Research firm Ipsos and insurance specialist Marsh polled over 120 risk managers at European financial institutions.
They discovered that the crisis has made risk management a more important issue for 87 per cent of organizations, yet only 47 per cent of risk managers have had their budgets increased.
Carrick Lambert said institutions have to back up their talk on risk with the resources to ensure their systems are not left behind by changes in the financial sector.
"The global financial crisis revealed a breakdown of certain risk management controls in financial institutions," he said.
Business continuity was seen as the biggest operational risk factor for managers, with 58 per cent citing it as their top concern in the poll. Legal and liability risk was second with 52 per cent, followed by fraud on 44 per cent.
Marsh is the parent company for risk management consultant Kroll and the HR specialist Mercer. It has operations in 100 countries worldwide.