Non-Financial Risk Management: Emerging stronger after Covid-19
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Introduction
Introduction
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 risk is a very broad subject area. The aim of this book is to cover as much of it as possible, but of course selections still had to be made. Furthermore, this book was – as with probably most such projects – also affected by non-financial risk, especially operational risk and reputational risk. A few potential authors had to decline early on as Covid-19 increased their workload so much that they didn’t have the capacity to write such a chapter. Others committed at first, but found later that it was not realistic to meet the timeframe. Some of those communicated this in a transparent way (and are thus excused), while others felt that not responding to various messages and calls is sufficient a sign of no longer being able to contribute (I learned this goes by the term “ghosting”: that’s the reputational risk angle). And sadly some authors were very committed, but company politics prevented them from contributing. Let’s hope they get a second chance if there will be a second, revised edition of this book in the future. Although there were no defined quotas, the aim was to have a balanced authorship across countries, industries, age groups, gender and so forth, and I
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