Q&A: OCC’s Dugan warns op risk managers over new products, third parties
Banks must exercise caution as they adapt to the changing demands of the industry, says Beth Dugan, the head of operational risk at the US Office of the Comptroller of the Currency
Facing rising competition from start-ups, technological change and regulatory pressure, US banks are in danger of blundering into new areas of risk in their efforts to keep up. The deputy comptroller for operational risk at US regulator the Office of the Comptroller of the Currency (OCC), Beth Dugan, sees dealing with change as the key operational risk for the industry.
The OCC is seeing rising levels of operational risk as banks introduce new products and diversify into new business lines
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