Non-Financial Risk Management: Emerging stronger after Covid-19
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“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models
Tatjana Schulz
Foreword
Preface
Introduction
Introduction to Part I: The origins of non-financial risk management
The complete history of operational risk regulation (abridged)
Financial institutions and non-financial risk: Learning from the corporate approach
The painful financial side of NFR
“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models
The confusion of Babel: What’s in the name NFR – taxonomy
Introduction to Part II: Governance of non-financial risk management
“It’s the culture, stupid”: Risk culture as the key building block of NFR management – and why some banks have come through the Covid-19 pandemic better than others
Do you know who is who? Three lines of defence in the context of NFR
Herding cats? NFR divisions as truly diverse units
“Just do it!”: Partially self-organising governance structures for NFR frameworks
Introduction to Part III: Tools and instruments for non-financial risk management
A risk by any other name: Identification, classification and agendas
Old but gold? Mastering the RCSA despite Covid-19
Biases in scenario analyses and how to mitigate them
When scenarios are not severe enough: Stress testing for non-financial risk
Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management
Breaking up with risk management: Using the power of controls for good not the prevention of evil
Introduction to Part IV: Focus areas of non-financial risk management
It won’t be over after Covid-19: Pandemics and operational resilience
Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes
Protecting the new gold: Information security
Conduct risk and the impact of Covid-19
From lawsuits to models: Compliance risk and financial crime
Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing
Managing reputation and stakeholders
Introduction to Part V: The future of non-financial risk management
ESG risk as a new (and very important) trigger for NFR
Looking into the crystal ball: What will NFR management look like in 2030?
This time will be different: An alternative future of NFR management
Right time, right place: The drive for change in operational and non-financial risk
While hiking through the mountains of South Tyrol on my last summer vacation, I met a man who was somewhat older than me, but to my surprise also significantly fitter. Admiring his fitness levels, I spoke to him and an exciting conversation developed in which he told me about his adventures as a former professional mountaineer: daring ascents such as free climbing, speed climbing, ice climbing, as well as fearless descents, whether directly from a summit on skis or on a downhill bike. Clearly, this man not only outmatched me in terms of fitness, but also in terms of risk-taking.
However, when he found out what I do professionally – advising banks on their risk management – he declared with full conviction that he would “stay away from all banking business, because what they do with money is far too risky”!
PSYCHOLOGICAL RISK RESEARCH: IN SEARCH OF DIFFERENCES IN RISK PERCEPTION
On contemplating this, it becomes clear that when it comes to risk awareness, there can be enormous variations. Not only can there be differences between two people: one person “daring” to go hiking alone and another for whom no adventure is too bold. However, there can also be divergence within a
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