Risk management is risk management, right? Not always, according to Bill Barrett, partner and practice leader in the financial services office at Ernst & Young. Some financial services companies have siloed their risk management efforts rather than bring them all together at an enterprise level. "What we're seeing is the need for organizations to recognize they ought to be coordinating these risk management processes across the enterprise rather than dealing with them in isolation," says Barrett.

The topic of IT risk management is the subject of the inaugural global survey of businesses conducted by Ernst & Young called "Managing Information Technology Risk: A Global Survey for the Financial Services Industry."

One particular problem Barrett has observed in the financial services industry is the manner in which companies are approaching IT risk management. "The large financial services organizations generally have multiple IT organizations, and within each of those, there is not always a consistent approach to risk management," he says. "Oftentimes, there is not even a common risk language they are using."

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