RTTNews - Monday, a survey conducted by Ernst & Young amongst the executives of 570 leading global companies showed that 56% of the executives said their risk management processes are permanently altered due to the global recession, while 33% reported a temporary change.

Around 43% said that their operating model is altered permanently by the events of the last 18 months. At the same time, 45% said there was a temporary impact. Nearly 45% reported fundamental changes in the regulatory framework for business.

John Murphy, Global Vice-Chair Markets of Ernst & Young said, Not only does this research show the permanent impact of the change that has taken place in the last 12 months it also demonstrates how rapid that change has been and how very few people saw this coming. More than three quarters of the executives we surveyed were surprised by both the severity and speed of the downturn.