Haste makes waste in conduct risk spending
The vast burden of compensation and regulatory fines has turned the spotlight on conduct risk, but in scrambling to deal with the most obvious problems, banks may be misdirecting their efforts to improve internal conduct
Life's always easier when you can actually give a proper definition of your number-one worry. Unfortunately, this isn't the case for operational risk managers at present, with 'conduct risk' still a frustratingly evasive concept for practitioners and regulators alike. At OpRisk Europe 2014, Jill Savager, a manager in the operational risk team at the UK Financial Conduct Authority (FCA), declined to define the term. "It's about behaviour," she said. "That is much harder to define."
She is not
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