Financial services organisations are putting an increasing focus on enterprise-wide risk management strategies, but many are still finding practical implementation a challenge, according to new research released today by reporting and analytics firm SAS.

The report, carried out by the Economist Intelligence Unit, surveyed over 300 senior financial services executives and found that 59 per cent had been forced to re-examine their risk management practices in light of the current credit crisis.

However, respondents also indicated that organisational culture, and a lack of confidence in the tools to provide access to relevant data, have proved significant barriers to achieving comprehensive risk management.

IT has a major part to play in working with the business to ensure an holistic approach to risk management built on a single platform, according to Alastair Sim, global director for risk at SAS.

"This survey is evidence that the risk management needs of financial institutions are evolving beyond regulatory risk, and must break down traditional risk silos to drive towards a firm-wide risk view," he added.