Risk Management Demands Extend Beyond Banking

It’s not just a bank thing. Everyone needs to step up their risk assessment.

So said OpenPages’ president and chief executive Michael J. Duffy in a webinar held earlier today.

Companies are now being forced to report on their risk programs as the financial crisis extends beyond lending, Duffy said, citing the Standard & Poor’s Ratings Services expansion of its ratings analysis to risk management capabilities as an example.

Last May, Standard & Poor announced its rating analysis will include a review of enterprise risk management for nonfinancial corporations.

This is “the tip of the iceberg,” Duffy said.