The Senior Supervisors Group (SSG) is an advisory group comprised of senior financial supervisors from seven (7) countries — United States, Canada, France, Germany, Japan, Switzerland, and the United Kingdom.  This group released and issued a report on October 21, 2009 titled “Risk Management Lessons from the Global Banking Crisis of 2008“.

The initiatives behind the issuance of this report are to support the priorities of the Financial Stability Board whose mission is to address vulnerabilities affecting the financial system and to promote global financial stability.

This report basically states that weaknesses in risk management and internal controls contributed to industry distress during the financial crisis period starting in 2008.

The report concludes that substantial work is still necessary to improve risk management practices, underlying weaknesses in governance controls, incentive structures, information technology infrastructure and internal controls within the organization.

To read this report in its entirety and to determine where your own organization can benefit from its findings in such critical areas as security risk management, information technology security and management, information security risk assessment and general business risk assessment,  go to the following link:

http://www.sec.gov/news/press/2009/report102109.pdf

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