**6.3. Vanguard tools and systems**

One of The Bank's core principles is:

*"Technology drives Operations"* 

Within the Risk Management arena, this translates into The Bank's keenness on the use of vanguard tools and systems. Having the right technology allows The Bank to analyze and measure risks at an acceptable confidence level.

Strengthening Risk Management in the Midst of Downturn Times 327

This case study has outlined some reasons why Risk Management is important. Though the concept arised over a decade ago, the emergence of the economic crisis in 2008 has given thrust to organizations' adoption of risk management policies, specifically in the financial

To date and during the downturn years we have evidenced common mistakes (the *"seven dreadful mistakes"*), that with the right risk management policies in place could have been

Nevertheless, in the midst of pessimism and underlying financial turmoil there is still room for hype and there are not only lessons to learn, but also quick wins that firms can put into

*Group for Automation in Signals and Communications, Technical University of Madrid, Madrid,* 

[2] El blog del riesgo y la estrategia empresarial (2011) ¿Qué es la Gestión Integral de Riesgo Empresarial?. Available: http://riesgoyestrategia.wordpress.com. Accessed 2011

[5] Financial Advisor Magazine (2009) Clients Demanding Insured Investments (referred to

[6] Prudential Financial (2009) Impact of the Market Crisis on Retirement preparedness. 4 p. [7] Moody MJ (2010) Enterprise Risk Management. The value proposition. The

http://www.roughnotes.com/rnmagazine/2010/may2010/2010\_05p052.htm. Accessed

[8] KPMG (2011) Placing a value on Enterprise Risk Management. Available: http://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/documents/Placi

To my family and peer leaders - for their support and advice at all times.

[3] LIMRA (2009) The Role of Advisors in Retirement Income Planning. 16 p. [4] Morgan Stanley (2010) Annuity Survey: Brighter Days Ahead … for Some. 5 p.

[1] Grupo Santander (2010). Gestión del riesgo. pp. 121-157.

survey by Financial Research Corp.)

RoughNotes Company Inc. j. 4. Available:

ng-Value-ERM-201003.pdf. Accessed: 2012 Apr 15

**7. Conclusions** 

**Author details** 

avoided or at least ameliorated.

Amparo Marin de la Barcena

**Acknowledgement** 

**8. References** 

Dec 11.

2012 Apr 15.

practice to ease their recovery from the current situation.

sector.

*Spain* 
