues to be a blind spot and elude even the largest of financial institutions (FIs). For example, risk management at many large FIs has proved ineffective in organising their risk information to model the risk of complex structured products. This paper shows how inferior information quality adversely affects risk management. It then discusses ways to assess the quality of risk information in financial institutions as well as showing how to address this problem in a cost-efficient manner.

Keywords: data integrity; information risk; modelling; model risk; risk information; risk information management; superior risk management; structured products

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Author's Biography

Robert M. Mark is the Chief Executive Officer of Black Diamond Risk Enterprises, which provides corporate governance, risk management consulting and transaction services. He serves on several boards. In 1998, he was awarded the Financial Risk Manager of the Year by the Global Association of Risk Professionals. He is on the board and is the Vice Chairman of The Professional Risk Managers’ International Association. Prior to his current position, he was the Senior Executive Vice President and Chief Risk Officer, as well as Corporate Treasurer, at the Canadian Imperial Bank of Commerce. Prior to this, he was the partner in charge of the financial risk management consulting practice at Coopers & Lybrand. He earned his PhD, with a dissertation in options pricing, from New York University’s Graduate School of Engineering and Science, graduating first in his class. Subsequently, he received an Advanced Professional Certificate in Accounting from NYU’s Stern Graduate School of Business. He is also a graduate of the Harvard Business School Advanced Management Program.

Dilip Krishna is head of Teradata’s enterprise risk management and capital markets practice in North America. He and his team have consulted on enterprise risk management and Basel II initiatives with several US financial corporations. He has had 15 years of experience in technology and business consulting in the financial industry and brings significant experience in the successful management of large-scale projects. He has written numerous articles about risk data architecture and implementations and has also spoken on the topic in diverse settings. He holds Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) designations, as well as engineering degrees from the Ohio State University and the Indian Institute of Technology.

Citation

Mark, Robert M. and Krishna, Dilip (2008, September 1). How risky is your risk information?. In the Journal of Risk Management in Financial Institutions, Volume 1, Issue 4. https://doi.org/10.69554/FZZS6983.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 1 / Issue 4
© Henry Stewart
Publications LLP

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