An overwhelming 85 percent of executives say that they need to overhaul their approach to risk management as a result of the economic downturn, according to a new survey.

The study of 260 chief financial officers, chief risk officers and other executives with risk-management responsibilities at large companies, by consulting concern Accenture, found that 85 percent of executives polled cited ineffective integration of risk, return and capital issues as one of the main problems with their risk management functions. Other problems included a lack of alignment between the company's strategies and its risk appetite, cited by 85 percent.

Insufficient enterprise-wide risk culture was cited by 82 percent, while 80 percent said that their companies suffered from inadequate availability of timely risk, finance and business data. Forty percent of the respondents said that their companies have already increased or will increase their investments in broader risk-management capabilities in the next six months.

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