Non-Financial Risk Management: Emerging stronger after Covid-19
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Foreword
John Lee Hin Hock
Foreword
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
Non-financial risks have gained significant attention and prominence in recent times. According to the World Economic Forum Global Risk annual surveys, depending on how broadly one defines non-financial risks, there has been more than one non-financial risk featured in the top 10 of risks every year since the early 2010s. If one includes cyber-risk in the definition of non-financial risk, many would regard non-financial risks as the most significant now faced by many organisations, and which could cause major disruption to their businesses.
Non-financial risks and their management had a humbler beginning. In fact, in the early days of risk management one would assess non-financial risks using a simpler nomenclature, namely risks other than financial risks, or operation risks – ie, all risks that are not credit, market or liquidity risks. In other words, risks that are embedded in operational processes. The terminology evolved from operation risks to operational risk – ie, risks that are not just in processes, but also in structure, systems, people and products (according to the Basel Committee’s definition of operational risks) – and then to non-financial risks. This was due to
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