In a recent Banking Risk and Regulation article, journalist John Crowley examines why financial institutions are struggling to train their employees in the management of non-financial risks. Referencing a survey conducted by the Professional Risk Managers' International Association (PRMIA), Crowley suggests that the lack of an internationally certified standard is central to this challenge.
The survey, encompassing responses from employees of over 90 financial institutions across 28 countries, highlighted a patchwork approach to professional development across the industry. PRMIA found that 49% of respondents felt there was no minimum standard for non-financial risk-related training. The survey also found that 51% of risk managers are responsible for sourcing their own training and networking opportunities. And, perhaps surprisingly, only 29% of respondents reported their firms having a holistic approach to training and networking.
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