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Data management itself has never driven financial institutions to undertake a paradigm shift -- it was the realm of the IT person hidden in the basement. However, in today's climate of mistrust, risk management is an even greater priority, and data management programs are having their time in the sun as the industry realizes that a risk management system is only as good as the data filtering into it.
Will 2009 see the redemption of the risk management profession, or is the renewed focus on risk a case of locking the stable doors after the horse has bolted? There is tremendous pressure from clients, regulators and politicians to get it right and invest in risk management practices that will prevent a repeat of events. As banks reassess current risk management techniques and supporting infrastructure, budget cuts and pressure to move quickly make it harder to step back and look at the challenge not only from the top down but from the bottom up...
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