Non-Financial Risk Management: Emerging stronger after Covid-19
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Preface
Preface
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
On March 12, 2020, the CFS FIRM Conference on Non-Financial Risk Management11 An event jointly organised by the Center for Financial Studies (CFS) and Frankfurt Institute of Risk Management and Regulation (FIRM) took place at Goethe University Frankfurt with about 70 participants. I was the main organiser and moderated the conference on the day. In the lead-up to the conference, an increasing numbers of emails and phone calls came in from presenters and participants, voicing concerns over the safety of attending the event as well as logistical issues with travel schedules having to be adjusted. Some people even asked: “are you really sure the conference is going to take place?”. Despite a couple of cancellations, we nevertheless had an almost full lecture room, all under the university’s safety protocols at that time. All those speakers not residing in Germany, including one of the authors of this book (Christian Hunt), made their presentations via videoconference. What looked like an exception on that day – ie, presenting and discussing via video – almost overnight became the normal way of conducting business, teaching at university, etc, with not only the speakers attending in a
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