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Alan Fish Bailey McCann, Opalesque New York:

Risk management departments are gaining more influence in the aftermath of the financial crisis, but many risk management professionals say that they still lack the tools needed to be fully effective according to a new survey from Ernst & Young released this week. The company surveyed risk managers 44 of the largest US asset management firms and found that many lack the manpower and technology needed to meet growing demands on their department.

One-third of respondents said their function is under-resourced and over 20% said their role lacks a well-defined mandate. This was especially true for respondents from small firms, who noted that they lacked everything from a well defined mandate to basic personnel.

When asked about the biggest risks their organizations face, most respondents agreed that market, regulatory/compliance, strategy, operational and investment risks are among the top five. All of these areas are placing more pressure on funds to improve their technology infrastructure to meet increasing reporting requirements, however, most firms in the study said that their technology infrastructure still needed some level of upgrade.

I spoke with Alan Fish, partner, Ernst & Young LLP, about the findings and what firms are doing to meet these challenges.

"Risk has always wanted a......................

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