The Italian asset management community is well apprised of the risk management challenges it faces as a result of the incoming Bank of Italy rules relating to these firms’ governance structures, but it still has a long way to go before it is ready, according to a recent survey conducted by custodian bank RBC Dexia. The reforms, which come into effect at the end of this month, will require investment management arms of large groups to have independent control of their resources (including their risk management technology systems) and to conduct independent valuations of group financial products. When polled between March and April 2010, only a quarter (26%) of the 41 respondents said they were fully prepared to meet the new rules.

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